thats correct. contracts by their very nature are assignable unless, as correctly pointed out, they are so called "personal service contracts" (e.g. you contracted for Madonna to sign and you got Vanilla Ice instead). you may want to have a separate form delineating the assignment (I have a separate Assignment of Contract form that I use).
As pointed out above, all contracts are assignable, unless specifically restricted. Some people use the following wording on purchase agreements: Mr. John Buyer and/or assignee hereby make the following offer...........
I think what your talking about is what Ive just done. Ive purchased a property with an assignable contract in which my specific purpose is to sell the property "whithout" ever buying the property. The benefit is you can buy a property without getting a mortgage or going to closing so you can get a contract on Monday and sell it Tuesday. The contract is an addendum to the purchase contract and the seller has to agree to you transferring it to someone else because on the contract they are considered the seller, you are the assignor and whoever you transfer it to is the assignee. Long story short - your just the middleman. This only works if you know you can sell the property for more than your getting it. Like a fixer upper, preconstruction or land.
I'm looking into making a similar pre-constuction purchase. Seems to be a great way (assuming appreciation) to get seed money to put towards other properties. Is there any limit to the number of contracts you can have under agreement at one time (other than my own willingness to risk losing)? Also, any advice on the best way to find an assignee?
The book tinman recommends is also available used on www.Half.com, for less than half of Amazon's cheapest price. This is often true of www.Half.com, it's a great place to get used books on everything. But sadly, it will be closing down later this year.
Hey Zedder, did you disclose to your seller that this is your intention, or not? Also, how do you back out of your contract if you don't find an end buyer?
You build a group of people who have such great faith in you that instead of founding a religion, you merely find deals. It is a lot more rewarding, at least in this lifetime, and, you don't get those nail holes in your hand nor do you have to hang around in bad company.
Rather then buy books of this nature. I just go down to the local law library and ask the lady with the thick glasses and big overbite for a volumn on contracts. I thumb thru select the one that is closest and spend about ten minutes on modification.
Try to cut out as much legal crap as you can. It makes the document tiresome and offensive. Do not describe the parties as "Folks" but other then that pretty straight forward.
I always stand by with a notarized deed, just in case something goes wrong. I can then get into title and continue my efforts toward profit. It's clumsy but a fall back position is always nice especialy with a lot of incoming flack.
As to abandonment. My theory like Clauzwitz. Once the offensive action has begun do not consider abandonment, only change in direction and method.
Oh by the way I got my first call after a mailer out to the local winners of a tax sale. The nice man that bought the 2 acre parcel not located on any street of record. The lot is straight up and down. Resembles a really fast tobagon slide. My suggestion, he affix a sign something like "Eat At Joes." Rent space. it is exactly a 1/4 mile from a freeway. Any other suggestions for the nice man?
I always write all my offers in the name "Mark Reynolds or Assignee" or "Mark Reynolds for a corporation to be formed" if they ask why I say, "well often i want to take title in the name of a company or a land trust or some other entity rather than in my own name" So far there has never been a question after that and since my first offer and approach is made in this way whatever subsequent deal we negotiate includes this language.
As to the vertical land-locked lot, I though there were a lot of those skate boarding types around Los Angeles? Lucius, why not a giant skate board ramp? They can leap over the adjacent parcels to get out to a street and we'll air lift them in with hellacopters.
Please 
Short answer: Any contract can be assigned unless it demands 'Personal Performance' or specifically excludes an assignment.
thats correct. contracts by their very nature are assignable unless, as correctly pointed out, they are so called "personal service contracts" (e.g. you contracted for Madonna to sign and you got Vanilla Ice instead). you may want to have a separate form delineating the assignment (I have a separate Assignment of Contract form that I use).
Do you know I can get these types of contracts?(assignable contracts)
As pointed out above, all contracts are assignable, unless specifically restricted. Some people use the following wording on purchase agreements: Mr. John Buyer and/or assignee hereby make the following offer...........
I think what your talking about is what Ive just done. Ive purchased a property with an assignable contract in which my specific purpose is to sell the property "whithout" ever buying the property. The benefit is you can buy a property without getting a mortgage or going to closing so you can get a contract on Monday and sell it Tuesday. The contract is an addendum to the purchase contract and the seller has to agree to you transferring it to someone else because on the contract they are considered the seller, you are the assignor and whoever you transfer it to is the assignee. Long story short - your just the middleman. This only works if you know you can sell the property for more than your getting it. Like a fixer upper, preconstruction or land.
Quote:
On 2003-07-21 18:15, rbaldwinasociates wrote:
Do you know I can get these types of contracts?(assignable contracts)
I get mine from a book called 301 Legal Forms & Agreements. I purchased it online from www.Amazon.com
Lori
[addsig]
I'm looking into making a similar pre-constuction purchase. Seems to be a great way (assuming appreciation) to get seed money to put towards other properties. Is there any limit to the number of contracts you can have under agreement at one time (other than my own willingness to risk losing)? Also, any advice on the best way to find an assignee?
Help is much appreciated!!
The book tinman recommends is also available used on www.Half.com, for less than half of Amazon's cheapest price. This is often true of www.Half.com, it's a great place to get used books on everything. But sadly, it will be closing down later this year.
Hey Zedder, did you disclose to your seller that this is your intention, or not? Also, how do you back out of your contract if you don't find an end buyer?
The Big Secret.
You build a group of people who have such great faith in you that instead of founding a religion, you merely find deals. It is a lot more rewarding, at least in this lifetime, and, you don't get those nail holes in your hand nor do you have to hang around in bad company.
Rather then buy books of this nature. I just go down to the local law library and ask the lady with the thick glasses and big overbite for a volumn on contracts. I thumb thru select the one that is closest and spend about ten minutes on modification.
Try to cut out as much legal crap as you can. It makes the document tiresome and offensive. Do not describe the parties as "Folks" but other then that pretty straight forward.
I always stand by with a notarized deed, just in case something goes wrong. I can then get into title and continue my efforts toward profit. It's clumsy but a fall back position is always nice especialy with a lot of incoming flack.
As to abandonment. My theory like Clauzwitz. Once the offensive action has begun do not consider abandonment, only change in direction and method.
Oh by the way I got my first call after a mailer out to the local winners of a tax sale. The nice man that bought the 2 acre parcel not located on any street of record. The lot is straight up and down. Resembles a really fast tobagon slide. My suggestion, he affix a sign something like "Eat At Joes." Rent space. it is exactly a 1/4 mile from a freeway. Any other suggestions for the nice man?
Lucius
I always write all my offers in the name "Mark Reynolds or Assignee" or "Mark Reynolds for a corporation to be formed" if they ask why I say, "well often i want to take title in the name of a company or a land trust or some other entity rather than in my own name" So far there has never been a question after that and since my first offer and approach is made in this way whatever subsequent deal we negotiate includes this language.
As to the vertical land-locked lot, I though there were a lot of those skate boarding types around Los Angeles? Lucius, why not a giant skate board ramp? They can leap over the adjacent parcels to get out to a street and we'll air lift them in with hellacopters.
Mark