Assigning A Contract
Hello,
I am a new real estate investor. Can I find a home, get it under contract and then assign the contract for a few thousand dollars without having to qualify for a loan? I hope the answer is I don't have to go through a bank. Thanks for the input.
Yes you can assign (sell a contract) but my first suggestion is that you first locate other investors before tying to tie up properties.
I would also look into getting John's book on bird-dogging!
Unless the contract wording says it's NON assignable, then it is assignable...but I like to go further and state in my K's that "P is John Smith and/or Assigns".
That's a clear message to the Seller that you may well sell the K prior to closing and the ultimate Buyer may be some new person...and if he has any objectionns he's going to object and want to eliminate that in the K, so you will both have to address it openly upfront.
Open & candid statement of intentions is almost always the better route so as to avoid friction on the deal...and possible lawsuits later down the road.
Concerning Assignment, can a wife assign a property to her husband?
even if they have the same last name.
Trasker
W could assign any rights to anything, including to RE, that are LESS than Deed interest...if W has deed, then she'd need to execute a Deed to H or whomever might be the grantee.
If W has a deed, and gives anything less than a deed, she's not really conveying what she has. And if H gets something less than a Deed, then he couldn't sell or pass clear title himself.
Just be aware that although W might Deed her interest to H, she couldn't thereby escape any personal liability she may already have on a note, etc.
One can assign his RIGHTS, but not her legal obligations, debts, etc....they're still hers and a deed or assignment wouldn't rid herself of her legal obligations on them.
Tasker, sorry I called you TRasker. No deadly insult intended