Catch 22 On Assigning A L/O
Say I have a clause that says payments on my l/o start when i find a t/b or assignee. If i assign my contract, does the person i assign it to have the same rights to find a t/b or assignee?
I want to give them the price & terms I had, but i dont want them to be able to find a t/b - i want them to BE the t/b.
how would i do that?
Verb
Apart from being selective about your whom you assign the contract to, I wonder if you could put a clause in the assignment contract that states the assignment clause in the original contract (refering to it by name and number) will be considered null and void once the assignment takes affect?
verbatim,
IF your lease with your tenant-buyer does not already stipulate that they can not find another tenant-buyer and/or assign to someone else,
then it is advisable that you put a clause in there that enforces them to not be able to.
Hope this helps.
Regards.
Jason
_________________
With the proper motivation, the right amount of drive, and a pack of Mentos (R), you can accomplish anything. [ Edited by Ichabod on Date 12/01/2003 ]
If you are simply assigning the L/O to a tenant and you step out of the picture, I don't know what you can do....but why do you care....you are out of the picture. The seller is taking the risk and in my opinion, probably shouldn't.
However with a wrap l/O where you buy L/O and then sell L/O where you are still ultimately responsible to the origional seller, you can simply change the wording you use. I would recommend this way to do business although it puts more risk on you. It seems more ethical to me.
I'm sure others have opinions......
GOOD LUCK