Double Closing
I am trying to tie up a contract to assign to another buyer. How do I do that with paragraph 14 stating that I can not assign this property. Can I cross it out and will the attorney let it go through attorney review.
What contract are you using? If it is a REO property a lot of banks are not allowing newbies or anyone to tie up their property and then trying to flip them.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
it is actually listed with a real estate company. I put in a bid and crossed out par. 14 but have not heard back yet.
If the contract is not executed, no problem, you can still do what you want to do.
If the contract is executed, you need an addendum stipulating you are assigning the contract. You will need the sign of sellers, first buyers (you) and second buyers
If they have a problem with it tell them it is for title reasons, like you are not sure if you want to put it in your corp or put it in a land trust or put your wife www.ect.ect. on the deed. As well state you will not be released from liability. If they want to sell the place this should not screw up the deal.
This would be a contract with whom??? A bank?, other financial institution?? , a Realtor? , a FSBO?,etc.etc.
A bank probably wont let you assign.
Many contracts state that they are not assignable without the sellers permission. If you write the contract as
"Jane Done and/or assigns" and they accept the contract ,then they have given you permission to assign when the ratified the contract.
Parenthetically, I'm always willing to be held accountable for my own actions. I'll never assign a contract without being release from liability by my assignee (Am I my brother's keeper?? Not).
An addendum to a contract is an after the fact try which may or may not succeed. When someone want's something from me via an addendum they got to give up something which I want. Moral: do your contracting when you contract.