And/or Assigned The And Part
For ease of negotiating the purchase I wrote the offer with and/or assigned that way I didn't have to chase after intials or signatues from my wife/partner during negotiations. Now the deal is set and I want to arrange Finance (my mort broker may have been able to answer this one but I am asking here anyway) what do I need to do to add her name to the deal?
An assignment contract seems to much, all the asignment contracts I have seen convey all rights and transfers liability or obligation to the assignee. What is the most correct way to add additionals to a purchase?
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D.R. :>
[ Edited by Rinenine on Date 12/10/2003 ]
You are going to need one more document. You could use an addendum to the contract. I would rather assign the contract from you to you and your wife.
If you want to make application for the mortgage without using your wife as co-borrow-after the transaction closes you can add your wife to the deed.
Thank you so very much for your reply Sammy. I appreciate you taking the timeto reply? Some of the little questions add up to big stumbling blocks to us newbie's getting started at REI. Why do you prefer the assignment of the agreement?because it may not require a sellers approval if the clause is worded correctly on the purchase agreement? [ Edited by Rinenine on Date 12/12/2003 ]
In Texas she is 50% owner unless excluded and you purchase the property with separate property(cash) that you brought into the marrage as separate property. She does not need to be on the deed or mortgage to be 50% owner either. Community property States are all the same as far as I know in re to this. If you want her on the mortgage to help qualify then I would just add her name to the deed. If the mortgage company is picky and wants her on the sales contract then just add it and send the seller a copy of the changed contract if he even wants it.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
I'd just change one word: From Assigned to Assigns (n/pr,pl)... because, to me, Assigned would refer to the thing, whereas Assigns would refer to the end player people.