When assigning a sales contract to the end buyer

Question. When assigning a sales contract to the end buyer, what is the correct way to word an addendum to protect myself so that I will be paid and also so that I will not be misrepresenting myself as a real estate agent I have heard that when this is not correctly worded, you can run into trouble acting as a Realtor. Thanks for your help!

Comments(5)

  • tanya121517th April, 2003

    You should read the previous posts because somewhere it will answer your question. Next time you can do a search through the forums. You can read this in depth answer from taxjunkie in the post called Assignment of Agreement.

    Tanya

  • markmonroe18th April, 2003

    Thanks Tanya,
    Do you use the same contract, or write up two different contacts? One between the seller and I and the end buyer and myself?

    thanks
    Mark

  • tanya121518th April, 2003

    You should only need one contract and an assignment of contract form. On the contract, as the buyer, you should write:
    (your name) and/or assigns

    I suggest you read up more on the topic because you may get yourself in more trouble than you think.

    Tanya

  • markmonroe19th April, 2003

    hey Tanya,

    Thanks fop your help. What area would you suggest that I should read to educate myself more on Assignment of Agreement. I read all that info that tax man said.

    This is a contact that someone said I should use. I just did not see an area where to add my fee in. Do you know of some sites that give filled out contracts as examples?

    Just to let you know, I am a real estate banker and I have a nitch.If you ever have an end buyer with very bad credit- I mean even below a credit score 500, yet they have 5% down, I can do the mortgage loan. and we don't care where that 5% comes from and the funds do not need to be season.



    Thanks

    Mark Monroe

  • tanya121519th April, 2003

    It's good to know that, I e-mail'ed you back the response.

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