Forum Rules

From the BiggerPockets Blog

 BiggerPockets Blog »

Jump to Forum View All

Click a category below to view different forum categories.

BiggerPockets

General Info

BiggerPockets Q&A, Site Questions, & Announcements

1508 topics, 14373 posts — Last Post 04/16/14, 10:44PM

BiggerPockets Exclusive PRO Area

117 topics, 838 posts — Last Post 04/16/14, 09:08PM

New Member Introductions

10858 topics, 85321 posts — Last Post 04/17/14, 12:24AM

Real Estate Success Stories

392 topics, 6105 posts — Last Post 04/16/14, 09:24PM

General Real Estate

General Real Estate

Buying & Selling Real Estate

5908 topics, 46603 posts — Last Post 04/16/14, 10:05PM

Renters

641 topics, 5799 posts — Last Post 04/16/14, 10:18PM

Get Foreclosure Help - Help Stop Foreclosure Forum

316 topics, 2557 posts — Last Post 04/16/14, 03:58AM

Home Owner Association (HOA) Issues & Problems Forum

237 topics, 1608 posts — Last Post 04/16/14, 04:51PM

Do it Yourself

654 topics, 6260 posts — Last Post 04/16/14, 10:43PM

Reviews & Feedback

Real Estate Deal Analysis and Advice

3658 topics, 29327 posts — Last Post 04/16/14, 09:30PM

Real Estate Guru, Book & Course Reviews and Discussions

1129 topics, 11533 posts — Last Post 04/16/14, 08:08PM

Ask About A Real Estate Company

736 topics, 7287 posts — Last Post 04/16/14, 08:11PM

Real Estate Investing

Real Estate Strategies

Wholesaling

5587 topics, 43658 posts — Last Post 04/16/14, 11:17PM

Rehabbing and House Flipping

3324 topics, 30905 posts — Last Post 04/17/14, 12:24AM

Real Estate Development & New Home Construction

551 topics, 4678 posts — Last Post 04/14/14, 01:02AM

Innovative Strategies

699 topics, 5992 posts — Last Post 04/16/14, 04:12PM

Tax Liens, Notes, Paper, & Cash Flows Discussion

864 topics, 6656 posts — Last Post 04/16/14, 11:06PM

Rent to Own a.k.a. Lease Purchase, Lease Options

690 topics, 4864 posts — Last Post 04/16/14, 06:15PM

1031 Exchanges

143 topics, 1052 posts — Last Post 04/16/14, 05:39PM

Foreclosure Investing

General Foreclosure & Pre-Foreclosure Forums

1686 topics, 11281 posts — Last Post 04/15/14, 03:20AM

HUD, VA, and Tax Sales

414 topics, 3087 posts — Last Post 04/16/14, 06:02PM

REOs

1212 topics, 10563 posts — Last Post 04/15/14, 01:08PM

Short Sales

1533 topics, 13117 posts — Last Post 04/15/14, 07:10PM

Landlord & Tenant Forums

Landlord & Rental Property Questions

7188 topics, 70546 posts — Last Post 04/17/14, 12:17AM

Mobile Homes & Mobile Home Park Investing

636 topics, 5127 posts — Last Post 04/15/14, 09:59PM

Investor Basics

Starting Out

7679 topics, 60298 posts — Last Post 04/16/14, 10:09PM

Investor Psychology

430 topics, 6092 posts — Last Post 04/14/14, 06:53PM

General Real Estate Investing

4711 topics, 37151 posts — Last Post 04/16/14, 09:34PM

Real Estate Investor Marketing

1728 topics, 14076 posts — Last Post 04/16/14, 05:33PM

Commercial Real Estate

Commercial Real Estate Investing Forum

1408 topics, 8977 posts — Last Post 04/16/14, 09:03PM

Multi-Family and Apartment Investing

1102 topics, 9166 posts — Last Post 04/16/14, 11:52PM

The Business of Real Estate

Real Estate Technology and the Internet

Real Estate Technology, Social Media & Blogging

638 topics, 4883 posts — Last Post 04/15/14, 01:41PM

Business Basics

Goals, Business Plans & Entities

828 topics, 7527 posts — Last Post 04/16/14, 08:32PM

Real Estate Finance & Legal

Financial, Tax, and Legal

Tax, Legal Issues, Contracts, Self-Directed IRA

2781 topics, 19979 posts — Last Post 04/16/14, 06:35PM

Property Insurance

309 topics, 2041 posts — Last Post 04/16/14, 02:16PM

Personal Finance Discussion

328 topics, 2714 posts — Last Post 04/16/14, 08:53PM

Loans, Mortgages, Credit Lines

Private & Conventional Lending Discussion

2825 topics, 19666 posts — Last Post 04/16/14, 09:22PM

Creative Real Estate Financing

1207 topics, 8759 posts — Last Post 04/16/14, 03:55PM

Crowdfunding Real Estate

35 topics, 455 posts — Last Post 04/14/14, 02:14PM

Real Estate Professionals

Real Estate Professionals

Real Estate Agents

1205 topics, 7950 posts — Last Post 04/16/14, 08:10PM

Bankers, Lenders, and Mortgage Brokers

440 topics, 1917 posts — Last Post 04/15/14, 07:37AM

Contractors

263 topics, 1663 posts — Last Post 04/16/14, 05:49PM

Local Real Estate

Local Real Estate

Local Real Estate Networking & Recommendations

1983 topics, 11575 posts — Last Post 04/16/14, 10:16PM

Americans & International Real Estate

161 topics, 566 posts — Last Post 04/14/14, 11:19AM

Foreigners Buying in the USA

62 topics, 409 posts — Last Post 04/10/14, 06:27AM

Canadian Real Estate

64 topics, 426 posts — Last Post 04/16/14, 08:34AM

Marketplace

Real Estate Marketplace

Real Estate Marketplace

14985 topics, 53863 posts — Last Post 04/17/14, 12:07AM

Real Estate Events and Happenings

162 topics, 2451 posts — Last Post 04/16/14, 10:37PM

Off-Topic

Off Topic

Off-Topic

2902 topics, 32399 posts — Last Post 04/16/14, 03:07PM

Housing News & Real Estate Market

914 topics, 8348 posts — Last Post 04/16/14, 09:07PM

BiggerPockets Real Estate Investing Summit

97 topics, 1751 posts — Last Post 04/10/14, 02:27PM

BiggerPockets Resources

Forums » Wholesaling » How to assign contract if offer from buyer is received in CAR form?

How to assign contract if offer from buyer is received in CAR form?

3 posts by 3 users

Signup

Luis Ontiveros

· Del Mar, California


Forum_avatar_avatar-luigimaster24

Jan 06 '12, 08:29 AM

I have a property under contract and I've received an offer from a buyer via C.A.R form (California Association of Realtors)

How would I handle the assignment? Do I just send the buyer the assignment of contract and ignore the C.A.R contract or do I sign both the C.A.R contract and the assignment of contract as well?

Thank you for your help.

Luis



Ned Carey

Wholesaler · Baltimore, Maryland


Forum_avatar_1378737196-avatar-ncarey

Moderator Pro

Jan 07 '12, 08:28 PM

@Luis Ontiveros, I do not know the specific wording of the CAR form or your first contract. However in general when you are assigning a contract you are not selling the real estate you are selling the contract.

If you double close and take ownership of the property; then the CAR contract or other purchase and sale contract, would be appropriate for your agreement with your second buyer.

If you are not planning on closing on the property yourself, and just want your end buyer to take your place in the contract, then assigning your original contract is appropriate. In this situation you are as singing (or selling) your original contract. The CAR form probably would not be appropriate.

In either case you should make it clear in your agreement with the second buyer that you are not responsible if the original seller doesn't close.

I am not an attorney so do not consider this legal advice for your specific situation. It is just my laypersons understanding of contract law.

Ned Carey


Small_crab1_copyNed Carey, Crab Properties LLC
Website: http://baltimorerealestateinvestingblog.com/
http://baltimorerealestateinvestingblog.com/


Account Closed


No_avatar_forum_avatar

Jan 10 '12, 10:46 AM

If you have a contract with the seller, then you are assigning that contract to the buyer. The contract that buyer sent is just an offer and you do not need to worry about it - given that I've read your post correctly.

Alternatively, you could take an upfront fee from the buyer ("finder's fee") and then have the seller execute his contract too.





Sign up