Contract Example

2 Replies

I have a property lead, but it is not a good rehab fit, but rather a better fit for a builder to do a tear down and new construction. The owner and I have come to an agreement on price, but I don't want to tie up my money. He will give me 60 days to find a buyer. 1) What type of contract would you use? 2) Anyone have a good example one I can draft from? I check the BP FilePlace and none struck me as a perfect fit. Thanks!

You need an assignment of contract contract or you can use a standard purchase and sale contract and then do a double close when you find a buyer.  Let me know if you need further clarification. PM me if needed.

I recommend that you use a local purchase agreement (like the ones used by Realtors but just remove all the realtor information and keep the legal jargon). State that the closing will be in 60 days and under your name as the purchaser add "and/or assigns." Or you could put a statement like this in the addendum section: "Buyer reserves the right to assign the contract." 

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