Updated about 9 years ago on . Most recent reply
Writing contract to put house under contract
so I live in the Houston area in Texas. It's been awhile since I was able to find a deal I can afford. I just signed papers on foreclosure flip on Saturday, an hr after I signed one of my other deals came through. I'm trying to do both. I'm will probably get second house under contract, but I want to make sure I can reassign to someone else if I can't do both. I had someone tell me to use trec pg 1-4. I'm not sure how to do this fully... any help or insight?
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Talk to a lawyer about contract assignments. In TEXAS if the contract states that it CANNOT be assigned, the any assignment must be in writing and agreed to by seller and buyer (assignor). You will often see contacts where the buyer is written as "john doe and/or assigns". this is simply unnecessary from a legal standpoint if the contract does not expressly prohibit assignment. If you intend to wholesale or flip, it is best if this is disclosed to the seller upfront, especially if you don't actually have the money to close as the contract is written. Don't wait until you are at the closing table to assign. If the assignee is an entity, the title company may require documents pertaining to the asignee-entity and all docs then have to be re-drawn to reflect the proper signature lines. This causes delay and doubt with sellers. Further, it irritates the title company and the lawyer who drafter the documents.