Made an offer on a property and the seller agreed and sent over a purchase contract. upon reviewing it i came across some verbiage i was hoping to clear up.
" 18. PARTIES: This Contract shall be binding upon and shall inure to the
benefit of Buyer and Seller and their respective heirs, successors and
assigns. As used herein, words in the singular include the plural and the
masculine includes the feminine and neuter genders, as appropriate. "
My question is how to you guys interpret this? Does this mean i can assign my interest in this deal and end up wholesaling it?
This is not legal advice and should not be relied on as legal advice. You should consult a lawyer in NC before attempting to wholesale this property.
My impression is that you can assign this contract unless there is other language or law preventing you from doing so. But be careful -- you would only be assigning the "benefit" of the contract, not the burden. So if your end buyer doesn't perform (i.e., breaches the contract), YOU could be liable to the seller. You could try to protect yourself by making an agreement with the end buyer to indemnify you in the event of non-performance, but you'll definitely want to talk to your lawyer about this first.
Bottom line is that you'll want an attorney to review the entire contract before you attempt to wholesale.