Would anyone be willing to share a contract template that they've actually used to assign a wholesale deal in Denver? I've heard mixed reviews about just grabbing a generic one off the internet - doesn't seem very safe to me.
I can't stress this enough - Use the Colorado forms in the other thread. 95%+ of people already do.
The only thing you need to add to the standard form contract is a clause allowing you to assign the contract. Very simple and not that scary after you walk through the contract a few times. Actually is scarier for me when I see all that is left out of the one page contracts passed out at the latest guru seminar that flies through town.
Thank you both very much!
I certainly agree with the advice of utilizing the existing Colorado Buy & Sell Contract (residential) for a wholesale deal. As you all mentioned, the addition of an assignment clause is needed in the Additional Provisions section. My question is; is there any standardized straight-forward literature for this assignment clause? I am filling out my Buy/Sell contract now and would love any input on how to properly and legally draft the language for the assignment clause.
Thank you all very much for any help and insight!
I do not believe there is standardized straight-forward literature. Just something that clearly states you may assign the contract to another buyer or entity before closing who is able to fulfill financial obligations.
If you would "love any input on how to properly and legally draft the language," then pony up and meet with an attorney. I don't think there are any here in this thread, but you should ask @Drew Fein here on BP.
Thank you for the shout out, @Matt M. ! Of course I would be happy to speak with you about assignment language, Matthew.