Agreement to assign

5 Replies

Hi everyone,

I need some advice please.Due to unforeseen circumstances I need to sell a property that I was rehabbing.The property will need cosmetic repairs to finish,but I will be selling as is.I contacted a Realtor that said he may be able to find cash buyers/investors to purchase this property from me.I'm great at fixing up houses but lousy at understanding legal documents or contracts.The Realtor handed me an Agreement to Assign Contract for Sale and Purchase.I took it to a Real Estate attorney and he left me a voice mail message saying that I do not need to sign the assignment agreement.This is where I am confused.How can I agree to sell to an investor without signing anything?

Any advice would be appreciated.I will not sign anything without an attorney working for me.

You own the property right?

The Realtor should be giving you either:

1) A Listing Agreement, to put it on the open market-preferred.

2) Purchase Agreement, if she has a buyer for your property now, without exposing it to the open market.  If the purchase agreement has wording adding to the effect that the Purchase Agreement is assignable, then you're likely dealing with a wholsesaler hoping to flip (assign) his contract with you for a profit, not actually to buy it...no good for you.  This would also make me think your agent isn't looking out for Your best interest.

An assignment agreement  is when you: have a purchase agreement with a seller, then you want to assign (sell) the rights to that purchase agreement.  This is totally not applicable to what you have explained, as your attorney said.

Ask your Realtor what's going on. If you want top price, list in the MLS so All investors will see it.

If repairs are still needed you may have contractor's agreements or with subs that you need to assign. Any material contracts? What does it say? Not enough information.

Thanks Wayne,

You told me what I needed to hear.

James.

Where is the property at? Send me the info to [email protected] I might buy it or have one of my guys buy it, if it makes sense. I see you are in SC.. I have a big fund there that might throw into their mix.. thanks 

James, 

Assignments are usually when you are wholesaling a deal or assigning your purchase contract. Not sure why they would recommend that legal document versus a normal purchase/sale agreement. 

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.