Wholesaler · St. Louis, MO · Member since 2017 · 10 posts · 2 votes
Hi my name is Troy a REI out of St. Louis, MO. Does any one have a Missouri Purchase and Sale Agreement and Assignment Clause they could send to me at:
Flipper/Rehabber · Kansas City, MO · Member since 2011 · 2k+ posts · 712 votes
8y
I have never used an "Assignment Clause" on any purchase and sale contract.
According to my RE class and an RE attorney, EVERY CONTRACT is assignable unless it says specifically it is not.
And once you write AND or ASSIGNS after your name or enter an assignment clause in the contract, most sellers WILL NOT TAKE YOUR OFFER.
"And or Assigns" really screams I just read a book and am very new at this. And that you don't have the money to close the transaction. For me as a wholesaler seller to an investor if there is an And or Assigns anywhere in the contract, if I did take the offer, it would have to have substantial, non-refundable earnest money.
Some sellers will not care, but making offers to wholesalers, listed properties, banks or sellers who have their attorney or realtor friend review, they will probably pass on your offer.
Now your other question might be you are trying to figure out how to assign a transaction
1) get it under contract with a purchase and sale agreement
2) market the CONTRACT for sale, since you don't own the property and are not listing it as a Realtor, legally all you own and all you can market is the CONTRACT.
3) once you have a buyer for your CONTRACT, you would need an ASSIGNMENT CONTRACT between you the wholesaler and your end buyer where the end buyer pays YOU an Assignment fee for the purchase and sale CONTRACT and then they take your place at closing.
You would then need to see how your title company would want to close that as some get assignments and some do not and some will not even close them - I was trying to assign a contract from me under one company name to me under another company name and the title company would not do it - had to write a whole new contract.