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Updated over 3 years ago on . Most recent reply

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Minouche Fenelus
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Texas Assignment contract

Minouche Fenelus
Posted

Hi, 
just starting into wholesaling in Fort Worth Texas. Does anyone have a good assignment contract?  I am also struggling to find a good title company. Any advice is also welcome, thank you.

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Ronald Rohde
#3 Commercial Real Estate Investing Contributor
  • Attorney
  • Dallas, TX
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Ronald Rohde
#3 Commercial Real Estate Investing Contributor
  • Attorney
  • Dallas, TX
Replied
Quote from @Logan Bingham:
Quote from @Ronald Rohde:
Quote from @Logan Bingham:

I have an assignment contract that is very useful for states like Texas that require mutual release of earnest money if the buy cancels the contract in the inspection period. This contract that Pace Morby just had drafter has a section that waives the seller from needing to sign to release the earnest money.

DM me and ill send it to you


 Have you used it? Will title release based on that version? I've run into nothing but excuses from most title companies who won't release without additional seller signatures.


 Hi Ronald,

I have not used it in a state that requires mutual release of EMD. The example I was given is that a buyer can choose to waive an inspection so why can't they waive their right to releasing earnest money? They are just pre giving permission to release the money. It is most likely a title company issue and not an actual legal issue but I would talk to you own attorney if you are having problems and have them talk to the title company and ask to show them exactly where in the law it says they can't do that


 Yeah, I'd be curious how that goes. I'm actually a RE attorney :)

  • Ronald Rohde
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