Maryland Wholesaling

[Paul Danieli]

For anyone doing wholesale deals in Maryland.  

When you put a property under contract, do you include an assignability addendum?   Or do you include some wording in the contract such as (and or assigns)?   Some BP pro in California told me that (and or assigns) could be problematic at closing and nobody does that anymore.  Just searching google turned up the idea of a separate addendum, which to me sounds like the way to go.  

So how do experienced Marylanders handle it?

[Ned Carey]

When I see someone mention "and or assigns" I immediately think they are listening to too much guru gobbledygook. 

Contracts are assignable unless they say they are not assignable. Most board of realtors  contracts will have a non assign-ability clause in them.  If you want to be more upfront about what you do simply put "This contract may be assigned" in the contract.

If someone question that, simply say "In the event I change my mind and decide not to buy this property, as long as I find a buyer who  will pay you what we agreed, are you OK with that?"

I have only recently seen that wording - I believe here on BP.  I am not an attorney but to me that brings up the question of who is the contract with? If it is not clear who the contract is with it could be argued there is not contract.