I need some straight forward answers (fact not opinion) on contracts..... Is it LEGAL to assign a contract in the state of FLORIDA............ YES / NO and what should the clause say? should it say Tanesha Mills or as assigns etc..... Thanks BP
Yes..you can assign a contract. Legal. Doing so above board is fine. Are you prepared to close if you cannot assign it? Are you going to tell the seller this? Deceiving a homeowner into thinking their property is sold is wrong, unethical, and a bad way to operate. If you do put one under contract and advertise the house, then that is brokering without a license and you may find your name on the www.myfloridalicense.com website under "search unlicensed complaints" section. Get educated, get your license, and operate honest and ethically. That will take you much further in your career than operating within the shadows, unethically, and borderline illegally.
p.s.--contact DBPR for specific answers to operate legally.
Yes, it is legal to assign a contract in FL, UNLESS that contract specifically prohibits it. The old "and/or assigns" does Nothing to change this fact, and just raises red flags for the other party. The original buyer (assignor) still is legally bound to the seller after an assignment, Unless that purchase contract specifically allows the original buyer to be released from said liability...and this clause would be a HUGE red flag for a Seller.
Yes..you can assign a contract. Legal. Doing so above board is fine. Are you prepared to close if you cannot assign it? Are you going to tell the seller this? Deceiving a homeowner into thinking their property is sold is wrong, unethical, and a bad way to operate. If you do put one under contract and advertise the house, then that is brokering without a license and you may find your name on the www.myfloridalicense.com website under "search unlicensed complaints" section. Get educated, get your license, and operate honest and ethically. That will take you much further in your career than operating within the shadows, unethically, and borderline illegally.
p.s.--contact DBPR for specific answers to operate legally.
Here are some guidelines as to the state position on brokering without a license:
The 2015 Florida Statutes | |||||
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Yes..you can assign a contract. Legal. Doing so above board is fine. Are you prepared to close if you cannot assign it? Are you going to tell the seller this? Deceiving a homeowner into thinking their property is sold is wrong, unethical, and a bad way to operate. If you do put one under contract and advertise the house, then that is brokering without a license and you may find your name on the www.myfloridalicense.com website under "search unlicensed complaints" section. Get educated, get your license, and operate honest and ethically. That will take you much further in your career than operating within the shadows, unethically, and borderline illegally.
p.s.--contact DBPR for specific answers to operate legally.
I do not have a problem with disclosing to the seller my intentions ( Hence my straight forward attitude) If they are motivated why would they care as long as they receive what they want. If they disagree with terms of me doing this I simply move forward. I want to make a living and don't intend to act out of desperation (not my only source of income).
If assigning the contract is legal then it's legal Simple, you can twist it with your opinion, but as long as all parties are aware of what's going on.
Yea, I know most will say you ma not get many deals this way, but what's for me I'll have and I will get the education as needed. From my understanding as long as I don't market the property and show as if it's mine or deceive the client... Oh and I will also allow them to search for other buyers while I have this under contract as long as the other buyer provides proof in writing that they are able to purchase it before I do then they will be released from my contract. To sum it up! To me it's Legal Ethical and Moral. I will have a lawyer to double check.
Thanks
@Tanesha Mills there is language for contract assignment in the standard Florida Bar As Is contract.
Disclosing an intention to broker the property for a fee to either party requires a real estate license in Florida.
@Tanesha Mills there is language for contract assignment in the standard Florida Bar As Is contract.
Disclosing an intention to broker the property for a fee to either party requires a real estate license in Florida.
Thanks Kent....
I'd like to add a little bit if I may:
I'm currently going to take the Florida Real Estate test this coming Saturday. One of the sections they drill in your head is Real Estate law and Principles. According to the book:
*All Real Estate Contracts are assignable by default unless the wording specifies in the contract that it is not*
*If you own the property (FSBO) you can: Buy, Sell, Rent your own property*
*Real Estate is VERY litigious and anyone can sue for anything* make sure you speak to a Lawyer that has experience dealing with INVESTORS.....Not all Real Estate Lawyers are the same. At least have Him/Her look at your contracts.
Hello All. Can anyone recommend a lawyer with experience working with investors, and with drafting contracts (preferably in the Broward and Dade County area)? I'm a currently a licensed Realtor looking to move more into the investing side of the business and wish to obtain legal guidance and a contract specific to my investor needs. Thanks