So I potentially will contract my first deal but I’m not sure how to do the contract. Her home flooded (we’re in Houston) and she is willing to selling with the contingency that she receives x amount of dollars from her insurance company. I have a realtor contact that is telling me I must use a regular purchase contract as if I’m the one buying it. This makes me nervous, shouldn’t I be using an assignment contract? Can you put contingency’s in an assignment contract?
I think that the best advice that I can give you is for you to speak with a local investor. I'm sure that there is a way to assign this.
I’m new as well to this but i recently went through this. The contract your realtor is talking about is most likely the TREC one to four family contract which is standard for Texas. You use this contract with the seller to lock in the deal. On the 1st page of the contract under section 1 it’s titled “PARTIES.” Since you are the buyer you put your name in the buyer section and beside it put “and/or assignee.” This allows you legal right to assign the contract. The assignment contract is a different contract between you and the cash buyer if I understand this correctly. If you need a link to that contract let me know. Like I said I’m new to this as well but if your on Facebook there is a group called “wholesaling houses full time”. They are pretty active and helpful.
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