Hey everyone. I'm trying to find a real estate attorney that know how to handle Assignment of Contracts. I've already came across two of them and they told me that assignments are illegal and I am acting as a broker/agent.
Are there any wholesalers on the BiggerPockets site that has done any assignment deals in South Carolina. Please comment.
It's my understanding these kind of attorneys are hard to find these days. Nonetheless contract assigning remain 100% legal.
I suggest you get on the phone and start calling them all.
Also, check with your local REIA.
Do you think that there is something that I can point to to prove to my attorney that it's legal? Is there some kind of law that I can let her know about? Or maybe the best route is like you said?
You need a different attorney.
Go to your local REIA and find out who everyone is using. In my group, we have several closing attorneys that also are investors. They will know the ins and outs of how things work in your state. I have never heard anyone say that is was illegal to do assignments in their state.
It is my understanding that a contract is presumed to be assignable unless it specifically states it can not be assigned.
You were looking for the laws in SC.... This is all that's required for a fee simple title transfer in SC. It doesn't protect either party much at all, however.
Take note of the word assigns in the form. Doesn't appear illegal to me.
Title 27 - Property and Conveyances
FORM AND EXECUTION OF CONVEYANCES
SECTION 27-7-10. Form of conveyance of fee simple; witnesses.
The following form or purport of a release shall, to all intents and purposes, be valid and effectual to carry from one person to another or others the fee simple of any land or real estate if it shall be executed in the presence of and be subscribed by two or more credible witnesses:
"The State of South Carolina.
"Know all men by these presents that I, A B, of __________, in the State aforesaid, in consideration of the sum of ___ dollars, to me in hand paid by C D of __________ County, State of __________, the receipt of which is hereby acknowledged, have granted, bargained, sold and released and by these presents do grant, bargain, sell and release unto the said C D all that (here describe the premises), together with all and singular the rights, members, hereditaments and appurtenances to said premises belonging or in any wise incident or appertaining; to have and to hold all and singular the premises before mentioned unto said C D, his heirs and assigns, forever. And I do hereby bind myself, my heirs, executors, and administrators, to warrant and forever defend all and singular said premises unto said C D, his heirs and assigns, against myself and my heirs and against every person whomsoever lawfully claiming or to claim the same, or any part thereof.
"Witness my hand and seal this ___ day of __________ in the year of our Lord __________ and in the ___ year of the independence of the United States of America. "__________ [L.S.]"