Assignable contract addendum vs. rewrite

4 Replies

Quick question. If I am using a purchase agreement provided to me by my title company in Michigan and there is no verbiage specifying the contract is assignable, would an addendum to the PA be sufficient? Any advice is greatly appreciated. Thank you in advance!

@Andrew Weckerle You have to work with the right title company that understands the assignment of the contract.  

Also, if the profit margin is higher, then it is good to go with double closing by using transactional funding. This way your end buyer and original seller are not backing out at the last minute.

Best wishes on your wholesaling.

In most states, real estate contracts are assignable unless specifically prohibited in the contract. However, an assignment doesn’t relieve the original buyer from the contractual obligations to the seller.