Assignee Signature in Purchase & Sales Agreement?

Question

Hello,

Does there need to be an assignee signature line on the current purchase and sales agreement I have with the owner (seller)? I am not a realtor. One guy mentioned to me he does this because Ohio is a disclosure state, however I have seen other guys make this contract without the assignee signature line on the original P&S agreement with the owner (seller).

And conversely, does there need to be a line for the owner on the assignment contract the wholesaler has with the end-buyer? One guy mentioned to me he does this because Ohio is a disclosure state, however I have seen other guys make this contract without the owner’s signature.

What is legally required in the state of Ohio?

Yoann Dorat · Answer

@Shannon Vrabec I've done several wholesale deals in Ohio and I never had the assignee sign the original PA. The seller doesn't need to sign the assignment of PA either. Just bring both contracts to your title company or attorney and they'll take care of the rest. If you need a referral for a wholesaler-friendly title company hit me up.

Shannon V. · Answer

Seems you missed the part in my last response where I said I was curious what other investors were doing.

Shannon V. · Answer

@Brandon Sturgill I understand the purpose of intent and brokering and have different exit strategies and funds available to do so, that was not my question. My lawyer did write my contracts. This is just new information I received from another reputable wholesaler and I wanted to compare this information to what other investors think. You essentially just mansplained without answering my question.

Brandon Sturgill · Answer

@Shannon Vrabec wholesaling in this state really comes down to intent...if you have no intent on purchasing the property yourself, you're brokering without a license and subject to penalty...that said, Ohio has 8,000 real estate agents that can't make it through the day without doing something stupid and the regulatory agency has no bandwidth or focus on wholesaling.

By virtue, almost all contracts are assignable...you can include a clause in your P&S agreement if you want, but its not required...I would suggest that you have your contract reviewed/revised by a lawyer...the $250 is worth it if you want to avoid legal action down the road.

I'm guessing you have not done this before...your title agency will provide guidance when you make the request for title work...just ask them what they want to see in the contract...but note most reputable title agencies and lawyers will not get involved with wholesaling activities.

Shannon V. · Answer

Thank you Remington but the video did not answer my question.

Yoann Dorat · Answer

Hey @Yoann Dorat thanks for your feedback. Would love to hear your favorite title company in Ohio.

Sorry for the late reply, we work with speedy title & escrow they are licensed in Michigan and Ohio.

Brandon Sturgill · Answer

@Shannon Vrabec fair enough, but your question is for your lawyer...the one that drafted your contracts...not a public opinion forum.

Shannon V. · Answer

Hey @Yoann Dorat thanks for your feedback. Would love to hear your favorite title company in Ohio.

Shannon V. · Answer

I have an attorney as well I just asked on here so I wouldn’t have to pay for a consultation. Thank you though.

Remington Lyman · Answer

I have a list of Ohio attorneys that I can refer to you.

Assignee Signature in Purchase & Sales Agreement?

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