Assignee Signature in Purchase & Sales Agreement?

9 Replies

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?

Originally posted by @Shannon Vrabec :

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?

Here is a good video The Ohio Division of Real Estate made about wholesaling in Ohio https://www.youtube.com/watch?v=9fi54S8nwUA https://www.com.ohio.gov/real/

@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.

@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.