How to make a real estate contract assignable.
In the old days you would write this in the Buyer Line on the real estate contract: Geoff Nowlin and/or assigns. The and/or assigns does work legally and as it relates to contract law. The problem with and/or assigns is that it can put doubt in the Seller’s mind. The Seller may think; who is buying the house really? I don’t understand this? I think I will take the other guy’s contract. So instead of and/or assigns.
Use: “Buyer may choose how to hold title in any corporation, LLC, partnership, family limited partnership, sole proprietorship, trust, personally or any legal entity. Vesting changes shall be done in advance of COE in order not to postpone the COE and are at Buyer’s discretion.”
Notice that I did not use the words “and/or assigns”, that is on purpose. Should the Seller be queasy or nervous. If any Realtor asks; “What about this vesting paragraph?”. You can simply say, we have not decided which corporation we want the property in. We will get with our Lawyer and decide this before closing. Which sounds perfectly logical.
The truth is that you want this language in the contract so it makes your contract assignable at will by YOU! In some States assignability is a check box. Like California, so don’t check the box, just add the vesting paragraph to an addendum. Remember, anything in an addendum supersedes anything in the contract. In Colorado, the very first line of the contract says “NOT ASSIGNAMBLE”. You simply add the vesting paragraph to the addendum and vola, your CO contract becomes assignable. Happy wholesaling, call with questions.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
Buyers get: Sellers get:
FREE Home Inspection 5k Flat Fee Listing
FREE Termite Inspection FREE Home Inspection
FREE Home Warranty FREE Termite Inspection
Best,
Geoff Nowlin, Phoenix Realtor Brett Young, Cleveland Realtor
480-466-3737 (216) 703-5740
www.5kflatfeelisting.com by56083@gmail.com
nowlin.geoff@gmail.com
