Assigning Real Estate Contracts

Assigning Real Estate Contracts-45
An assignment of contract in real estate is initiated when the owner of a property agrees to sell their home to an investor, and actually signs a contract binding themselves to the impending deal.

An assignment of contract in real estate is initiated when the owner of a property agrees to sell their home to an investor, and actually signs a contract binding themselves to the impending deal.As a result, the investor holds the rights to buy the property, which they may then sell to another buyer.For instance, if Tom's local, organic dairy assigned the contract to a factory farm dairy, this would be considered a material alteration. Other assignments, though not prohibited by a statute, may violate public policy.

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How an assignment of contract plays out depends on many factors, especially the language of the contract.

Some contracts may contain a clause prohibiting assignment; other contracts may require the other party to consent to the assignment.

For example, if you hired Ted Nugent to perform at your event, he could not arbitrarily delegate his performing duties to Lady Gaga.

To prohibit one party from delegating the responsibilities of the contract, the parties should include specific language to that effect in the agreement.

An assignment doesn't always relieve the assignor of liability.

Some contracts may include a guarantee that, regardless of an assignment, the original parties (or one of them) guarantees performance (that is, that the assignee will fulfill the terms of the contract).

In some cases, a party may not wish to assign the contract but only to get somebody else to fulfill its duties.

Obviously, not all duties can be delegated--for example, some personal services are usually not delegated because they are so specific in nature.

It is worth noting that the assignment of contract method will never have investors take title to the property, nor will the assignment of contract show up in the title chain.

In fact, wholesalers won’t even have to fund the deal.

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