Assigning Real Estate Contracts

Hi,

My question is when assigning contracts, after the buyer and I sign the agreement do me and the seller sign a purchase agreement to?

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Dec 19, 2009
RE: Assigning Real Estate Property Contracts
by: Tom Karadza

Hello,

Thanks for the question...

Typically the sequence of events is this:

1. You sign a Purchase & Sale Agreement to lock up a property and there's a clause in the agreement that allows you to assign the agreement to some other party.

2. You then come to some sort of agreement (usually for a fee) with a third party in writing.

3. And then you officially assign the originally Purchase & Sale agreement over to them.

There are a lot of details here that I skipped over, like the Seller's right to refuse etc., so make sure you're getting proper legal advice if you're in the process of this right now.

Tom.

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