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.
