Contracts

Does anyone know if realtor's contracts are assignable? Thanks for your help.

You need to be a member of Real Estate Mixer to add comments!

Email me when people reply –

Replies

  • Hello Everyone,

    Does anyone have an "acceptable" contract that they'd be willing to share or at least tell me where I can find it?  Also, is there a NJ State Approved Contract available? I've been searching every where to no avail.  I've been using a simple 2-page purchase agreement and have been running into some issues with sellers.  Any advice would be greatly appreciated! Thank you in advance.

     

    Kay

  • Yes you are correct! The simple and invasive way to have a contingency clause to protect you in a contract is

    to simple state "This offer is subject to and contingent upon a property inspection, which, in the sole judgment of Purchaser, is deemed “satisfactory. Such inspection shall be arranged and paid for by Purchaser. If the Purchaser or Purchaser’s agent notifies Seller or Seller’s agent that the inspection is “unsatisfactory,” then this offer shall be null and void and any deposit made by Purchaser shall be returned. However, this does not preclude the negotiation of a new purchase offer, should the parties so desire.”

     

    This way you also retain the option of having the seller fix any repairs and or detuct an amount from the sales price.

    Or, you can simply walk away from the contract. And, you do not have to give any specific reason other than, the inspection report was not satisfactory. Period. And it could have been from anyone, not a Licensed Home Inspector.

  • Thank you for your response.  Can you provide the wording necessary for getting out of the contract if you don't find a buyer? I believe there is a way to mention something about an inspection.  Thanks.
  • All Realtor contracts state that the contract is NOT assignable. I agree with Nick about crossing out where it says it is not assignable. I take another step as where it says Additional Contractual Provisions (if any) I always write in that space

    "Buyer may assign this contract, without restriction. In the event assigned, all rights, interests, suits, claims and titles in this contract will be assigned with assignor released from all liability." This way there is no mistaken that the contract may be assigned as evidenced by the sellers initials on the bottom of the page along with their signature on the contract.

    Plus, if you cross something out on the contract, make sure the seller and you initial the cross out.

  • Hi Nick,

    Tina and I working together.  We have two possible leads. One is an reo and one is short sale.  Would you consider sharing your expertise and working with us on these two leads?

    Please let me know.

    Nick Tang said:

    The contracts I've seen are not assignable. To resolve this issue i just read the contracts and x out the area that says I can't assign and then it becomes assignable.
This reply was deleted.
Kevin S Clark updated their profile
Jul 1, 2023
Kevin S Clark and DAVID WAYNE are now friends
Jul 1, 2023
Kevin S Clark updated their profile photo
Jul 1, 2023
Rob Beeman left a comment on Landlord Tenant & Squatter Group
"Although this comment is NOT related to tenants or squatters, it is related to real estate investing, so please forgive me if it is NOT supposed to be posted here. None the less, perhaps someone might find it beneficial for their investing…"
Nov 15, 2022
Rob Beeman posted a discussion
Real Estate Investing Knowledge & Networking VIRTUAL Event.Capitalize on the opportunity to gain knowledge and awesome networking in multiple ways at this FREE VIRTUAL Knowledge & Networking Event on Tuesday December 13th at 7PM EST!The meeting is…
Nov 15, 2022
Rob Beeman updated their profile photo
Nov 15, 2022
Rahul Patel updated their profile
Apr 29, 2022
Vivian Rivera updated their profile
Feb 18, 2022
Rob Beeman updated their profile photo
Jan 17, 2022
Rob Beeman updated their profile
Jan 17, 2022
Rob Beeman posted a discussion
Have an interest in real estate investing?Then we welcome you to subscribe to our FREE online newsletter delivered to the reader's email.So many mistakes are made because of lack of knowledge, lack of resources or lack of contacts! Mistakes often…
Jan 17, 2022
Jean-Paul Gerosa updated their profile
Nov 6, 2021
C updated their profile
Oct 18, 2021
T Craig Barry updated their profile
May 28, 2021
Vijay Kumar posted a discussion
We have Fresh Cut Bank Guarantee (BG) / StandBy Letter Of Credit (SBLC) specifically for BUY/LEASE Issuance by HSBC London / Hongkong, Barclays Bank, Deutsche Bank AG Frankfurt, and many other 25 top AA rated Banks. We also secure funding to…
Jan 1, 2021
Eva Jeani updated their profile
Nov 9, 2020
More…
Testing one 2 3