Contracts

[Tawana Watson]

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

[K. Evette Boston (Kay)]

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

[Glen Gallucci]

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.

[Tawana Watson]

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.

[Glen Gallucci]

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.

[Tawana Watson]

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.