Hi everyone, I am working with a realtor that tells me that he has not seen a deal that you put the house on contract and assign the contract to another investor for a fee here in New Jersey. He also knows the lawyer that i am working with and he thinks the lawyer will say the same thing. I am planning a meeting with them both to discuss this and some other issues. Did the laws change in New Jersey or is it that this realtor is too traditional and not creative enough?
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If you were at the last Tristate Meeting, both attorneys, Derek and Steven, on the Panel reaffirmed that assigning contracts are perfectly legal. They are done more than you think. I do it almost all of the time. The Realtor contract boilerplate "contract" states that 'this contract may not be assigned'. Just either cross it out, put another sentence in the special clauses area, put in as the buyer "YOUR NAME his hiers and/or assigns" as a straight forward showing of your intensions. To be slightly indirect, in the buyers name area put "YOUR NAME as Trustee." If the seller's attorney or agent says that you cannot assign a contract in NJ, ask them to site you the statute. There is none. Best of hunting!
The lawyer might be too traditional, and not creative enough. I have come across alot of people who do assignments in NJ. They do it all day long. Sometimes it unfortunate; that when individuals don't come across something often enough to understand the schematics; they tend to go the "safe route" and give it a thumbs down. The majority of people like to play the game safe. Thats what makes it easier for people like us. :)