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Steps to Assigning Real Estate Contracts
Assigning Real Estate contracts is all about the paperwork. You, as the middleman, secure a contract with the seller that forbids them from selling the property for 30 days, and then you pass the rights of that contract, or assign it, to the buyer that you already have lined up. You never take the title and therefore your capital and credit history are irrelevant. In exchange for this service, you can negotiate an assignment fee, which the buyer normally pays and is usually a percentage of the sale price of the property ranging from 2% to 15%. The objective as the contract assigner is to find properties that your buyers are interested in and negotiate the seller down to a price in which the buyer would be interested. You have to do the workup on the property for the buyer to be interested, so if the property requires rehab you have to be adept at estimating rehab costs. Negotiation skills are also a plus because the buyer is more likely to buy the larger the potential profit for reselling the property.
There are two ways to handle a contract assignment. The simpler way is to have the seller sign a purchase contract that has an assignment clause in the contract. All of the details of the sale are negotiated and cemented in the purchase contract. Then assign that contract to a new buyer, who will close on the property and pay the assignment fee at closing. The second way is to use an option contract. The option contract can be thought of as an exclusive right to purchase at a specified price within a specified time period. An option contract provides, you as the buyer, the exclusivity to purchase the property in the given time frame and is a binding contract. It is possible to put a penalty in the option contract if the seller breaks the agreement and sells to a different party. To be legal, an option contract needs consideration, which essentially means an exchange of money that can be as little as $10 (you as the buyer gives the seller the money). You as the exclusive option contract holder, have control of the property for the given time period in the contract. You now go and find a new buyer. When you have a new buyer, you move the option contract to a purchase contract and assign the contract to the new buyer. At this point, it is possible to ask for a deposit in escrow from the new buyer to show good faith that the new buyer will close on the property within the thirty-day limitation. At closing, the buyer will pay the assignment fee and the purchase price of the property.
It is also important to realize that banks will not allow you to directly assign a contract for an REO, HUD or Fannie Mae property. There are still creative ways to accomplish this, but would require more advanced knowledge than what is provided within the scope of this post. If you are planning to assign real estate contracts, make sure you sit down with an experienced real estate attorney who has specialized knowledge in this area to make sure you are not overlooking anything. A mistake in the contract could cost you a sale, or worse, obligate you to buy a property.
Jay A. Redding
President
JMJ Services, Inc.
Phone: 260-444-4582
Fax: 800-706-3479
www.InvestmentPropertyMadeEasy.com
www.BuyHotPropertiesNow.com
www.SuperiorPrivateMoneyReturns.com
About the Author
Jay began his real estate investing career at the beginning of 2005. He has been a full time investor since 2007. His business focus and specialized knowledge is in rehabs, lease options, rentals, fix and flips, discounted turnkey cashflowing properties for passive investors, wholesale properties, self-directed IRA investing and basic asset protection. In addition, he is a managing member in two commercial projects. His expertise has been sought out as a consultant by independent clients throughout the Midwest as well as California and New York.
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