Once seller has signed the Purchase Contract which says “and/ or assign”, (without any qualifications), It means that seller agrees to any assignment. Especially if there is no other language in the Contract barring assignment of the contract.
You dont have to have the seller sign another assignment agreement.
However if possible, it may be smart to do so, and as Steve pointed out to get both seller, and the assignee to acknowledge their consent in writing. Not really necessary, but if you can get it, will make your position even stronger.
Assignment of contract jitters - Posted by Jerry - IL
Posted by Jerry - IL on August 29, 2003 at 12:31:22:
I am about to assign my first contract. I would like to avoid making dumb or fatal mistakes. Are there certain basic items that I should watch out for? The form I have has a space for the seller to sign, indicating his agreement. Someone told me that the seller doesn’t have to sign anything and has no choice in your assignment, since the original contract says my name or my assigns.
I figure that if the seller does sign a consent form, it should probably be separate from my form with my assignee, because the seller might freak if he sees how much I’m making. Or does the seller have a legal right to see my agreement with the assignee?
I’m probably not as prepared as I should/would be if I had foreseen this happening. Any help would be appreciated.
Thanks,
Jerry - IL
Re: Assignment of contract jitters - Posted by SteveG_Pa
Posted by SteveG_Pa on August 29, 2003 at 15:02:10:
If your original contract says “and or assigns” in it, or a variation of that, then the seller doesnt need to sign another because basicly, he already signed it. And he doesnt have a “legal” right to see what you have going on with your buyer, but he may see it if you do a double close.
I would have them both sign a mutual release though once you are out of the deal so nothing comes back to haunt you.
As far as being prepared, well you cant change where youve been, but youll never be unsure again how to do this once your done, so chalk it up to experience and move on. Good Luck.
Maybe someone else has something else to say, and Im sure they will if im wrong here, which, maybe I am
