Been there done that. The builder/seller backed out at the last minute. Contract was in my corp’s. name. The property appreciated about 80k in the 10 months from the signing. owner/builder decided that the contract could not be assigned to my wife (sect’y of the corp.) because the original contract was with the corp. I had no recourse. He sold it at 80k above my contract price. I think my realtor who was handling the deal Fu8888ed up.
My Husband and I reserved a condo in the first phase of a project. It has been 6 months since we reserved it and are scheduled to close in about 4 months. We put it under contract a few months ago, but have since decided that we would rather flip it to my Father who wants it as a rental. We have discussed it and he is willing to pay us for half of our equity.
The condos are now being reserved for 10k more than they were when we reserved them. I was hoping to be able to assign our contract to my father, but when we put it under contract we only put our names and not “and or assigns” in the contract.
Does not having the “and or assigns” in the contract limit the assignability of the contract? Can anyone help with any other ways to get the desired results and not have to pay 2 sets of closing costs(one for me to buy it and the other for my dad to purchase it from us)? By the way, we live in Utah if that helps.
Re: Creative ideas for this problem?? - Posted by Joe C. (AR)
Posted by Joe C. (AR) on March 17, 2006 at 23:32:06:
1st. Have you spoken with the seller to see if this is a problem? The seller may agree to an addendum allowing you to assign (limited)to your father.
OR…When it’s time to close, inform the title company that you want to take title in a land trust or LLC. After the closing transfer ownership of the entity to your father.
OR…At closing time, tell the title company you want to take title in your name AND your father’s name. Have them also prepare a deed conveying your portion to your father (for $10) to be filed after the initial conveyance to you both. Minimal extra cost for closing and filing.
You really should have no problem getting this done if your father has the financial strength to carry the financing on his own.