Creative ideas for this problem?? - Posted by Lindsay
Posted by Lindsay on March 17, 2006 at 17:50:37:
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.
Thank you for any advice!! Matt