Re: Discussing Assignment - Posted by Kristine-CA
Posted by Kristine-CA on July 14, 2003 at 23:31:47:
JC: I don’t discuss assignment or double closing with the seller. The following is in the contract:
Seller acknowledges their (his/her) understanding that Buyer is a real estate investor and may have purchased the property with the intent of leasing to tenants or re-selling for profit. The Seller acknowledges their understanding that this contract may be assigned.
For my purposes, this meets the needs of my escrow company (which requires such a “disclosure” to the seller.) I wouldn’t even include this if it wasn’t required. In my opinion the seller should have no say in what I do with my beneficial interest in the property (since contracts in CA are assignable by law). But since I need this to continue working with my escrow company, I tolerate it. Disclosure has turned out to be a good thing, though. It sometimes helps to prevent sellers from thinking that I’m pulling a fast one. However, one can only do so much about what other people think of you.
I’m not a lawyer–so consult one to be sure your contract includes what it should for your area and for what you want to do.