Posted by Mark R in KCMO on May 18, 1999 at 13:02:42:
Joel,
Just make sure that you contract is assignable. If it is not then you will have to double close it.
Hope this Helps
Mark R in KCMO
FLIPPING CONTRACTS ON REHABS - Posted by joel
Posted by joel on May 18, 1999 at 04:02:14:
When I sign a contract with a seller for a rehab property, do I need to let the seller know that I intend on selling the contract to another investor? If not, what provisions should I make so that I won’t run into any legal problems in the future with the seller???
Re: FLIPPING CONTRACTS ON REHABS - Posted by Timo
Posted by Timo on May 19, 1999 at 18:11:27:
Most [if not all contracts] are assignable as long as they don’t say they aren’t. Most inhouse lender contracts and all government contracts do prohibit Assigns. Don’t worry about the “and/or Assignee” phrase. I am not an attorney, nor do I play one on tv.
Timo
Re: FLIPPING CONTRACTS ON REHABS - Posted by Stacy (AZ)
Posted by Stacy (AZ) on May 18, 1999 at 13:27:21:
Joel-
Go below and read all the posts under the tile:
The “And/Or Assigns” Dilemma
It’s important to know that just because you assign a contract, it doesn’t mean you have no continuing liabilities.
Stacy