Posted by Chies on November 11, 2003 at 08:38:05:
You can assign the contract to the tenant/buyer or an investor.
You can assign the contract to anyone that will buy it.
Make sure in the contract that it states that the original buyer (you) will not be liable for anything once you assign the contract. The assignee (buyer or investor) will be liable and will substitute them in your place.
lease-option, assignment - Posted by pilar
Posted by pilar on October 29, 2003 at 14:47:27:
I have been learning about lease-options thru my sister who has made a bundle in just a couple of months and she says that it is always a good idea to assign the rights and responsibilities back to the owner after you lease to the tenant-buyer bcuz otherwise you will be responsible for the rent should the tenant-buyer not pay. She heavily relies on Peter Conti and David Finkel’s book “making big money in real estate w/o tenants…” my husband and i are starting to do what she does but he insists that Conti and Finkel never say to assign back the responsibility to the owner in their book. What is best? I do not want to be in any way liable for the rent, especially since i want to have several or dozens of lease option deals and certainly can not be responsible for all those rents