Posted by Rob FL on December 29, 1998 at 18:05:41:
Here is some STANDARD wording from the FL Association of Realtor’s Contract:
“ASSIGNABILITY: (CHECK ONLY ONE): Buyer [ ] may assign and thereby be released from any further liability under this contract; [ ] may assign but not be released from liability under this contract; [ ] may not assign this contract.”
Which box do you think I check on every single contract. If you picked Box #1 you guessed it.
Best wishes.
Liability AFTER Assignment… - Posted by Sonia(VA)
Posted by Sonia(VA) on December 28, 1998 at 23:03:20:
How do I protect myself from being held liable by Mr. Seller if my rehab investor doesn’t close?
Does the clause “Contract is Subject to inspection and approval by Buyer’s partner” cover me?
This is assuming that I have been paid an assignment fee by Mr. Rehab Investor, but something prevents him from closing.
Also, do I need to notify Mr. Seller that I have assigned the contract to my ‘partner’?
I guess my real question is… Do I REALLY get to walk away after I assign (via contract) my position in the purchase agreement, or do I need to be a part of the deal until the transaction actually closes?
Thanks in Advance!
Sonia
Re: Liability AFTER Assignment… - Posted by Bronchick
Posted by Bronchick on December 29, 1998 at 09:52:29:
Assigning a contract does not relieve you from liability, unless the seller expressly agrees to do so in writing. If your contract limits the remedy of the seller to your earnest money, then you should not have a problem.
Re: Liability AFTER Assignment… - Posted by Tim (OH)
Posted by Tim (OH) on December 29, 1998 at 11:57:33:
I’m sorry if I’m asking for FREE LEGAL ADVISE (I understand that’s your livelyhood), but I know the question begs to be asked.
“Is there a clause to insert the standard contract to relieve the purchaser (you) from liability”
Re: Liability AFTER Assignment… - Posted by Bronchick
Posted by Bronchick on December 29, 1998 at 20:31:39:
Yes . . .
“If this contract is assigned with the permission of the seller, buyer shall be relieved of all further liability hereunder.”