Posted by JPiper on February 24, 1999 at 18:59:34:
The contract is written in your corporation’s name…XXX, Inc.
When you sign the contract you sign Jim Piper, as President of XXX, Inc.
JPiper
Posted by JPiper on February 24, 1999 at 18:59:34:
The contract is written in your corporation’s name…XXX, Inc.
When you sign the contract you sign Jim Piper, as President of XXX, Inc.
JPiper
Little question - Posted by ES
Posted by ES on February 24, 1999 at 09:56:13:
Well, my question is, if I put in a contract on a house that I want to flip, and then assign the contract to another investor/rehabber, am I in the clear? Meaning if the investor/rehabber I assign it to totally responsible for the contract or will I be held liable if he/she decides to back out? Has this happened to anyone?
Re: Little question - Posted by JPiper
Posted by JPiper on February 24, 1999 at 10:11:11:
If your assignee (the investor/rehabber) fails to perform, you may still be held liable by the seller…if you have not been released by the seller from that liability.
You need built-in safeguards to handle this…clauses in the original contract releasing your liability perhaps, a clause limiting your liability to your earnest money, or a contract written in the name of your corporation which will serve to limit your personal liability.
Has it happened to anyone?? That I can’t answer, but what difference does this make IF it can happen to you?
JPiper
Re: Little question - Posted by ES
Posted by ES on February 24, 1999 at 14:36:10:
Thanks for the info. I have another question based on your answer. How do I make deals in my corporation’s name? I have heard something about signing your name and then putting “doing business as” at the end.