Please help with my ASSIGNMENT deal - Posted by Kristine-CA
Posted by Kristine-CA on March 04, 2002 at 15:52:30:
Hello everyone. I have a house under contract (for 11.5K, but that’s another story) and am in escrow (with $100.00 deposit) that won’t close until a 21-day waiting period because of requirements having do with title insurance and probate. After explaining the choices to my buyers, they would prefer to buy my contract rather than wait for me to close on it. Me too, as I would have to borrow the money to close. And they want the title insurance and all of us want the closing and other miscs. costs to be paid only once. This escrow company won’t do a double close. (This was the seller’s choice of company as she lived out of the area and I let her pick. Oh well.) I’ve agreed to assign my interest to my buyers for $4700.00 and they’ve accepted.
The escrow company has no problem with the assignment, but my question is do I have to get the seller to agree to this assignment. I’m not worried about being held liable for anything, but I am wondering if she has to agree to my choice of assignee. As long as my buyers do everything I agreed to do, does she have any say in the matter?
Also, is there a customary courtesy or way of dealing with this?
If all else fails, I will close on it myself, but I am trying to learn the not-my-money way and I think I am in the home stretch on this one. I’ve learned 90% of what I know about REI on this board and wouldn’t have gotten this far without you. It’s been a totally amazing and empowering experience.
Any thoughts, criticisms, caveats? Thanks. Sincerely, Kristine