Re: Will Buyer’s Nominee or And/or assign protect me? - Posted by Stacy (AZ)
Posted by Stacy (AZ) on April 24, 1999 at 11:25:20:
I think this careful approach is a good idea when you don’t know or trust your buyer. However, if you have done deals in the past with a wholesale buyer (rehabber) and you are confident he will perform, an assignment is fine, in my opinion. Simul. closings are typically more expensive.
By the way, in AZ every contract is assignable, whether or not the “and/or assigns” appears in the contract, unless specifically stated in the contract. I really think this is true in many, if not all states, although I certainly haven’t researched it (beyond getting the opinions of five attorneys). Even LeGrand said this at the CREOnline convention. Of course, assigning a contract does NOT relieve the flipper from liability unless the seller agrees to hold him harmless, in writing. Being especially cautious when seller financing is involved is prudent, as my friend JPiper has mentioned.
Anyway, just my personal take…