Ellison 0 Report post Posted February 6, 2004 Do you have to write up a special contract for the assignment flip? After the money has changed hands from the t/b to me, what do I do to get my name off the orginal l/p from the seller? Has anyone ever had the assignment fall through(T/B not purchase) and the original seller complained? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 6, 2004 Do you have to write up a special contract for the assignment flip?No. The contract you use just cannot specify that "this agreement may not be assigned without the written permission of the seller", or something similar.If the agreement you use doesn't state you cannot assign it, or specifically states that you can, then you are free to do so.After the money has changed hands from the t/b to me, what do I do to get my name off the orginal l/p from the seller?You don't really "get your name off the original". Instead, you attach an Assignment of Agreement form to it, stating that you are assigning your interest in the deal to the assignee.Has anyone ever had the assignment fall through (T/B not purchase) and the original seller complained?Assignees may or may not exercise their right to purchase the property. It is, after all, an option. But that is usually at least a year down the road and I am far out of the loop at that point and no longer a part of the picture. Share this post Link to post Share on other sites
