the CA naysayers

[serrow 0]

Hi, I've been reading over at the creativeinvestor site and there is a naysayer of CAs over there. Here is a thread for example. http://www.thecreativeinvestor.com/ViewTopic63652-25.html what do you all think? I for one would certainly like to know which states assigning options are not allowed. I have yet to really find myself a good RE attorney and frankly, during my knowledge stage Ido not have a lot of moolah to dial one up all the time.

 

Does anyone know the status of which states are not good for Cooperative assignments?

 

Thanks

[Doug Pretorius (ON) 9]

Keep in mind that LOK is selling a competing system, so you might want to take his charges against CAs with a pinch of salt. He claims that making an assignment does not remove the liability from you. Well, every lawyer I've talked to says the exact opposite. In fact I use an assignment clause written by the Realtor Association's own lawyers specifically for my province and it states that the assignor will be released from all liability.

 

I also doubt his claim that there is any jurisdiction that doesn't allow you to assign an option. If you're really worried about it you don't need to ask a lawyer, go ask LOK to cite the specific laws in the specific states to support his claim.

[randian 0]

He claims that making an assignment does not remove the liability from you.

He makes a much stronger claim: that a release and/or novation (Michael's "CA Assignment of Agreements" is basically a novation) doesn't remove liability. It seemed suspect to me too.

[Jonathan RexfordFL 8]

Looks like to me the assignment does remove Assignor. Now when you get in front of a judge it would depend. If a Seller takes a small claims action, then the judge will make a rule.

 

 

I hereby accept and approve the terms of this Assignment and agree to hold Assignor harmless from any further liability or obligation under our agreements.

 

 

 

Seller __________________________________________________________________

[MichaelC 160]

I clicked on the link but apparently I need to register to see the thread. I'm just not interested in doing so. Suffice it to say I disagree that assignments are illegal. If so, I should have been in jail a long, long time ago. Not only me. But just about every other real estate investor I know, as well.

Not having seen the thread, when in doubt always look for the money angle. Is the author of this thread selling anything? And like Rex pointed out below, read the wording in the Assignment Agreement. Seems like it addresses this very issue quite well.

[Jason (AL) 1]

Yeah...good ol' "LOK".

I've got some of his stuff...it's not bad.

But on the other hand, he's stated that it's illegal to assign/sell an

option in Alabama. (dude lives in Georgia)

 

But yeah...it gets me how folks these days knock

things that's not in their latest and greatest course.

[MichaelC 160]

. . .he's stated that it's illegal to assign/sell an

option in Alabama. (dude lives in Georgia)

I guess my first question then is, is it illegal to assign an option in Alabama? And if so, can someone post a link to the law so I can read it? And if it isn't, why hasn't someone called this dude out on it??

[Jason (AL) 1]

. . .he's stated that it's illegal to assign/sell an

option in Alabama. (dude lives in Georgia)

I guess my first question then is, is it illegal to assign an option in Alabama? And if so, can someone post a link to the law so I can read it? And if it isn't, why hasn't someone called this dude out on it??

 

 

Um...neither I nor any real estate attorney that I've been in

contact with has been able to either.

Just as any newbie who just picked up his/her 1st real estate

book would tell you, "...as long as you're a principle in the deal..."

 

Even though his material is interesting, I'm gonna go with with I

know personally, as one who actually lives in the state, and continue

causing chaos.