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rj8654

Newbie - Lease Option Assignment Questions

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Hello All,

 

If I sign a Lease w/Option with a seller and the contract lets me assign it how will that work?

 

Do I just have my TB sign the Assignment Contract with me after he pays me my fee?

 

Do I need it notarized?

 

What do I do with it then? Do hand it to my TB or to the Seller?

 

Am I free from the deel at that point?

 

I'm trying to begin in Assignments to begin as an Investor so any help is appreciated. Thanks.

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Hi Rich,

 

Your questions are kind of a mix of SLO and CA situations, and all of them can be answered

readily, but they will only bring up more and more questions for you. So rather than fielding

your questions now, I highly suggest you pick up Michael's manual. After 6 years and

hundreds of dollars spent on other courses, I bought his manual (really as a last resort); and

after only roughly a month of reading it and the board archives, I'm working on three CAs.

 

If you put Michael's and the other board members' wisdom into practice, you will not regret it! :blink:

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Hello, Rich, and welcome to The Naked Investor.

Assignments are a great way to start in real estate. Done correctly they are virtually risk free and require no start up capital. Let me take a stab at your questions. . .

 

Do I just have my TB sign the Assignment Contract with me after he pays me my fee?
Yes, assuming the paperwork between you and the homeowner allows you to assign your deal to a third party.

 

Do I need it notarized?
No, it isn't a requirement to have the Assignment Agreement notarized.

 

What do I do with it then? Do hand it to my TB or to the Seller?
Everyone in the deal, typically the homeowner, you, and the assignee, should have a copy of all the paperwork involved so there is a paper trail showing exactly what occurred.

 

Am I free from the deel at that point?
Yes. Assigning the deal is akin to selling your interest in it. You're no longer a principal in the deal. Move on and do it again. :blink:

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Thank you both so much. And Michael thank you for the answers. I do plan on purchasing your book, but I'm in a situation that I'm sure you've heard from many people. I"m unemployed with house and family ...... I literally don't have a dollar to my name right now. That's why I was going to begin with Assignments. Once I get some cash I plan on getting your manual. I've read some really great things about it.

 

Plus, after reading some of your posts, Michael, you seem like a genuine person who wants to help. I've been to other Forums and they were made to assist but the people make you feel stupid or that you should already know things.

 

Thank you very much, Michael and hopefully I will be able to get your manual soon :blink:

 

RichinPA

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Rich, you're taking a smart approach. Work within your budget and don't try and become rich overnight. Step at a time, my friend. Step at a time. Come here with your questions and there will be any number of people willing to offer advice and share their experience. You'll do fine.

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I thought of another question for a Lease Option Assignment. Who does the title search? And if a home inspection has to be done who pays for that? - Rich

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If you're into the deal long term, protect your interests and run a title search and do your due diligence regarding inspections. If you're looking to assign the deal and move on, I see no reason for you to do so. Let the end user do their due diligence.

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