More questions about forms

[MikeT/NC 5]

Michael, On pages 99 and 100 it states that the no subletting or assignment clause is addressed in the CA Assignment of Agreement located on page 106. I don't see any wording addressing this. Seems like it should say something akin to the clause on page 2 paragraph 8 that deals with only letting the original t/b cancel.What am I missing? Also, when checking on the loan info would'nt you need to have the seller's signature notorized on the loan info release doc? Seems like it would easer to call the bank while you are sitting down with the seller or have the seller call the bank. You could say something like " mr. banker I'm trying to help mr. seller with his loan and I need to know the particulars on it." How do you handle this?

Thanks, Mike

[MichaelC 160]

Mike, the CA Assignment Agreement clearly states that you are assigning your interest in the deal to the t/b. The seller's signature is required at the bottom of that agreement, as proof and confirmation he/she accepts and understands this.

Regarding the release of info from the bank,I doubt a call from you is going to suffice to get any info released. They are probably going to want something in writing to cover their backside. Of course, you could always try a conference call with the seller and ask the bank. Worse that can happen is they require a written release from their client first.

[MikeT/NC 5]

Ok, that's what I thought. But unless you get the seller to sign the assignment agreement at the same time he signs the lease and option agreements then he could say he has decided not to let me assign my contract. Since you really don't get permission specifically in the lease or option docs. Do you and he usually sign the CA assignment at the beginning and then just add in the end buyer when that time comes?

[MichaelC 160]

I don't usually have the homeowner sign the Assignment Agreement upfront. For one, they often squawk at blanks in an agreement they are signing. . .can't say I blame 'em. But that hasn't proven to be a problem, though. Remember, we are working with motivated sellers and that means they have a need that you are filling. That's why we call it a Cooperative Assignment.

Worst case scenario is that he homeowner flakes out on you and refuses to allow you to assign the deal, in which case you exercise your right to cancel. You've lost time and you're rightfully pissed, but you're never on the hook for making payments.

[MikeT/NC 5]

Thanks Michael