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Shar NJ

Extension of Contracts

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Good Morning All,

 

Now that I've been in the business a bit I have some contracts closing and this particular one is being extended. Thank you for answering my more sophisticated questions lately.

 

I assigned a lease and option a year and a half ago. The seller and tenant/buyer have decided to extend the agreements. The seller says she spoke to an attorney and he said because I was the original principle I will need to be involved. The seller sent me paperwork she wants me to sign: an extension of lease, option, and assignment; three separate documents.

 

Based on the wording in the original Agreement of Assignments, I have assigned all rights to the Tenant/buyer so I don't want to be involved in the extension agreements between the two of them.

 

Have any of you that completed a CA had to be a part of extending the agreements eventually?

 

Thank you again,

 

Sharyn

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With the understanding that I am not an attorney, I must disagree with the seller's attorney. The Assignment Agreement makes it quite clear that you have relinquished all interest and rights in the deal to a third party, in this case the tenant/buyer. You have no further attachment or involvement in the deal. I wouldn't be involved in any such extension, nor can I see why you should be. I'd politely but firmly tell the seller just this in so many words and be done with it.

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I thought the same, I wanted to get a more experienced opinion here. Thank you for your quick reply!

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