Option Agreement and Assignment

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These are some sample contracts that I would use, but I would suggest running these by your real estate attorney to see what they say before you use them. Lets say that one member have the buyer but needs funds, the other memeber have the funds, how this work?

Thanks for sharing your file attachments. What does "8 Legal consideration for this agreement is ten dollars Who is paying the ten dollars? And why is this legal consideration needed since this is not part of the earnest money? Lease Option or Purchase Agreement? You can pay it and have your end buyer reimburse you is you want.

It drops the purchase price as well. The simple 1 page contracts, personally. They're simple to understand, and it doesn't confuse the seller.

The title company will know what to do assignment of option to purchase real estate agreement all the paperwork. Both of you would be getting your fees, and the end buyer will be buying the property. Unless there's another way to handle this transaction, I hope it helps you.

Thanks for posting these contracts and explaining the use of each for different situations. I am currently in the process of completing my first assignment and I am very nervous because I was in doubt that I had all the paperwork neccessary.

I do have a question when dealing with realtors and assigning REOs, would you use the same contracts or is there a different set. I assignment of option to purchase real estate agreement in order to complete an assignment of an REO you have to do a back to back closing.

Like Dallas said, have your attorney look these over. They are nice but somewhat generic. Every one of them had something that I would add. They are great to look over and give you a general idea of what the contracts should look like. Check them out in your state. OK guys, you have an idea about contracts. Now learn what you really need to be paying attention to. Finding, evaluating and putting REAL deals under contract and executing your exit strategy. If you don't know how to do this all the contracts in the world will do you no good.

This is the hard part of this business, not the contract! Jcharles, When offering on a REO the realtor will supply the contract, not you. For your offer to be considered you will need proof of funds and a copy of the earnest money check with each offer, No weasel contingencies or the lender will reject the offer these days. You must have a buyer in place to close these deals double closing, not assignment If the lender accepts your offer, earnest money is due within 48 hours in most cases.

Check out my TF site below and watch the presentation. Has a pretty good explanation of the process. It is likely that banks whom short sales are purchased from will only accept the state approved forms, like those from the Texas Real Commission in my state. Realtors are the only people that have access to those. However, if you can find a bank that will assignment of option to purchase real estate agreement others, they will need to approved by an attorney, and the forms should state so.

Find comps, private lenders and cash buyers nationwide: Foreclosure and pre-foreclosure search engine: The People Helping People Movement: I figured at least they could be a starting point for someone. It is a starting point for modification to your specific situation. At least the attorney will have ideas and can help you from there.

Thanks, thishousebuyer for all the downloads of forms! Those will be a great help for me when I really assignment of option to purchase real estate agreement going!! Subscribe to our RSS feed to get the latest articles, forum posts and news from our site. Any Sample Contract or Agreement for short sale? Login to post comments. Thank you thank you thank you! Thank You for sharing this amazing information. It will make my life a whole lot easier. Hello there "Thanks for Sharing" PRO Foreclosure and pre-foreclosure search engine: Thank you for Helping us to Learn the System.

Thank, Wening Success and nothing Less! HI There, Thanks for the contracts and thanks for sharing. It makes more possible with less. Dan The Brit in Germany. We don't offer tax, accounting, financial or legal advice.

Before doing any real estate transaction, you should consult your own accounting, legal and tax advisors to evaluate the risks, consequences and suitability of that transaction. This site assignment of option to purchase real estate agreement and contains posts from our students, readers and the general public that we do not modify but also do not verify. There are no guarantees implied except where specifically stated.

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Sign up for this week's free webinars hosted by experienced investors or view previously-held webinar recordings in the Archives. Are you a wholesaler, a rehabber, a landlord, or even a turnkey investor? View all Local Real Estate forums. I am thinking of getting started in REI by finding sellers, using an option to purchase agreement and then assigning that agreement to another investor for a fee.

I think I have a pretty good grasp on how all of that works, but I am curious about the assignment contract. Most of the assignment contracts that I have seen seem to be assigning a purchase and sales agreement.

Could I use these assignment contracts? Or is there a specific contract for assigning an option agreement? Also, any suggestions about where to find solid contracts would be a great help. Thank you in advance! Whenever you are assigning you are the assignor and the person you assign to is the assignee. You would first need to place a standard purchase contract in place with the seller, then find your assignee buyer.

The assignee is being assigned the terms of the original purchase contract you placed with the seller. It is pretty straight forward. Nathan straight forward wholesailing IF you need any pointers let me know. It isnt as easy as the Gurus say but it is real. Ok, im not sure I understand. So lets say I find a seller and I get them to sign an option to purchase agreement with me, then I find a buyer for the property.

From what you said it sounds like I would then go back to the seller and sign a purchase and sale agreement with the seller and then assign that to my buyer. Is that somewhat correct, or am I still missing something?

Establish a purchase contract with a seller at a price that is good for both of you. In this purchase contract, you have also established all of the terms. The assignment contract also indicates the "assignment fee", which is a number above the originally negotiated sales price with the seller.

You would not have it go back to the seller. Well what I am trying to do by using the option to purchase agreement is avoid entering into a purchase and sales agreement. The option agreement gives me the option to buy the house for an agreed upon price within an agreed upon timeframe, but does not obligate me to buy the property. If I have not found a buyer by the time the agreement expires we simply part ways and I do not have to purchase the property.

It seems to me that this is less risky than just entering into a purchase and sales agreement. I have a different perspective in that the Purchase Contract does the same thing you are looking to do. You can use the financing contingency as your out if you do not find a buyer. If you use an Option Contract it really says to the seller that you do not intend to close.

It sets a negative tone with the seller. I think that some people assume that if you sign a Purchase Contract then that's it, you have to buy the house. You can set the terms for as long or as short as you want. If a DD is not built into the Purchase Contract, then use an addendum.

Don't get me wrong, I use Option Contracts frequently. But this is when I tell the seller that I have no intention of buying the house and will find a buyer for them. When I use an Option Contract, I end it with a Termination Agreement that allows the funds paid to me to be shown on the Sellers side of the settlement statement. This is opposite of an assignment fee that is shown on the buyer's side of the Settlement Statement and is great if my buyer is using FHA financing or similar underwriting.

Interesting, I had not thought of doing it that way. I think I still feel a little more comfortable using the option contract just because I know that I do not intend on buying the property.

Thank you for sharing about the termination agreement, I will definitely consider using that. Or do you only use the termination agreement? I think there are several possible uses for an Option Agreement Nathan.

In my case, I use it to secure myself as well as the buyer. Before I can do my "official" Due Diligence and bring in others to help inspect the property, I have to tie it up first. This way, it protects myself, while I speak to contractors or inspectors about the property Yes, they also are looking for deals and will steal yours while "attempting" to be working to help you. I allow the seller to make a faux price they'd like to sell the property I'm not going to actually agree to that.

Allowing me time to "safely" do my due diligence with the prevention of contractors I work with to go around me. Now i typically don't do option agreements with everyone Most have already done their research and have a ballpark idea. Lock We hate spam just as much as you. If you signed up for BiggerPockets via Facebook, you can log in with just one click! Log in with Facebook. Full Name Use your real name. Password Use at least 8 characters. Using a phrase of random words like: Members Search over , members across BiggerPockets Companies Explore over 18, real estate-related companies Jobs Browse real estate job opportunities in your area Events Find upcoming real estate events and meetups near you Hard Money Lenders Pinpoint lenders near you with our nationwide database.

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Real Estate Forms Leases and other legal documents for landlords. Log In Sign up. Nathan, Whenever you are assigning you are the assignor and the person you assign to is the assignee. Nathan, This is a 2 step process: Free eBook from BiggerPockets! Download the eBook Now. Log in Sign up. Log in Email Password Forgot password?