Assigned contract.

[David Osiro]

I'm pretty new in this field, I need help with  wording (drafting) of an assigned contract,that I would get the seller to sign. And my second question is do I need to have (2 contracts, one for the seller and second for the buyer? or will that one contract cover both? Please feel free to show me a copy of the contracts you experienced guys use. I reside in Marietta, Georgia. I will greatly appreciate your help, thank you in advance.

[Richard Balsam]

The assignment contract is for your cash buyer only. A purchase contract is for the seller- since you are contracting to purchase their house. They do not know if you have plans to close with, or assign to others. Doesn't really matter. After speaking to two attorneys recently - they both refuse to do a single funded close - meaning, all the talk of having your cash buyer bring all the funds for the B-C closing, which will find your A-B closing - they will not do. They both said I would be "looking for problems with the law" and they both will not be part of it. Not sure if the law changed, or a common law was recently passed that they are now following regarding funding. Either way- transactional funding is needed for your A-B (or other cash) at closing, before you even see your cash buyer in the attorney's waiting room. So...the seller still sees you at closing. 

My opinion is that something somewhere must have happened to now avoid a single sided funding for both transactions. I have also heard that Georgia (and Florida) are cracking down on assignments - due to a provision in the law which says only real estate licensed agents can sell a house they do not own- not members of the public. The assignment is a gray area of the law- since it can be argued that you will be selling a piece of paper - not the house - but I would not want to be the defending that position in court. Talk to a real estate attorney to get more clear on the law. Everyone does assignments - and some attorneys still do the closings, while others refuse. Something doesn't seem right to me when this occurs. Transactional funding removes this problem- since you would own the home and can sell to your cash buyer - just like before. Just a bit more expensive for the use of the funds for a day.