Option Agreement and Assignment

[Nathan Herring]

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!

[Rob Caldwell]

Nathan,

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.