and/or assigns

[N/A N/A]

i've read real estate investment material that encourages using the phrase "and/or assigns" in an offer and i've also read that you should never use this phrase because it means that the seller won't consider your offer. what is the general rule of thumb concerning using this phrase?

[Jason Barnett]

I'm not an expert on this subject, but I'll get the ball rolling.

The "and/or assigns" clause is needed for a contract that you intend to assign to someone else. Bird dogs use it so that they can re-market the property to another buyer and give the buyer the exact terms that you have negotiated on the property.

I doubt that most owners would even notice such a clause in the contract, but savvy investors / realtors will know what you intend on doing. I would always put it in a contract because it gives you flexibility to assign the contract. If you intend on being the ultimate buyer of the property then you can always remove that clause later as part of the negotiation process.