Simple question about assignments

[Account Closed]

Hi out there!

I have a quick question that I have been trying to find the answer to and I guess I just cannot find this.

I am beginning in my REI by wholesaling in my market. I have my contract to purchase a property. Now when I get someone to sign this contract and I then take to the investors to assign this contract, do I need a whole new assignment contract entirely, or is the assignment written into the original contract in any way?

Do I need to put into the purchase contract the ability to assign the contract?

Thanks!

Ryan

[Braden C.]

@Account Closed You need a separate assignment agreement that should be signed by yourself (assignor) and your buyer (assignee). You should be able to find this on the internet pretty easily.

Your purchase contract needs to include language that allows it to be assigned. Something like this is fine "may assign and thereby be released from any further liability under this contract".

Hope this helps.