Assignment

[Rickey Wallace]

I just read that if u successfully assign a contract to someone else but they fail to perform their part of the contract, responsibility reverts back to the assignor to fulfill the contract So, if I have a double closing going down on Tuesday, seller shows n begins their paperwork, buyer comes in and decides to opt of the transaction, doesn't that give the seller the option to force me to buy? How would I protect myself from that happening?

[Kimberly Farrally]

I've read some people will write in their contract that the deposit from the buyer is non-refundable and if they back out you're essentially not responsible for buying the property yourself.  You could have something written in there for giving you so many more days to find another buyer essentially if this were to happen, etc.  It's all about what contingencies you write into the contract.  I suggest always having an RE lawyer review and approve your contracts before using them.

My lawyer is charging me $500.  I gave him my copies of the contracts I wrote up and he's writing one from those to ensure everything is legal and good to go.  And, this gives me to assurance that I know my contracts are solid, and I'll have a lawyer ready in case anything does come against us for whatever reason.