How do I make Assignment of Contract?

Question

I've watched videos, and read how you basically want to put it together, and what you would need. but how exactly would it look like? I'm not understanding how long it would have to be, or what you would need to have in this written agreement. Any help please?

Jonathan Godden · Answer

"The very best way to get started, instead of buying a guru book or programs for example, is to go to a local RE attorney and pay them to do one. Then copy the thing providing blanks for the parties involved and use it over and over and over again. Might cost $200 for the first one, but after 200 deals, that's just a buck! "

Lokesh W. · Answer

Thanks. I have downloaded Chris' file for assignment of contract. @Jerry, There is some error while downloading your file on BP. I was wondering if anyone can provide me with the lease with the option to purchase paperwork. I am trying to wholesale lease option so I guess I would require a lease option with the right to assign - Is this same thing with an "and/or assigns" clause after my name? For assignment, I could use with Chris' or Jerry's file. Anyways, if the owner agrees to lease option wholesale, then I will have the attorney review this paperwork; I just need something to get started instead of doing the paperwork from scratch. If there is some type of Letter of Intent for options, that will be great because I don't want to spend money on attorney fees until I have some commitment from the owner. In the past, I have had couple of owners back out on lease options after verbal agreement. Also, I came across the website - wholesaledealmatcher dot com that has free real estate paperwork available. Does anyone use this website here? Any suggestions are greatly appreciated. Thanks!

Jerry Puckett · Answer

And if all else fails, (or you just want to take the easy way out), Chris Colvard and I each have an Assignment of Contract form in the file place. His is in PDF format and specific to Texas, mine is in Word and is not State specific. Assignments are for all intents and purposes closing instructions for the title company. My title company could care less if it was written on a napkin.

Bill Gulley · Answer

Wow, you had to dig to find this thread, last comment was 11 months old! But you will be much better off getting a contract that will stand in circuit corts in your area. The problem with internet stuff from non-attorneys is that they may not be compliant (meeting requirements) of local or state requirements. RE is local and transactions should be conducted as customary in that area. Odd ball deals may not sit well with a judge especially when he sees a poorly written contract. So again, 11 months later, my suggestion is that you keep with local customs in your contracts and see an attorney to at least bless them with legal water. Also, you can assign a contract without an assignment contract. You'd really have to have your ducks walking backwards to mess up, if you have a purchase contract with the seller, it's much harder for them to cut you out.

Jossie P. · Answer

I got all my forms and contracts from an online training course on how to do assignment of contract. If you don't have the proper forms, someone could cut you out of the deal and work directly with the seller. Make sure you trust the person you are assigning it to.

Bill Gulley · Answer

I write my own, if you need to ask, obviously you don't feel comfortable writing your own. I'll see if I can post at least ten reasons why investors do not share contracts later. Go to an REI meeting in your area, maybe someone will help you there. Otherwise, see an attorney. If anyone told you that you can get into any lawful business without any money, they lied! Invest in yourself and your business.....get an attorney.

Matthew J. T. · Answer

I've watched videos that say you MUST have and/or in the contract, and others have said it's nothing more than a myth and you don't need it. So what is it, do I need and/or? Also, there are many free forms online that i can use and that i found on google. Would anybody recommend using one off of online, and what would I particularly be looking for to make sure this is the "right" on to use. I would really appreciate if somebody can post what they use, so that I can have an idea, more or less what it look's like.. Thanks.

Matthew J. T. · Answer

What I'm asking is , do you make it yourself, or do you have to purchase it from a place somewhere? Can i have some examples of assignment of contract's? thanks.

Bill Gulley · Answer

Depends on what vedio you watched, a lease assignment, Option, Purchase Contract, Promissory Note, Installment Contracts, etc. An assignment is usually pretty simple, but depends on what you are assigning. So and so (ie Optionee) hereby grants, bargins, sells, assigns and set over unto whoever, his/her/their successor(s) and/or assigns as such interest may appear. Endorse (sign) the instrument, simply by saying ENDORSEMENT______________ on the back or after the text of the instrument conveyed. It can be more elaborate, you also need some supporting document describing the transaction and usually a notice of assignment for filing purposes as may be (if) required. Your state may have specific requirements, this ain't legal advice, just how I do it. The very best way to get started, instead of buying a guru book or programs for example, is to go to a local RE attorney and pay them to do one. Then copy the thing providing blanks for the parties involved and use it over and over and over again. Might cost $200 for the first one, but after 200 deals, that's just a buck!