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Updated almost 4 years ago on . Most recent reply

User Stats

50
Posts
9
Votes
Trace J.
  • Flipper/Rehabber
  • Florida
9
Votes |
50
Posts

Contract Assignee - can I sell if has non-assignment clause?

Trace J.
  • Flipper/Rehabber
  • Florida
Posted

I am an investor purchasing a home I believe to be a good deal from a wholesaler after due diligence.  I signed the assignment agreement and paid earnest money, but it has a non-assignment clause so I cannot reassign my rights to another end buyer for a fee.  Due to low inventory, I believe I can turn around and sell this for a decent profit to another investor yet they can still make money too.  However I am told I cannot market that property for buyers.  According to sources and Property Onion, "If you are the assignee of the contract, then you only have the exact same rights as the assignor, which means you cannot market the property for sale."

My question is am I able to market for investor buyers for my equity rights or do I just need to wait until after close and then market the property?  I thought of a double close but am hearing of legal issues to market my end of it.  Suggestions?

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