OfflineHi. My name is Francis and I recently went to a semenar where i over heard Mr. Schneck tell someone that assignments are illegal. I wonder if he meant that you can no longer user assignments in Massachusetts where the seminar took place; Quincy, Mass. to be exact. Then again I might have misse dalot more in that conversayion than Iknow.
Tank You for any help.
Sincerely: F.Lambert
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'Fortune Favors The Bold', Francis Lambert
Can anyone answer this question because i also heard the same answer regarding assignments in new jersey.
Thank you
Raymond
Actually I heard that from an "investor-friendly agent". And guess what...? People do them here ever day!! In the standard Maryland contract it specifically states that the contract is non-assignable. You just attach a short addendum that supercedes that clause in the contract that states it is assignable. You can get a real estate attorney to draft this addendum, or if you find a really good realtor who is truly investor friend, they will already have one or can get RE attorneys from their broker to write one).
Now, I can't speak for Massachusetts or New Jersey, but I would definitely consult local RE attorneys before accepting that they are illegal.
"The man who acquires the ability to take full possession of his own mind may take possession of anything else to which he is justly entitled."
-Andrew Carnegie
"Man often becomes what he believes himself to be. If I keep on saying to myself that I cannot do a certain thing, it is possible that I may end by really becoming incapable of doing it. On the contrary, if I have the belief that I can do it, I shall surely acquire the capacity to do it even if I may not have it at the beginning."
– Mahatma Gandhi
Hi, It's me again. My post from April 1st needs an update. GlenA12 nailed it.
If your contract has a get-out-of-contract phrase, e.g. "and or/assigns" and your BUYER knows of your intentions to sell the house to him, you are OK.
So long as the contract says that you are in control (locked up the property) and that you are going sell for a fee--and everything is disclosed prior to any signitures from the buyer..you are legal in any state.
Try going online and find a lawer and ask. These are short questions and should be free for the asking. One sight is nothing, so try using "similarsites.com" whenever you have a sight that interest you, try using this one to find more of the same..its better than Googles 2,000,000+ hits for everything else ahhh.
I hope this helps. You guys are great.
Thank you all.
'Fortune Favors The Bold', Francis Lambert
because an attorney locally just told me they were illegal, but I know others are doing them everyday, so I am not giving up yet. STill looking my another attorney here.
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