[ Ссылка ] - Assignment of Contract
In real estate there are several exit strategies you can use in order to cash your paycheck. One of those strategies is assigning the contract.
Not all contract are assignable. If there is no wording in the contract that says whether or not it's assignable, than by default it's an assignable contract. Only when a contract states that it's NOT assignable, is it non assignable.
When dealing with banks, and REO properties, you will not be able to assign contracts.
So you can only assign contracts when you are dealing with private or individual sellers.
There are a lot of advantages to assigning contracts. First you don't end up in the chain of title. Some lenders have title seasoning requirements. And if you are dealing with an end buyer who needs to get financing, title seasoning can be an issue. You either have to wait to satisfy the requirements, which might be that you need to be on title for a minimum of 90 days, or you need to have your end buyer work with a lender that doesn't care about title seasoning.
Since you are getting an assignment fee, and not closing on this property, there is only one closing and one set of closing costs. In essence, you are the middle man, matching the buyer and seller up together and collecting a fee for bringing the two together. You get pad at closing when the end buyer buys the property.
The nice things about an assignment of contract is that you don't even need to attend the closing. Only the buyer and seller need to show up. Your check will be mailed or deposited in your bank account without you having to be there. If this is your first time, you can show up just to see how it all works. But you don't do anything, except pick up a check and hold it in your hands.
As far as getting an assignment of contract, you can find dozens online by just doing a search for assignment of contract. All of them will do the job. You are the assignor and your buyer is the assignee.
