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By adding “ and or assigns ” after your name as the buyer, you now have the rights to lease, rent, repair, assign, or sell the property for profit.You can even go through with the purchase as originally intended with you is the buyer and not do any assigning.This is basically making the seller pay for the assignment fee and not myself.
If you continue to use this website without disabling cookies, we will assume you are happy to receive them. Transferring an interest in a construction contract from one party to another can be done by either assignment or novation.
The differences are minimal but important to understand, as the assignment of an interest when it could be novated might render one party liable for the contract if the other party is unable to perform their obligations.
Your only option is for you to go through with the purchase of the property yourself.“The Buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller; said assignment not to relieve the Buyer from his or her obligation to complete the terms and conditions of this contract should be assigning default.”Because I am a buy-and-hold investor, I usually am in the receiving end of an assignment contract.
The person I am receiving the assignment from will make $2000 from the assignment of the contract to me.