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  1. #1

    Default Assignment of Contracts for the Purchase or Sale of Real Estate

    most contracts are assignable, assuming they don't expicitly prohibit assignment, right?

    so say i signed a purchase agreement for real property. if i sold/assigned my contractual interest to a third party, i'm selling personal property (my interest in the property), not real property, right?


    also, am i legally required to sign my name "john doe and/or assigns" on the contract, or is it just implied that it is assignable if there are no clauses against it in the contract?

    (this isn't really state specific i don't think.. MA, CA, and FL if state is necessary)

  2. #2
    Join Date
    Mar 2005
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    Default Re: Assignment of contracts (purchase and sales, or sales agreement contract)

    I've moved the misplaced posts over here.

    For assignment, the key concern is normally whether the contract restricts or prohibits assignment, not whether you add "and assigns" when signing it.

    What is the purpose of your question - that is, what would such a transaction be intended to achieve?

  3. #3

    Default Re: Assignment of contracts (purchase and sales, or sales agreement contract)

    okay so there is no requisite signature, a contract is mine to assign as i see fit? (of course I'm still liable for the contract if I were to assign it, and my assignee didn't follow through, right?)


    The purpose of this would be for me to be able to assign a property to someone without actually closing on it first. For instance, I find a property that would be great to rehab (major fix up property, for profit). I have it under contract for myself, and if I don't actually want to close on it and rehab it myself, or close on it and resell it as a rehab, I could just sell the contract to someone else, or rather sell my rights in the contract (but still be personally liable for damages or specific performance were my assignee to fail to close, without any valid reason for the failure)

  4. #4
    Join Date
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    Michigan
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    Default Re: Assignment of contracts (purchase and sales, or sales agreement contract)

    That's correct; although I can't be certain that some states don't have statutes relating to the assignment of purchase agreements for real estate, which change the general rule.

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