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chad kennedy, Other/Just Looking in Charlotte, NC


Asked by chad kennedy, Charlotte, NC Mon Jul 9, 2012

Hi I have been having problems finding funding for my single family projects.I recently came across the assignment of contract , does anybody have any advice or knowledge about how to successful do the assignment of contract?.

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Good evening, Chads:
Assignment of contract is generally something that all parties have to agree to in writing. If you can get the Seller to agree to assignment in the original contract, it makes it easier. There are legal and tax consequences to assigning a contract and an attorney should draft the assignment. Talk to your CPA and attorney about specifics. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
0 votes Thank Flag Link Mon Jul 16, 2012
The North Carolina Offer to Purchase & Contract is assignable, however, the seller has to agree to assigning the contract to a new buyer. The seller needs to be able to see that the new buyer can close on the contract. My best advice is that you consult with a real estate attorney to see that your assignment goes smoothly. As I would assume that you have earnest money out there, you want to make certain that your best interests are protected as well. Best success!

Kathleen Turner, ABR, CRS, ePro
Certified Paralegal
The Kathleen Turner Realty Group
0 votes Thank Flag Link Mon Jul 9, 2012
I use it all the time. Call me at 803-207-5973
0 votes Thank Flag Link Mon Jul 9, 2012
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