Home Buying in 20148>Question Details

swpnthota, Home Buyer in Ashburn, VA

Can I transfer the contract to another person after signing the contract and before closing the home?

Asked by swpnthota, Ashburn, VA Mon Dec 17, 2012

I signed a home in Brambleton and paid the seller an earnest deposit of $10,000. I have financial difficulties now and I need to drop out of my contract. A friend of mine is willing to buy that home. Can I transfer the contract to my friend's name before closing?

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Answers

5
involve a good real estate attorney if you are in financial difficulty. builders are very reasonable if the reason is genuine. you can always add extra person on real estate contract with approval of all parties involved.
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0 votes Thank Flag Link Wed Mar 20, 2013
If you have financial difficulties, that is a big incentive for the seller to be more welcoming towards your friend who is willing to buy in your stead. It is not uncommon for the names on the deeds to not be exactly the same as those that signed the contract - spouse's names get added or deleted, sometime an adult child's or business partner, a DBA or LLC.... If all else fails, you could buy and even sell it to your friend the same day (check to make sure your mortgage does not preclude this). This may be a good case in which to involve an attorney in one category or another.
0 votes Thank Flag Link Mon Dec 17, 2012
Thanks so much Danilo and Dina for your prompt replies.

This is a new home. My Realtor asked Builder about this transfer and the seller didn't agree for this. I checked the contract papers and there is nothing written in the contract regarding transfer.
0 votes Thank Flag Link Mon Dec 17, 2012
Welcome. If it's a new home builder in Brambleton, chances are that the contract has a clause regarding whether the contract is able to be "assigned". I've dealt with all of the builders in Brambleton and have always seen such a clause and it's always said that it's not able to be assigned. Have a real estate lawyer look over the new home purchase contract and all associated paperwork for a legal opinion/more accurate answer to your question.
Flag Mon Dec 17, 2012
I really hope you worked with a buyer's agent when you were writing the offer. Is this a new home?
Most sellers/ contracts will not allow for a transfer. Builders are also not too happy to do that. If you have a Realtor, they can help you navigate the contract and the contingencies that may be there. They can also negotiate for you.

Good luck

Dina
0 votes Thank Flag Link Mon Dec 17, 2012
Check with your Buyer's Agent. It all depends on the contract language which I nor anyone else reading this who does not have first hand knowledge of the transaction knows.

Generally speaking, if using the local Regional Sales Contract, the language typically states that you can not assign the contract.
0 votes Thank Flag Link Mon Dec 17, 2012
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