Asked by Matt, Mount Laurel, NJ • Fri Aug 22, 2008
she called me back and said the head realtor at her work told her that you cannot do a sandwich lease option (assigning your option to someone at a higher price and pocketing the difference) and/or an assignment in the state of New Jersey. I wanted to know if this is true? Can states limit your ability to assign your contract/option to purchase to someone else? Part of me want to say that this is just some old crusty agent that is just being negative, but a part of me is saying hey this is Jersey and it could be true. She made it seem like her boss had more of an issue with the assignment portion of the contract. Almost like assigning contracts in NJ is completely illegal if you don't actually purchase the home. I didnt understand how you would differentiate that? If I have a contract stating I have the option to purchase and I have one that I purchased straight up with the ability to assign, it is the same thing. Are assignment/sandwich lease options illegal in NJ?
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