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The "AND/OR ASSIGNEE" contract

By
Real Estate Agent with MckayLand Realty

Has anyone used the "and/or assignee" contract.  I am looking for more information on this way of putting a contract together.  What kind of reaction did you get from the other party?  How often do you use it?  And, in what situation do you use it in?

 Thanks, John

Christopher Benedict
BIG Realty - Collegeville, PA
AskTheBigGuy
I use it all the time for my buys on a deal I want to flip out.  I let the sellers know that the assignee is still legally bound to the contract, and that the deposit is still in place.  Of course, sellers may not like the assignee if they figure out you are going to flip the home to a higher buyer!
Sep 18, 2007 11:13 PM
BLR Guy
BLRGUY(Beach & Luxury Realty Inc) - Saint Pete Beach, FL
Sellers aren't too keen on the assignee stuff for the most part..investors always use this clause,so they could flip the contract if they want to.
Sep 18, 2007 11:35 PM