Flipping Houses with Assignment Clauses – Part 2 of 4
Flipping Houses with Assignment Clauses – Part 2 of 4:
Flipping houses with assignments clauses must be used carefully to take advantage.
The No Assignment Option Clause
The buyer agrees not to assign this contract in whole or in part to any third party.
The buyer shall have the right at any time prior to closing, to assign the offer to any person, persons or corporation, either existing or to be incorporated. Upon delivery to the seller of notice of such assignment, together with the assignee's covenant in favors of the seller to be bound hereby as buyer, the buyer shall stand released from all further liability here on out.
The buyer agrees that they will in no way directly or indirectly assign, rent, lease, convey, list or in any way advertise for sale, sell, or otherwise transfer the buyer's rights under this agreement prior to completion to any other person without the express written consent of the seller. Such consent may be granted or withheld at the seller's sole option.
The buyer acknowledges that the seller has purchased the property by way of a prior accepted Agreement of Purchase and Sale, a copy of which is attached as Schedule "_____" hereto, and the seller is assigning their rights to the buyer. Upon acceptance of this offer, the seller shall give written notice of assignment to any other parties affected by this agreement. If the seller is unable to complete the transaction by reason of default of the party from whom the seller has purchased the property from, the seller shall not be liable for any damage or loss incurred by the buyer, and this Agreement of Purchase and Sale shall become null and void and the deposit shall be returned to the buyer in full without deduction.
Even though the builder or current owner may not have agreed to it in its assignment agreement, you should consider putting in a clause expressly allowing the original buyer to complete the transaction with the builder or current owner if the new buyer does not.
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