Can I sell an accepted purchase of sale agreement to another investor?

[IKieley]

I am an active full-time investor and I look relentlessly for properties that haven`t hit the market yet. I do find alot of great deals, however, financially, I can only buy one property every two months or so. Those great deals end up with agents who drastically increase the price to cover their commissions. I spend alot of time and money to find these deals. Is there anyway that I can sell my accepted offers to other investors who haven`t got the time or money to find these deals themselves? Or do I need a realtors license to to this? Can I make it a money generating part of my business??

 

[hazed]

You can make your great deals profitable by using a Contract of Purchase and Sale Addendum, whereby you include an Assignment clause.
"The buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller, said assignment not to relieve the Buyer from his obligation to complete the terms and conditions of this contract should the assignment default". OR
You indicate the Buyer on the Contract of P&S to be `Yourself or Assigns`. You then sell the P&S Contract for a fee, and the transfer of property takes place between the seller and your ultimate buyer or Assignee. The Assignee is bound to all the subjects and conditions of the Agreement, or if they default, it is ultimately you who must fulfill the contract.
You do not personally have to collect this money. It can all be handled through the lawyer with a simple Assignment of Contract form whereby you state who you are assigning the contract to and for how much.
If you have time to hunt down the deals, this could be very lucrative.

 

[Jana]

Hazed recommended you use a lawyer even for the assignment fee, I would strongly recommend it as well and in fact would never give any money for a contract unless it went through a lawyer. I`ve had an experience, early in my investing years, where a contract did not go through but the assignment fee was already paid, unfotunately without a lawyer being involved, and the other investor refused to return the assignment fee. This obviously does not give the investor very good reputation so beware of this one especially in Edmonton area.