Assignment of Agreement For Sale Contract

[travis]

Good Evening,

I have a signed AFS Financing Schedule + AREA Purchase contract.

The AFS is not registered yet. I`ve been qualifying lease-option tenant buyers when a gentlemen asked if he could buy the place by way of AFS. I said, "great, I have control of this property by way of AFS and I`ll just assign it to you". We agreed on $15k and meet tomorrow to sign the paperwork.

My question is- what form(s) do I use to assign the purchase contract and AFS Financing Schedule. **My contract is assignable without consent of the seller**

Thanks for the help.

Travis

 

[antaynguy]

QUOTE (travis @ Apr 27 2010, 06:26 PM) Good Evening,

I have a signed AFS Financing Schedule + AREA Purchase contract.

The AFS is not registered yet. I`ve been qualifying lease-option tenant buyers when a gentlemen asked if he could by the place by way of AFS. I said, "great, I have control of this property by way of AFS and I`ll just assign it to you". We agreed on $15k and meet tomorrow to sign the paperwork.

My question is- what form(s) do I use to assign the purchase contract and AFS Financing Schedule. **My contract is assignable without consent of the seller**

Thanks for the help.

Travis

Hi Travis,

In the past, when I sign a purchase contract, I usually add "and/or Nominee" in the "Buyer`s name". When I assign the contract, I use the "AREA Purchase Amendment" under the critical forms/Legal forms download section. In this form, it tells what you can delete and insert new changes to the specified section of the purchase contract. In your case, it would be "delete" the Buyer`s name(your name/corporation) and put in the new Buyer`s name. Not 100% sure if this applies to your case.

Cheers!

 

[travis]

Hi Antay,

This is exactly what I was looking for. Thanks.

Travis


QUOTE (antay @ Apr 27 2010, 08:42 PM) Hi Travis,

In the past, when I sign a purchase contract, I usually add "and/or Nominee" in the "Buyer`s name". When I assign the contract, I use the "AREA Purchase Amendment" under the critical forms/Legal forms download section. In this form, it tells what you can delete and insert new changes to the specified section of the purchase contract. In your case, it would be "delete" the Buyer`s name(your name/corporation) and put in the new Buyer`s name. Not 100% sure if this applies to your case.

Cheers!

 

[BarryMcGuire]

Hi Travis. Good advice by Antay and it works fine where want to let your buyers take over your position in the AFS which is private financing. For Antay and everyone else who likes to add the words," and/or nominee" to the buyer`s name at the beginning of the real estate purchase contract, this doesn`t work so well win you are getting new financing. Lots of lenders hate the, "and/or nominee" wording. They seem much more willing to accept a term in the contract usually added to clause 7.6 that says, "buyer reserves the right to amend the buyer name". Lenders somehow seem to understand the contracts get amended all the time. Even though both methods change the name of the buyer, they seem to like the latter way and not the former.

Cheers

Barry

 

[BarryMcGuire]

Hi Travis,

Donna and I have been working on some new & exciting stuff for our upcoming Deal-Ready Documents Focus Workshop. (Saturday, May 15th in Calgary - call the REIN office to register!

)

We have created a handy AFS Assignment form that might fit the bill for you (attached to this post). It`s brand new, so may be tweaked a bit, but should be a great starting point for assigning an Agreement For Sale.

And good for you, Travis, great to see you having success with your real estate career!!

Hope this helps,

Barry

 

[travis]

Hi Barry,

This form is clear and easy to understand. I`ll be using it in the future.

And thank you. It has been an exciting, trying, and rewarding time since Ron LeGrand in October.

Travis



QUOTE (BarryMcGuire @ May 7 2010, 09:53 AM) Hi Travis,

Donna and I have been working on some new & exciting stuff for our upcoming Deal-Ready Documents Focus Workshop. (Saturday, May 15th in Calgary - call the REIN office to register!

)

We have created a handy AFS Assignment form that might fit the bill for you (attached to this post). It`s brand new, so may be tweaked a bit, but should be a great starting point for assigning an Agreement For Sale.

And good for you, Travis, great to see you having success with your real estate career!!

Hope this helps,

Barry