Hey everyone, so we've laid some groundwork, and now it is time to get into the really good stuff. A lot of investors who are already buying and flipping properties hopefully don't know some of this stuff. Maybe this is kind of the intermediate to higher-level investor information. So, we're going to talk about assignments of contracts, or in other words, wholesaling. There might be other words or terms to use for this type of investment, but we're going to talk about them as assignments. Remember to always check and make sure that what we're talking about today is legal in your state before you try it. Consult a real estate attorney or somebody who knows the law in your state before trying any of these things. That being said, an assignment of contract is where you get a contract for a property. So you have a purchase and sale agreement. You say you're going to close in 30 days. You now own that contract, but you don't yet own the property. The seller is on title, and you are the buyer who is going to close, let's say by May 30th. So you have 30 days or so to purchase the property. They've agreed to sell it to you under the terms that you have in this contract. Let's say for some reason or other, you do not go to closing. Sometimes you might have too much going on, and you don't have another opportunity to take on an investment property. Maybe your private lender is all booked up, and they can't give you any money right now. So for some reason, you can't close. Please, please, please, if you're going to go under contract, if you're going to make an offer on a property you intend to purchase,...
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Missouri Real Estate Contract law Form: What You Should Know
This document is intended to ensure that each party understand and accepts the terms of this Agreement. Any amendments to this Agreement shall be binding upon both parties only for purposes of entering Into this agreement. For the purpose of this Agreement, Real Estate is defined to include (a) Real Estate with a purchase price of (Â) less thanÂÂ4,000,000 and (b) Real Estate subject to this Agreement.
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