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Instructions and Help about Missouri real estate contract law
Hey everyone so we've laid some groundwork and now it is time to get into the really good stuff so 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 other 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 so 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 you don't yet own the property so the seller is on title and you are the buyer who is going to close let's say by me 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 so let's say for some reason or other you do not go to closing sometimes you might have too much going on you don't have another opportunity to take on an investment property maybe your private lender is all booked up they have too many loans out there 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 do intend to purchase don't just go under contract with the intent of selling it it'll become known pretty quickly that that's what you're doing and it's just not a very kind thing to do to everyone involved so don't buy a property don't don't attempt to purchase a property without the intention of closing you you can decide that you're going to assign it but if you can't assign it for some reason follow through purchase the property otherwise you kind of end up with a bad reputation so let's say you're purchasing by May 30th and you have let's say 40 days to purchase so you've got a little bit of time and for some reason you can't purchase it but you know it's a good deal and you do want to make a little bit of money on it so what you can do is you can go to your investor friends let's say you have met some of these people who are also doing what you're doing I think it's always a good idea I mean in a sense they're your competition but you could also work together.