You can start with a contract to buy and sell CAR and include a single addendum that includes all the contractual requirements for the wholesale assignment/transaction. Keep it in a package so that the seller can sign it immediately at the time of acceptance of the offer. I believe the CAR form prohibits assignment, so you probably can`t without a seller`s agreement. It is unlikely that the former “and/or assignees” will prevail over the wording of the contract. Kyle Thanks for the information. I will ask the seller to sign the addendum to the assignment of the agreement to ensure that no problems arise. @Loren Becker Did you only inform the seller of the order after acceptance of the offer? Have you used the CAR Transfer of Agreement Addendum? You weren`t worried that the seller might have resigned? I am very grateful to everyone who contributed to this thread. I am currently in my first role of the RPA fiduciary period and all the experienced people who have shared their experiences and ideas with the “deal addendum assignment” have given me the confidence to know that I am moving in the right direction and that I am taking the right steps to complete this transaction properly. I appreciate your help.
During the escrow account, we used the assignment notification form to inform the seller that the purchase agreement from another company had been changed. Anyone reading this thread should make it their mission to read your state`s real estate contract practice book, or at least draw a list of all the C.A.R. forms on the Internet and read the title of each form and select a few to read line by line to understand the language of the contract. I recently contracted a property with a California real estate agent. I used the C.A.R FORM RESIDENTIAL PURCHASE AGREEMENT AND JOINT ESCROW INSTRUCTIONS. Line 1-A is noted as my name or ASSIGNED. The C.A.R. form for obtaining the seller`s written consent is the AOAA (Cession of Agreement Addendum) form. Has anyone had difficulty using the C.A.R form with the “or ASSIGNED” and being assigned to another person? I am in no way affiliated with this company, but here is a link that can be used if you need additional forms in the future @Morgan McRae I found this discussion very useful. I`m getting into the wholesale business and I`m trying to overcome this last catch regarding the P&S agreement and the divestiture agreement. Is it necessary in California that you specifically use the C.A.R. Buy and Sell Form? Or can I create my own purchase and sale contract with a real estate lawyer that contains only the language I need for my wholesale business? For example, I don`t really want any language on financing because I act as a cash buyer.
I want to specify my “and/or assigned” language, etc. And should I inform the broker or sellers that I have assigned the purchase contract to another natural or legal person? (If your purchase agreement doesn`t have that, it`s at least two revisions old because I believe they changed it in revision 11/14.) The purchase contract was written or assigned like me. The reason I used this method was that I was able to place the property in my name, business or partners. The addendum to the assignment agreement was signed a few weeks after the trust agreement was entered into. Hello with my last purchase, I used the standard CAR form and the people above nailed it in terms of “no assignments” language line 26. Wayne, I thought the same thing, but I`ve read it several times and this contract doesn`t have language that specifies tasks. However, my main question is: Does California law require me to use the specific C.A.R. P&S agreement? Dunno, why don`t you just tell the broker BEFORE it is presented that you plan to place an order blindly? No, there is no California law that requires you to use CAR forms.
I assume you are not a broker working under the direction of a broker (if you were, your broker might ask you to use the CAR forms). However, for off-market transactions/private parties, you are free for your lawyer to draft a contract for you. No one said it would be easy. To be a competent real estate investor, it is imperative that you understand the language of the contract. Have you ever been completely open and honest with a seller or agent and tell yourself that you have no intention of buying the property and that you don`t know the real buyer when you offer and don`t tell him the price that the real buyer will pay?. Do you use the same wording “ASSIGNED” in the Assignment of Agreement Addendum? The seller had no problems with the document. I have never had a pushback on any of the conditions required for the wholesale trade at the time of signing the contract. 26. Assignment: Buyer may not assign all or part of Buyer`s shares in this Agreement without first obtaining Seller`s separate written consent to a specific assignee. It is mostly a question of perspective. Sellers have intuition and instinct.
Often, you will feel whether you are acting with integrity or not. I was not worried that this would cause the seller to withdraw. There were several problems with the title and it was obvious that they wanted to get money quickly. .
