Inspiring young professionals to own and invest in real estate
Q&A From Group Coaching
As questions arise during the program I will post the latest ones on this page. If you have a question yourself please do ask as the chances are others in the group are also thinking about it. Please either e-mail me or fill in the question on my contact page.
Q: What does a wholesaler write on an agreement if they want to assign the agreement to another buyer.
Answer: According to Luc Boiron, who is an active flipper and wholesaler here is the language he likes to use:
Here is a sample deal I did recently in Hamilton so you can see the language. Please do not share broadly. Also, I remained liable to close under the agreement, their lawyer wanted that specific language. I trust the buyer I assigned to though.
The standard clause I use:
“The Buyer may assign this Agreement to any individual or corporation, in Buyer’s discretion, and upon notifying the Seller of such Assignment, the Buyer shall be relieved of all liability under this agreement.”
If through the MLS, most realtors will oppose this language. I explain that I often have money partners that close or am unsure whether will be myself personally or corp. So I put in this clause, but I remain liable under the agreement:
“The Buyer is allowed to change the Buyer’s name in this agreement “