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How to Assign a Contract

Assigning a contract begins when you write the initial offer. In the initial offer you make to the owner,whether it is a purchase contract, an option contract, a mortgage contract, or a trust deed, you use the terminology and/or assigns in the contract.

You have a new name from this day forth. Think of it as if you are being given a royal title. This title is much better than sir or madam. It is even better than your royal highness. It is more powerful than your majesty. From now on, as a real estate investor writing contracts, you will be known as: Your Name and/or assigns.

Assignment Contract

We have shown you how to assign a real estate contract using the and/or assigns name addition. What about an actual assignment contract? We find that having an assignment contract available makes assigning any contract a more viable option.

You still want and/or assigns in the buyers name section in whatever contract you are writing. By using the assignment contract in conjunction with and/or assigns, you build an added layer of written protection for yourself, the owner of the property, and the new buyer.

Assigning a contract is completely aboveboard and legal. When an owner asks you what and/or assigns means, this is what you should say.

And/Or Assigns Script (Owners Name), the

and/or assigns clause gives both you and us the added flexibility of bringing in additional buyers or money partners to successfully close our transaction. Would that be all right with you?

In our experience, the owners answer has always been yes. Sometimes we have had to work with owners a while and educate them on the benefits that this phrase has for them. All you are trying to do with and/or assigns is create flexibility.

What do you do if the owners answer is no? You want to make sure the owner understands what you are trying to do by having the ability to assign your contract. Flexibility is the name of the game in making a real estate deal work.

Flexibility on your part and the owners part is especially important in a pre-foreclosure real estate deal. If the owner will not agree to give



you the flexibility you need by having and/or assigns in your contract, let the owner know that you will not proceed to present the rest of the contract.

You must stick to your guns on this point. And/or assigns is that important to your real estate investing success. It is much harder to come back to the negotiating table after you have already reached an agreement with the owner. Have and/or assigns part of your agreement from the beginning. See our book The New Path to Real Estate Wealth: Earning Without Owning for a copy of our assignment contract.

There are four main reasons for using an assignment. Assigning a purchase contract makes you money without buying the property. Assigning is the fastest way to flip a property. Assigning is the quickest way to make money in real estate investing. Assigning avoids all the pitfalls of real estate ownership.

Assigning Makes You Money without Buying Property

Assigning a real estate contract makes you money without buying property. In a traditional real estate investment, you (the investor) make money by finding a property, writing and having your offer accepted by the seller, opening and successfully closing an escrow, fixing up the property (if necessary), and then selling the property to a buyer. This is what a timeline would look like for buying real estate to make money:

Why Use an Assignment?

Buying Timeline for Buying Real Estate to Make Money

Find Write Offer Open Close property offer accepted escrow escrow

Fix up

Sell property

Spend Spend Make money money money



We are being rather generous with the timeline. It is actually harder than that. The reality of making money when you buy real estate the traditional way begins with that timeline. You really dont make any money until you do the following: advertise and show the property, receive and accept an offer, and open and close an escrow. Then, and only then, do you make money.

Selling Timeline for Buying Real Estate to Make Money

Advertise Show Receive Accept Open Close

property property offer offer escrow escrow

Spend Make

money money

Assigning Is the Fastest Way to Flip Property

Assigning a real estate contract is the fastest way to flip property. Lets face it. Paperwork is the name of the game in real estate investing. The less paperwork involved in a real estate transaction, the better.

The less paperwork involved in a real estate transaction means the less time it takes to complete the transaction. The less time involved on your part and the real estate investor or retail buyer you are assigning the contract to means a faster turnaround time for you.

Paperwork for Flipping without Escrow This is the paperwork involved in the simplest flip we do. This is a no-money-down deal. There is no escrow involved. We write a purchase contract and promissory note, which we present to the property owner. The owner accepts our offer. The owner gives us back our promissory note and a quitclaim deed to transfer title to the property. This makes three distinct pieces of paperwork for the buying side.



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