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I had an invester look at my home, today i didn't like his offer so he asked me if i wanted him to list it and pay him a fee after the property is sold,he sent me this document and told me to get back to him tomorrow...is this document trust worthy?
ASSIGNMENT OF CONTRACT OF SALE
THIS ASSIGNMENT is made this ________ day of ____________________, 20__ by:
__________________________ ("Assignor") to _____________________________ ("Assignee").
WHEREAS, Assignor has entered into a certain Real Estate Purchase and Sale Agreement with ___________ as "Seller" and Assignor as "Buyer" which Agreement was executed on ____/_____/____, by said Assignor and on ____/_____/____, by said Seller for the purchase and sale of certain real property being, lying and situate in _____________________ County, State of _____________________, and more particularly described in said Agreement, and as follows:
Street address of _____________________, known on the tax map as Block: ____Lot: ___, City of ____________________, County of ____________________, State of _________.
WHEREAS, Assignor desires to assign, transfer, sell and convey to Assignee all of Assignor's right, title and interest in, to and under said Real Estate Purchase and Sale Agreement; and,
WHEREAS, Assignee is desirous of receiving all of Assignor's right, title and interest in, to and under said Real Estate Purchase and Sale Agreement;
NOW, THEREFORE, for and in consideration of the sum of $______________ Dollars and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, Assignor has assigned, transferred, sold and conveyed and by these presents does hereby assign, transfer, sell and convey unto Assignee all of Assignor's right, title and interest in, to and under said Real Estate Purchase and Sale Agreement.
Assignee hereby assumes all of Assignor's duties and obligations under said Real Estate Purchase and Sale Agreement. This Assignment shall be binding upon Assignor and shall inure to the benefit of Assignee and its successors, heirs and assigns.
IN WITNESS WHEREOF this Assignment has been signed, sealed and delivered by Assignor and Assignee as of the day and year first above written.
WITNESSES:
“Assignor”
“Assignee”
____________________________ (Print)
____________________________ (Sign)
____________________________ (Company)
____________________________ (Title)
____________________________ (Print)
____________________________ (Sign)
____________________________ (Company)
____________________________ (Title)
WITNESS the following signatures and seals:
ASSIGNOR:
On this ___ day of ______, 20___ before me, the undersigned, a Notary Public in and for said state, personally appeared ________________________________, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledge to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signatures(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument, as his/her/their free act and deed.
Witness my hand and official seal. Signature ___________________________
(Reserved for official seal) ____________________________________
(Name typed or printed)
My commission expires:________________
ASSIGNEE:
_______________________________ (Print)
_______________________________ (Sign)
_______________________________ (Company)
_______________________________ (Title)
STATE OF NEW JERSEY
COUNTY OF ______________________
On this ___ day of ______, 2009 before me, the undersigned, a Notary Public in and for said state, personally appeared ________________________________, personally known as to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signatures(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument, as his/her/their free act and deed.
Witness my hand and official seal. Signature ___________________________
(Reserved for official seal) ____________________________________
(Name typed or printed)
I had an invester look at my home, today i didn't like his offer so he asked me if i wanted him to list it and pay him a fee after the property is sold,
I'm confused - you had an investor look at your property but now he is offering to list it (meaning he is a real estate agent)?
You have to have an agreement before you can assign that agreement to someone else. If you are trying to sell your house, at a minimum you need a real estate lawyer for closing, and if you aren't sure how everything works, a real estate agent (not this guy) to represent you - they are paid a commission at closing.
Sorry if I'm being obtuse but I really don't understand what is going on here.
I'm confused - you had an investor look at your property but now he is offering to list it (meaning he is a real estate agent)?
You have to have an agreement before you can assign that agreement to someone else. If you are trying to sell your house, at a minimum you need a real estate lawyer for closing, and if you aren't sure how everything works, a real estate agent (not this guy) to represent you - they are paid a commission at closing.
Sorry if I'm being obtuse but I really don't understand what is going on here.
Yes he works for a local property solutions company,he said if lists it maybe ill get an offer close to what i was looking for he didnt want to give me anywhere close to what i'm asking.
The "investor" needs to do this in order to be a principal in the transaction. Otherwise he could only sell your house to a third person if he were a licensed realtor. He apparently isn't licensed. Who knows why....concern for all the ethics and accountability and risk of suit? Who knows.
I happen to know from a few years ago, in NJ assignment does not release you from contract duties and obligations under the contract unless the assignee consents to release.
This "assignment of contract" may be easier to think of with the term I've also seen....Delegation of Performance. However, if you assign your duties you are not relieved of your duties or liability to whoever buys your house in the event of breach by the assignee (this guy without a license for whatever reason.)
I would not get involved in this.
If you decide to go ahead, you definitely need an attorney.
Isn't your house already for sale? Why do you need to list it? If it wasn't already for sale and the "investor" just showed up at your door - I call scam. He made you an offer he knew you wouldn't take so he could do you the "favor" of selling it for you. Blah.
Call a real estate agent and get a real comparative market analysis to see what the market value is for your home.
And, I agree, I don't see how he can "sell" your house if he isn't a real estate agent or broker.
BTW, I'm no lawyer, but that "assignment" looks very much like a purchase contract to me. It says you have entered into an agreement to sell your home for X dollars. I'm curious as to what number he put in that blank.
It looks like to me he wants to take your house for a steal and then turn around and sell it for a profit.
I would tell him to go jump, but at the very, very least take this to an attorney for a quick read.
This looks and sounds very sleazy! In order to list your property for sale, he would need to be a licensed real estate agent. That he works for a "local property solutions company" does not necessarily mean that he is a licensed agent.
If he is a legitimate agent, why would he even show you an "Assignment of Contract"? To assign a contract, he would first need to have a binding written contract with you to purchase your property. If he has a written contract with you to purchase the property, he can either go through with the purchase himself, at the price and terms provided in the contract, OR he can assign that contract to someone else based upon a higher price--pocketing the difference for himself.
(Note: If it were a true listing, with him to receive any amounts above a stated price, that would be illegal in Michigan.)
It sounds very much like he is trying to trick you into signing a purchase agreement at a low price, with the illusion that he might find a buyer at a higher price. The mere mention of an Assignment of Contract sounds very shady. He can "say" he is listing the property when, in fact, he might simply be trying to get you to agree to a low-priced sale.
How far can you throw this "agent"? That's about as far as I would trust him.
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