lystn

I was doing a coaching call recently with my land coaching clients, and some of them asked me how an assignment works on a land deal. Some people may want to do a land deal, but they're worried that they don't have the money or can't get access to the money to double close on it. Much like when we're wholesaling properties, sometimes it’s easier when you can do an assignment and then sell that contract to somebody else for a higher price. You could also assign the rights to that contract to an end buyer. 

Some people say in some states it's illegal, immoral, and fattening to do assignments or to do wholesaling. Maybe it is, maybe it's not. The wholesaling police are out there, and they will get you, and you'll have to pay a fine if you get caught doing something illegal, like wholesaling or assigning contracts. But every attorney that I've talked to said every contract is assignable as long as the seller and the buyer both agree to assign the contract. 

What’s Inside:

—When an assignment might work for you.

—Examples of how to put an assignment contract together.

—Why you should add options to your assignment.