OfflineI live in Northern NJ. and I'm a newbie to real estate investing. Can anyone tell me what kind of clauses and ohter information is written into the addendum to assign a contract, need help in understanding what wording would benefit me in the transaction.
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Frank Baez
It really depends on the wording of your Purchase Contract. If you are using a real estate agent your state may mandate that your agent use its state approved contract. If the state approved contract states that the buyer can't assign its position without the permission of the seller, you will want a clause overriding that provision. It should state that the decision to assign is a unilateral decision made by the buyer.
You will want to review the inspection clause in the contract too. If it states that in the event your inspection is not acceptable the buyer has the opportunity to fix that which is unacceptable to you, then add a clause in the addendum giving you unilateral control as to whether or not you terminate the contract because of your inspection. Remember, this may be your only escape clause and you will want the ability to terminate without seller's permission.
Good luck.