Assignment of Contract

An excellent strategy when funds are tight is the assignment of a contract. A contract assignment is a simple and powerful moneymaker that simply requires a little contract knowledge and good negotiation skills. Below are the steps to complete an assignment of contract:

1. Step #1
   Negotiate at 80% (20% discount) - or less if possible.
2. Step #2
   Set a long closing date (90-120 days minimum).
3. Step #3
   Use the phrase "and/or assigns" after your name on the purchase contract/offer.
4. Step #4
   Include an option that ensures an out option or escape clause (i.e. subject to partners approval).
5. Step #5
   Find a buyer for the property.
6. Step #6
   Assign your rights to purchase the property for cash and charge an assignment fee.
7. Step #7
   Inform the seller of the change (use Assignment Form).

By using the words "and/or assigns" behind your name you have the right to transfer your rights to purchase property - for cash. This is an interesting technique to generate cash and profit. You don't need any cash to buy the property. The person you "assign" the contract to buys the property. You sell the contract for cash.