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Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 29062
Experience:  30 years of real estate practice experience.
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I am a real estate wholesaler i need to do a contract

Customer Question

i am a real estate wholesaler i need to do a contract assignment with my end buyer, an i am also surcuring the financing for him, what clause can i use to let the lender feel confortable with the fact that i am wholeselling this to an end buyer and that this property is not in my business name yet?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Loren replied 1 year ago.
Thank you for using JustAnswer. I am Loren, a licensed attorney, and I will do whatever I can to answer your question.
Usually, the
"Buyer may, without the consent of seller, assign its rights under this contract to another entity."
If the bank does commercial real estate lending then they should have plenty of experience with this type of transaction.
All the lender will want to see is the signed assignement, but they should be informed from the start that the contract is to be assigned.
Best regards.
Loren
Expert:  Loren replied 1 year ago.

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