Are all contracts assignable? If not how do I make them assignable?

Question

I am looking to lock up discounted property under contract and then assign it to investors and wholesalers? Please advise on this so I ensure my contract is correct. Thanks

Answer 1

Not all contracts are assignable.  Put in the contract that the contract is assignable.

Answer 2

You need to talk with a lawyer.

Answer 3

Have the purchaser listed as

your name "and/or assigns"

This allows you to take on partner, assign contract, etc.

Answer 4

You should put a clause in the contract that says you can assign the contract without the permission of the seller.  

Answer 5

I am sorry, but if you need to ask this question, then it means there is a great deal about real estate transactions that you do not understand. You need to learn more before you start buying and selling property, or you are going to get hammered.

For starters, the answers you have so far are only half-right, because you only asked half of the relevant question.  State law varies on whether contracts are assignable without a specific clause in the contract that says they are assignable.  But you need to understand that "assigning" rights  under a contract does not necessarily relieve you of the "duties" under that contract.  So if you assign your contract to someone else and that person defaults, you may be liable for his default, because you still owe duties to the original person you contracted with.  This is just a start of an explanation, not the full story.  Get some professional help and learn more about the business and the law before you jump into this.