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Need to back out of a contract? Assign it…

In real estate there are many forms of contracts.  With all the new condo buildings I’ve noticed new listings on the MLS that are to be assigned.  For example, I mentioned two last week for The Ritz.  What is an assigned contract? This is one option if the original buyer wants to back out of the contract.  Some contracts can be assigned.  The one problem with an assigned contract is the original party remains ultimately liable. So, for instance, if you negotiate a lower price on the original contract the first buyer could be responsible for the difference.  With all the financing debacle going on, some buyers that contracted months or years ago might be getting cold feet or can’t get financing once available.  Selling this way could result in less of a loss.

About Terry W. Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite & know stuff, ask me...

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