Real Estate Assignment Contract

The seller, therefore, can pursue both entities for the initial deposit and if, upon default, the new buyer refuses to release the initial deposit from escrow, the seller can sue both entities for recovery of the initial deposit and all costs and expenses (including attorneys’ fees, cancellation expenses and interest).Additionally, the judgment will be “joint and several,” meaning that the seller can recover from either entity, permitting the seller to concentrate its collection efforts against the original purchaser (which has assets), rather than wasting time and money pursuing the shell entity.

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My neighbour told me last fall he had sold his Kerrisdale home with a distant closing date of January, in a “contract assignment” arrangement.

He did not appear distressed, despite the fact he did not receive the additional profit that flowed from the quick flip that took place following the initial sale.

To that end, the council recommends inclusion of an “Assignment Option Clause,” stating “the buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the seller.”In other words, the ostensible buyer can play the role of middle man, and subsequently flip the property, pocketing any additional profit.

It is worth noting that the original seller is not out any money; hence my neighbour’s insouciance. Housing is extremely costly and in short supply in this region and thus ideally reserved for those wishing to acquire housing units as places to live.

Just as it was even after being tipped off about Manhattan investment mogul Bernie Madoff operating a Ponzi scheme.

Regulatory bodies too often become captive to the interests of those they regulate.

If you encounter a comment that is abusive, click the "X" in the upper right corner of the comment box to report spam or abuse. Leaving his wife, Lesley, asleep in bed, Rohit went downstairs, opened his laptop and began to write.

“They say your kids are your hearts outside your body,” he wrote.

NDP housing critic David Eby remarked on Monday that the situation leads “to the inevitable conclusion that oversight of the real estate industry in B. is woefully inadequate.”Well, anyone who has ever made a complaint to the Law Society of B. or the College of Physicians and Surgeons may have the impression that regulatory bodies often do a better job of protecting members of their industry than members of the public.

Those who have seen the movie, The Big Short, about the financial shenanigans surrounding the 2008 American housing market collapse, know that the U. Securities and Exchange Commission was entirely asleep at the switch in regulating the markets at that time.


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