Your only option is for you to go through with the purchase of the property yourself.“The Buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller; said assignment not to relieve the Buyer from his or her obligation to complete the terms and conditions of this contract should be assigning default.”Because I am a buy-and-hold investor, I usually am in the receiving end of an assignment contract.
The person I am receiving the assignment from will make $2000 from the assignment of the contract to me.
Not informing the seller ahead of time your intent to assign the contract to someone else may cause major problems with the seller if feel they were misled or deceived.
As in the case stated above with my most recent property, the person assigning me the contract is making $2000 on this one transaction.
If it is even a possibility that you may assign a contract to someone else, it would be wise to let the seller know ahead of time by putting in the phrase “ and or assigns ” into your contract.
The last thing you want is for you to go to the closing of escrow on a property you are purchasing and have problems.
Assignment is the right to transfer 'choses in action' defined as 'all personal rights of property which can only be claimed or enforced by action and not by taking physical possession'.
This definition includes benefits arising under a construction contract such as right to payment, but not burdens such as the obligation to pay.
Obviously I like to spend as little money as possible on a property but without this wholesaler assigning the contract to me, I would not have found this terrific property.
When you enter into a contract without “ and or assigns ” your only option is for you to purchase the property as the contract states.