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Buying or Selling a Home/assignments
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Question
is it safe to buy a home from a person who has an assignment to house? my
details are that im buying a property for $700,000 from a friend who has an
assignment contract from the owner for $600,000. am i at risk?
ricky
Hello Ricky,
Thank you for your question.
It sounds like your friend has an option to buy a property and now you want to buy it from your friend. So now your friend will go into contract with you to sell you the property.
When you are ready to close your friend will close on the property with the current owner and probably the same day close with you.
There shouldn't be any problems with this. You do need to have a title search done by your lawyer so you can be sure there are no liens on the property when you close on it. You would also buy title insurance from the title company to guarantee this.
Good luck.
Hans
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Hans Weber, Licensed Broker Associate
Expertise
I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?
Experience
Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.
Organizations
National Association of Realtors.
Westchester County Board of Realtors.
Education/Credentials
Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.
Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.
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