“on the contract for florida; point 7: assignability.
“assignability: check one: buyer may assign and thereby be released from any further liability under this contract.
may assign but no be released from liability under this contract,
may not assign this contract.”
what is the difference between the first box and the second box? If there is a point for assignability, do we still need to add to buyer line: Entity and/ or Assignee? (or not necessary?)
The difference between both checklists is very simple. The first one allows you to assign the contract and be released from liability. It means that if the new buyer doesn’t close, you are no longer responsible. You are out 100%.
The second one, even though you are assigning the contract, you are still responsible for your buyer to close. If he/she doesn’t close, you are still responsible to close on the property yourself, find another buyer or lose your deposit. This is a nice tool to negotiate because the second one will allow you to smooth things with a seller when you are negotiating a deal by letting them know that you are still responsible.
To answer the second question, I never put and/or assigns next to the name. The check mark takes care of this. Sellers dont love assignment of contracts and by putting it next to your name it will make them ask you what is that for and how it works. The checkmark hides it a little and you still have the right to do it.