Legal Question in Real Estate Law in California
Assignment of contract
This is a follow-up question to my original question regarding real estate investing by doing assignment of contracts in California.
To go in more detail, doing assignment of contracts entails locking up a property under contract with a seller for an agreed upon price and then passing on the contract to a buyer/invester for a fee. The contract language will specifically grant me the right with the seller to assign the purchase contract to another buyer by putting in ''and/or assignee'' next to my name in the purchase contract.
My question is: Can I do assignment of contracts in California without any professional license as a way to start my real estate business?
1 Answer from Attorneys
Re: Assignment of contract
What you contemplate is simiilar to purchasing an option from the seller (except you would be contractually obligated to purchase the property). Aside from the fact that this is a highly speculative business arrangement that depends on your being able to find a buyer for more than your contract price and before the closing, I'm not aware that you need any kind of license to do this.
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