Legal Question in Real Estate Law in Illinois
If a Purchase Agreement with the seller allows a contract to be assignable and offers an assignable box on the contract and I check it as the buyer, would this be legal to assign the property to another buyer? I would have a written Assignment Agreement in addition to the Purchase Agreement (where it states it is assignable by the seller to the buyer and then the End Buyer or Investor). It wouldn't be structured as a finder's fee and I would not accept a finder's fee, when what I'm actually doing is assigning the property to another buyer. Lawyers have told me I don't need a license if I state it's assignable, confusing?
1 Answer from Attorneys
What you are suggesting seems to be expected practice, but I can also see ways that some can use it as a scheme. Would you be on the hook if you fail to assign it or if the assignee breaches? If you have put down typical earnest money (not just $1.00) and you stand to forfeit it or be forced to go through with the transaction without the assignee, then I would not expect the deal to be questioned. If you would already have the assignee, then I am wondering what the point is of structuring the transaction as you suggest. It seems that there is an element missing from your question: the goal you are really trying to accomplish (since you are not earning a fee). I suggest paying an attorney to advise you in an attorney-client privileged consultation where you can share freely and either get a prompt answer or determine whether the issue is worth the cost of research.
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