The question that I have is in the area of assigning real estate property to another buyer. I have found a good deal on a property, I am willing to sign a contract to take ownership of the property. However, I plan on assigning this property over to someone else before the closing. So in a sense I never actually own the property, I would just act as the middle man to help out another person get a good deal for my efforts and receive a small profit. Is this legal in the state of Texas? If so what contract form is acceptable between the seller and buyer ? Please help. Thank you.
1 Answer from Attorneys
Based on the limited facts you present, this appears legal -- unless you have some sort of relationship to the seller or ultimate buyer where you owe him a duty of loyalty. You need language in the original contract allowing you to assign it. This deal is too complicated for you to handle without a lawyer, unless you're experienced in real estate transactions.
Related Questions & Answers
I am 65 years old and have a reverse mortgage on my home, I deferred my taxes on my... Asked 3/10/13, 4:11 pm in United States Texas Real Estate and Real Property
I co signed on a house and five acres in Texas. I paid mortgage for about ten... Asked 3/09/13, 8:38 pm in United States Texas Real Estate and Real Property
My parents own an acre of land. My dad died 9 years ago. My dad left no will. My... Asked 3/07/13, 6:11 pm in United States Texas Real Estate and Real Property
Past POA fees that were not disclosed at time of sale Asked 3/07/13, 4:36 pm in United States Texas Real Estate and Real Property
How long can a lawyer have to file for a jury trial Asked 3/07/13, 5:58 am in United States Texas Real Estate and Real Property