“What is ASSIGNMENT (FLIP)"?
In contracts. 1. The act by which one person transfers to another, or causes to vest in that other, the whole of the right, interest, or property which he has in any realty…”
From Law Dictionary (By Blacks Law Dictionary 2nd edition, edited)
An Assignment in real estate is an agreement that transfers your
contractual rights to a third party.
A Contract of Assignment in real estate,
usually just called an ‘assignment (FLIP),’
is useful in any real estate market.
One can make a fortune flipping houses.
Here’s Assignment (FLIP) works
Real estate investor makes a real estate purchase contract offering with an assignment clause to purchase a piece of property and the seller accepts your offer.
This gives the real estate investor control of that piece of property.
Real estate investors can then sell their interest in the property by way of an assignment (FLIP) to the third party for a higher price before or after you go unconditional on the purchase contract.
The assignment (FLIP) contract itself is usually just a page or two but it’s important.
It sets out the parties, timing, assignment monies, notices and other details in writing.
CAUTION: Assignments are a sophisticated real estate investment strategy.
Learn from experts with a proven success track record at www.Flipping4Profit.ca
Don’t dive into these without the advice of a professional real estate lawyer.