Problems reassigning real estate contracts

Posted in the Real Estate Forum

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1 - 2 of 2 Comments Last updated May 6, 2013
Steven

Ottawa, Canada

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#1
Apr 30, 2013
 
Hi,

First I'd like to state that I do business in Quebec, Canada so it's done a bit differently here but maybe some of you have encountered the same problems I have.

The problem I'm having is with the person I'm reassigning the contract to. I'm currently in the process of reassigning 2 deals to people I know and they're having both the same issues. The bank is giving them a hard time because the purchase contract is not "originally" in their name. The reassignment contract has been signed. The amendment stating the the contract is now assigned and in the name of the new buyer is also signed but yet, the bank is still giving them trouble.

I don't know if this is a local thing but have any of you run into such issues and if so, what was your solution to circumvent it?

Thanks,
Steven

Since: Jan 13

Indore, India

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#3
May 6, 2013
 
The purpose of a real estate contract is to prepare the document and specify the terms of the agreement which is related to both sellers and buyers. It minimizes the financial risk. I think that to reassign the real estate contract you have to consult with your real estate agent.

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