Question by Eric Speight:
If I put in a contract on a house that I want to flip, and then assign the contract to another investor, am I in the clear? Meaning if the investor I assign it to totally responsible for the contract or will I be held liable if he/she
decides to back out?
Answer By William Bronchick:
An assignment of contract does not relieve the assignor from liability unless the original seller expressly agrees. If you liability under the contract is limited to your earnest money, the seller would have little recourse
anyway.
Disclaimer: The foregoing is not intended to be given as legal, financial or tax advice, but intended for instructional use only. If you require legal, financial or tax advice you should seek the assistance of a qualified professional.
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