What the real estate term “and or assign” means in property transactions.
Have you heard of the real estate term “and or assign”? Many people are unfamiliar with it, and that’s why today, I’m explaining what it means and shedding light on its significance in property transactions.
As an example, let’s say I’m buying a property and planning to transfer the contract to another party before the closing. To do this, I would include the phrase “Melissa Staggers and or assigns” in my part of the contract. It’s a term that proves useful when anonymity is needed or when the property needs to be transferred to an unformed LLC. For instance, if you’re in the process of setting up an LLC and don’t have its name finalized, this terminology comes in handy.
“The term “and or assign” is very significant in property transactions.”
To facilitate such transfers, certain steps are required. Before or during the closing, an amendment is essential to officially assign the contract to your LLC or the anonymous buyer you’ve designated. This amendment essentially informs the title company about the assignment.
Alternatively, you can also inform the title company directly about these changes, although this can be more complex. Post-closing, you can also manage this with the title company, preferably through an amendment. This ensures that the assigned entity’s details are communicated to the title company.
If you have any questions about the term “and or assign” or need help with your business, please don’t hesitate to ask. Call or email me anytime, and I’d be happy to share my insider knowledge with you.
