Understanding the Assignment of Mortgages: What You Need To Know
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A mortgage is a legally binding agreement between a home buyer and a lender that dictates a borrower's ability to pay off a loan. Every mortgage has an interest rate, a term length, and specific fees attached to it.
Written by Attorney Todd Carney . Updated November 26, 2021
If you’re like most people who want to purchase a home, you’ll start by going to a bank or other lender to get a mortgage loan. Though you can choose your lender, after the mortgage loan is processed, your mortgage may be transferred to a different mortgage servicer . A transfer is also called an assignment of the mortgage.
No matter what it’s called, this change of hands may also change who you’re supposed to make your house payments to and how the foreclosure process works if you default on your loan. That’s why if you’re a homeowner, it’s important to know how this process works. This article will provide an in-depth look at what an assignment of a mortgage entails and what impact it can have on homeownership.
Assignment of Mortgage – The Basics
When your original lender transfers your mortgage account and their interests in it to a new lender, that’s called an assignment of mortgage. To do this, your lender must use an assignment of mortgage document. This document ensures the loan is legally transferred to the new owner. It’s common for mortgage lenders to sell the mortgages to other lenders. Most lenders assign the mortgages they originate to other lenders or mortgage buyers.
Home Loan Documents
When you get a loan for a home or real estate, there will usually be two mortgage documents. The first is a mortgage or, less commonly, a deed of trust . The other is a promissory note. The mortgage or deed of trust will state that the mortgaged property provides the security interest for the loan. This basically means that your home is serving as collateral for the loan. It also gives the loan servicer the right to foreclose if you don’t make your monthly payments. The promissory note provides proof of the debt and your promise to pay it.
When a lender assigns your mortgage, your interests as the mortgagor are given to another mortgagee or servicer. Mortgages and deeds of trust are usually recorded in the county recorder’s office. This office also keeps a record of any transfers. When a mortgage is transferred so is the promissory note. The note will be endorsed or signed over to the loan’s new owner. In some situations, a note will be endorsed in blank, which turns it into a bearer instrument. This means whoever holds the note is the presumed owner.
Using MERS To Track Transfers
Banks have collectively established the Mortgage Electronic Registration System , Inc. (MERS), which keeps track of who owns which loans. With MERS, lenders are no longer required to do a separate assignment every time a loan is transferred. That’s because MERS keeps track of the transfers. It’s crucial for MERS to maintain a record of assignments and endorsements because these land records can tell who actually owns the debt and has a legal right to start the foreclosure process.
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Assignment of Mortgage Requirements and Effects
The assignment of mortgage needs to include the following:
The original information regarding the mortgage. Alternatively, it can include the county recorder office’s identification numbers.
The borrower’s name.
The mortgage loan’s original amount.
The date of the mortgage and when it was recorded.
Usually, there will also need to be a legal description of the real property the mortgage secures, but this is determined by state law and differs by state.
The original lender doesn’t need to provide notice to or get permission from the homeowner prior to assigning the mortgage. But the new lender (sometimes called the assignee) has to send the homeowner some form of notice of the loan assignment. The document will typically provide a disclaimer about who the new lender is, the lender’s contact information, and information about how to make your mortgage payment. You should make sure you have this information so you can avoid foreclosure.
When an assignment occurs your loan is transferred, but the initial terms of your mortgage will stay the same. This means you’ll have the same interest rate, overall loan amount, monthly payment, and payment due date. If there are changes or adjustments to the escrow account, the new lender must do them under the terms of the original escrow agreement. The new lender can make some changes if you request them and the lender approves. For example, you may request your new lender to provide more payment methods.
Taxes and Insurance
If you have an escrow account and your mortgage is transferred, you may be worried about making sure your property taxes and homeowners insurance get paid. Though you can always verify the information, the original loan servicer is responsible for giving your local tax authority the new loan servicer’s address for tax billing purposes. The original lender is required to do this after the assignment is recorded. The servicer will also reach out to your property insurance company for this reason.
If you’ve received notice that your mortgage loan has been assigned, it’s a good idea to reach out to your loan servicer and verify this information. Verifying that all your mortgage information is correct, that you know who to contact if you have questions about your mortgage, and that you know how to make payments to the new servicer will help you avoid being scammed or making payments incorrectly.
In a mortgage assignment, your original lender or servicer transfers your mortgage account to another loan servicer. When this occurs, the original mortgagee or lender’s interests go to the next lender. Even if your mortgage gets transferred or assigned, your mortgage’s terms should remain the same. Your interest rate, loan amount, monthly payment, and payment schedule shouldn’t change.
Your original lender isn’t required to notify you or get your permission prior to assigning your mortgage. But you should receive correspondence from the new lender after the assignment. It’s important to verify any change in assignment with your original loan servicer before you make your next mortgage payment, so you don’t fall victim to a scam.
Attorney Todd Carney
Attorney Todd Carney is a writer and graduate of Harvard Law School. While in law school, Todd worked in a clinic that helped pro-bono clients file for bankruptcy. Todd also studied several aspects of how the law impacts consumers. Todd has written over 40 articles for sites such... read more about Attorney Todd Carney
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How To Navigate The Real Estate Assignment Contract
What is assignment of contract?
Assignment of contract vs double close
How to assign a contract
Assignment of contract pros and cons
Even the most left-brained, technical real estate practitioners may find themselves overwhelmed by the legal forms that have become synonymous with the investing industry. The assignment of contract strategy, in particular, has developed a confusing reputation for those unfamiliar with the concept of wholesaling. At the very least, there’s a good chance the “assignment of contract real estate” exit strategy sounds more like a foreign language to new investors than a viable means to an end.
A real estate assignment contract isn’t as complicated as many make it out to be, nor is it something to shy away from because of a lack of understanding. Instead, new investors need to learn how to assign a real estate contract as this particular exit strategy represents one of the best ways to break into the industry.
In this article, we will break down the elements of a real estate assignment contract, or a real estate wholesale contract, and provide strategies for how it can help investors further their careers. [ Thinking about investing in real estate? Register to attend a FREE online real estate class and learn how to get started investing in real estate. ]
What Is A Real Estate Assignment Contract?
A real estate assignment contract is a wholesale strategy used by real estate investors to facilitate the sale of a property between an owner and an end buyer. As its name suggests, contract assignment strategies will witness a subject property owner sign a contract with an investor that gives them the rights to buy the home. That’s an important distinction to make, as the contract only gives the investor the right to buy the home; they don’t actually follow through on a purchase. Once under contract, however, the investor retains the sole right to buy the home. That means they may then sell their rights to buy the house to another buyer. Therefore, when a wholesaler executes a contact assignment, they aren’t selling a house but rather their rights to buy a house. The end buyer will pay the wholesale a small assignment fee and buy the house from the original buyer.
The real estate assignment contract strategy is only as strong as the contracts used in the agreement. The language used in the respective contract is of the utmost importance and should clearly define what the investors and sellers expect out of the deal.
There are a couple of caveats to keep in mind when considering using sales contracts for real estate:
Contract prohibitions: Make sure the contract you have with the property seller does not have prohibitions for future assignments. This can create serious issues down the road. Make sure the contract is drafted by a lawyer that specializes in real estate assignment contract law.
Property-specific prohibitions: HUD homes (property obtained by the Department of Housing and Urban Development), real estate owned or REOs (foreclosed-upon property), and listed properties are not open to assignment contracts. REO properties, for example, have a 90-day period before being allowed to be resold.
What Is An Assignment Fee In Real Estate?
An assignment fee in real estate is the money a wholesaler can expect to receive from an end buyer when they sell them their rights to buy the subject property. In other words, the assignment fee serves as the monetary compensation awarded to the wholesaler for connecting the original seller with the end buyer.
Again, any contract used to disclose a wholesale deal should be completely transparent, and including the assignment fee is no exception. The terms of how an investor will be paid upon assigning a contract should, nonetheless, be spelled out in the contract itself.
The standard assignment fee is $5,000. However, every deal is different. Buyers differ on their needs and criteria for spending their money (e.g., rehabbing vs. buy-and-hold buyers). As with any negotiations , proper information is vital. Take the time to find out how much the property would realistically cost before and after repairs. Then, add your preferred assignment fee on top of it.
Traditionally, investors will receive a deposit when they sign the Assignment of Real Estate Purchase and Sale Agreement . The rest of the assignment fee will be paid out upon the deal closing.
Assignment Contract Vs Double Close
The real estate assignment contract strategy is just one of the two methods investors may use to wholesale a deal. In addition to assigning contracts, investors may also choose to double close. While both strategies are essentially variations of a wholesale deal, several differences must be noted.
A double closing, otherwise known as a back-to-back closing, will have investors actually purchase the home. However, instead of holding onto it, they will immediately sell the asset without rehabbing it. Double closings aren’t as traditional as fast as contract assignment, but they can be in the right situation. Double closings can also take as long as a few weeks. In the end, double closings aren’t all that different from a traditional buy and sell; they transpire over a meeter of weeks instead of months.
Assignment real estate strategies are usually the first option investors will want to consider, as they are slightly easier and less involved. That said, real estate assignment contract methods aren’t necessarily better; they are just different. The wholesale strategy an investor chooses is entirely dependent on their situation. For example, if a buyer cannot line up funding fast enough, they may need to initiate a double closing because they don’t have the capital to pay the acquisition costs and assignment fee. Meanwhile, select institutional lenders incorporate language against lending money in an assignment of contract scenario. Therefore, any subsequent wholesale will need to be an assignment of contract.
Double closings and contract assignments are simply two means of obtaining the same end. Neither is better than the other; they are meant to be used in different scenarios.
Flipping Real Estate Contracts
Those unfamiliar with the real estate contract assignment concept may know it as something else: flipping real estate contracts; if for nothing else, the two are one-in-the-same. Flipping real estate contracts is simply another way to refer to assigning a contract.
Is An Assignment Of Contract Legal?
Yes, an assignment of contract is legal when executed correctly. Wholesalers must follow local laws regulating the language of contracts, as some jurisdictions have more regulations than others. It is also becoming increasingly common to assign contracts to a legal entity or LLC rather than an individual, to prevent objections from the bank. Note that you will need written consent from all parties listed on the contract, and there cannot be any clauses present that violate the law. If you have any questions about the specific language to include in a contract, it’s always a good idea to consult a qualified real estate attorney.
When Will Assignments Not Be Enforced?
In certain cases, an assignment of contract will not be enforced. Most notably, if the contract violates the law or any local regulations it cannot be enforced. This is why it is always encouraged to understand real estate laws and policy as soon as you enter the industry. Further, working with a qualified attorney when crafting contracts can be beneficial.
It may seem obvious, but assignment contracts will not be enforced if the language is used incorrectly. If the language in a contract contradicts itself, or if the contract is not legally binding it cannot be enforced. Essentially if there is any anti-assignment language, this can void the contract. Finally, if the assignment violates what is included under the contract, for example by devaluing the item, the contract will likely not be enforced.
How To Assign A Real Estate Contract
A wholesaling investment strategy that utilizes assignment contracts has many advantages, one of them being a low barrier-to-entry for investors. However, despite its inherent profitability, there are a lot of investors that underestimate the process. While probably the easiest exit strategy in all of real estate investing, there are a number of steps that must be taken to ensure a timely and profitable contract assignment, not the least of which include:
Find the right property
Acquire a real estate contract template
Submit the contract
Assign the contract
Collect the fee
1. Find The Right Property
You need to prune your leads, whether from newspaper ads, online marketing, or direct mail marketing. Remember, you aren’t just looking for any seller: you need a motivated seller who will sell their property at a price that works with your investing strategy.
The difference between a regular seller and a motivated seller is the latter’s sense of urgency. A motivated seller wants their property sold now. Pick a seller who wants to be rid of their property in the quickest time possible. It could be because they’re moving out of state, or they want to buy another house in a different area ASAP. Or, they don’t want to live in that house anymore for personal reasons. The key is to know their motivation for selling and determine if that intent is enough to sell immediately.
With a better idea of who to buy from, wholesalers will have an easier time exercising one of several marketing strategies:
Real Estate Meetings
2. Acquire A Real Estate Contract Template
Real estate assignment contract templates are readily available online. Although it’s tempting to go the DIY route, it’s generally advisable to let a lawyer see it first. This way, you will have the comfort of knowing you are doing it right, and that you have counsel in case of any legal problems along the way.
One of the things proper wholesale real estate contracts add is the phrase “and/or assigns” next to your name. This clause will give you the authority to sell the property or assign the property to another buyer.
You do need to disclose this to the seller and explain the clause if needed. Assure them that they will still get the amount you both agreed upon, but it gives you deal flexibility down the road.
3. Submit The Contract
Depending on your state’s laws, you need to submit your real estate assignment contract to a title company, or a closing attorney, for a title search. These are independent parties that look into the history of a property, seeing that there are no liens attached to the title. They then sign off on the validity of the contract.
4. Assign The Contract
Finding your buyer, similar to finding a seller, requires proper segmentation. When searching for buyers, investors should exercise several avenues, including online marketing, listing websites, or networking groups. In the real estate industry, this process is called building a buyer’s list, and it is a crucial step to finding success in assigning contracts.
Once you have found a buyer (hopefully from your ever-growing buyer’s list), ensure your contract includes language that covers earnest money to be paid upfront. This grants you protection against a possible breach of contract. This also assures you that you will profit, whether the transaction closes or not, as earnest money is non-refundable. How much it is depends on you, as long as it is properly justified.
5. Collect The Fee
Your profit from a deal of this kind comes from both your assignment fee, as well as the difference between the agreed-upon value and how much you sell it to the buyer. If you and the seller decide you will buy the property for $75,000 and sell it for $80,000 to the buyer, you profit $5,000. The deal is closed once the buyer pays the full $80,000.
Assignment of Contract Pros
For many investors, the most attractive benefit of an assignment of contract is the ability to profit without ever purchasing a property. This is often what attracts people to start wholesaling, as it allows many to learn the ropes of real estate with relatively low stakes. An assignment fee can either be determined as a percentage of the purchase price or as a set amount determined by the wholesaler. A standard fee is around $5,000 per contract.
The profit potential is not the only positive associated with an assignment of contract. Investors also benefit from not being added to the title chain, which can greatly reduce the costs and timeline associated with a deal. This benefit can even transfer to the seller and end buyer, as they get to avoid paying a real estate agent fee by opting for an assignment of contract. Compared to a double close (another popular wholesaling strategy), investors can avoid two sets of closing costs. All of these pros can positively impact an investor’s bottom line, making this a highly desirable exit strategy.
Assignment of Contract Cons
Although there are numerous perks to an assignment of contract, there are a few downsides to be aware of before searching for your first wholesale deal. Namely, working with buyers and sellers who may not be familiar with wholesaling can be challenging. Investors need to be prepared to familiarize newcomers with the process and be ready to answer any questions. Occasionally, sellers will purposely not accept an assignment of contract situation. Investors should occasionally expect this, as to not get discouraged.
Another obstacle wholesalers may face when working with an assignment of contract is in cases where the end buyer wants to back out. This can happen if the buyer is not comfortable paying the assignment fee, or if they don’t have owner’s rights until the contract is fully assigned. The best way to protect yourself from situations like this is to form a reliable buyer’s list and be upfront with all of the information. It is always recommended to develop a solid contract as well.
Know that not all properties can be wholesaled, for example HUD houses. In these cases, there are often anti-assigned clauses preventing wholesalers from getting involved. Make sure you know how to identify these properties so you don’t waste your time. Keep in mind that while there are cons to this real estate exit strategy, the right preparation can help investors avoid any big challenges.
Assignment of Contract Template
If you decide to pursue a career wholesaling real estate, then you’ll want the tools that will make your life as easy as possible. The good news is that there are plenty of real estate tools and templates at your disposal so that you don’t have to reinvent the wheel! For instance, here is an assignment of contract template that you can use when you strike your first deal.
As with any part of the real estate investing trade, no single aspect will lead to success. However, understanding how a real estate assignment of contract works is vital for this business. When you comprehend the many layers of how contracts are assigned—and how wholesaling works from beginning to end—you’ll be a more informed, educated, and successful investor.
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What Documents are Needed for a 1031 Exchange?
The acquisition and disposition of real property requires a variety of steps. With those steps come required documentation; a paper trail involving forms and legal paperwork to ensure that the transaction is completed to everyone’s satisfaction, without ambiguity or confusion.
The exchange of relinquished property for replacement property via the 1031 exchange also requires documentation. This documentation is required, both to eliminate ambiguities between buyers and sellers, and to demonstrate to the IRS that the exchange meets all requirements. As mentioned before, if the like-kind exchange process isn’t “by-the-book,” exchangers could face an unexpected capital gains tax bill.
So, in addition to the standard documentation that is part of the purchase and sale of real estate, the following documents are part of what can be required for a successful 1031 exchange.
Purchase and Sale Agreement . The purchase and sale agreement is standard documentation in any real estate sale. The difference here, however, is that this agreement must contain language clearly stating that a like-kind exchange will take place. It also specifies that the Qualified Intermediary (QI) will handle all parts of the exchange process.
Exchange Agreement . This written agreement between the exchanger and QI, defines the relinquished property transfer, delineates purchase of the replacement property, and outlines restrictions on proceeds during the exchange period .
Certificate of Citizenship . The Certificate of Citizenship is, as the name implies, a document that proves that the exchanger is a U.S. citizen. This is not to suggest that a foreign entity can’t participate in a like-kind exchange. But an exchanger’s foreign status can create some extra issues and complications, which would need to be addressed.
Form 8824 . Appropriately entitled “Like-Kind Exchanges,” the IRS Form 8824 is filed by the annual income tax deadline. The form requires a description of the relinquished and replacement property, acquisition and transfer dates, and other information.
Replacement Property Identification Form . This document is known by other names, such as “Identification of Replacement Property” and “1031 Identification Form.” Regardless of the document’s name, the purpose fulfills the requirement that replacement property/properties must be indicated, in writing, on or before midnight of the 45-day identification period deadline. As such, the document outlines specifics of the replacement property or properties, including the address, name, and fair market value.
Assignment, Acceptance, and Notice of Replacement Property Contract . Also known as the “Replacement Property Assignment,” this document indicates that the exchanger and seller of the replacement property will turn over all replacement property assignments to the QI.
Addendum to Escrow Instructions . This document (also required in standard buy-sell real estate agreements), sets out modifications to previous escrow agreements. This can include changes in the timing of disbursements, or who is responsible for holding escrow funds. Such an addendum is generally signed after the contract has been agreed to.
Final Closing Statement and Deed . Once again, this documentation is used for standard real estate acquisitions and dispositions, as well as like-kind exchanges. The closing statement is a document that outlines the transaction details. The deed, meanwhile, delineates who (or what) now owns the real estate.
Additional Documents -- By State . While standard “must-have” documents come in tandem with a successful 1031 exchange, each state has its own requirements based on its own tax rules and regulations. For example, California requires a FTB Form 593-C , which outlines the date involving the sale or transfer of California real property.
In closing, while the above documents are an important part of a successful 1031 exchange, the requirements can change. As such, before embarking on the like-kind exchange process, be sure to check with your financial or tax advisor to be sure you are following the proper steps, and submitting the proper documentation.
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Notice of Assignment (NY) | Practical Law
Notice of Assignment (NY)
Practical law standard document w-013-1870 (approx. 13 pages).
Assignment (Real Estate) Definition
Investing Strategy , Jargon, Legal, Terminology, Title
Table of Contents
- What Is an Assignment?
- What is an Assignment in Real Estate?
- What Does it Mean to Assign a Contract in Real Estate?
- How Does a Contract Assignment Work?
- Pros and Cons of Assigning Contracts
REtipster does not provide legal advice. The information in this article can be impacted by many unique variables. Always consult with a qualified legal professional before taking action.
In real estate terms, an assignment of contract is a way to profit from a real estate transaction without ever becoming the owner of the property.
The assignment method is a standard tool in a real estate wholesaler’s kit and lowers the barrier to entry for a real estate investor because it does not require the wholesaler to use much (or any) of their own money to profit from a deal.
Contract assignment is a common wholesaling strategy where the seller and the wholesaler (i.e. – middleman) sign an agreement giving the wholesaler the sole right to buy a property at a specified price, within a certain period of time.
The wholesaler then finds another buyer and assigns the contract to him or her. The wholesaler isn’t selling the property to the end buyer because the wholesaler never takes title to the property during the process. The wholesaler is simply selling the contract , which gives the end buyer the right to buy the property in accordance with the original purchase agreement.
In doing this, the wholesaler can earn an assignment fee for putting the deal together.
Some states require a real estate wholesaler to be a licensed real estate agent, and the assignment strategy can’t be used for HUD homes and REOs.
The process for assigning a contract follows some common steps.
Find the Right Property
This is where the heavy lifting happens—investors use many different marketing tactics to find leads and identify properties that work with their investing strategy. Typically, for wholesaling to work, a wholesaler needs a motivated seller who wants to unload the property as soon as possible. That sense of urgency works to the wholesaler’s advantage in negotiating a price that will be attractive to buyers and cover their assignment fee.
RELATED: What is “Driving for Dollars” and How Does It Work?
Get a Purchase Agreement Signed
Once a motivated seller has agreed to sell their property at a discounted price, they will sign a purchase agreement with the wholesaler. The purchase agreement needs to contain language that clearly allows the buyer to assign their rights in the agreement to a third party . Most standard purchase agreements do not include this language by default, so if the buyer plans to sell/assign the contract, they need to make sure this language is included (note: talk with an attorney to make sure the language included and explained correctly).
RELATED: Wholesaling Made Simple! A Comprehensive Guide to Assigning Contracts
Communicate, Communicate, Communicate
From the very beginning, it’s important for a wholesaler to communicate with their seller about their intent to assign the contract. Many sellers are not familiar with the assignment process, so if the role of the buyer is going to change along the way, the seller needs to be aware of this at or before the time they sign the original purchase agreement .
Find an End Buyer
This is the other half of a wholesaler’s job – marketing to find buyers. Once a buyer has been found, the wholesaler can assign the contract to the new party and work with both the original seller and the end buyer to schedule a closing date.
The assignment is done through a simple “Assignment Agreement” and it allows the new buyer to step into the wholesaler’s shoes as the buyer in the original contract.
While this document technically replaces the wholesaler with the new end buyer, the wholesaler doesn’t get paid until the deal is closed.
Most assignment contracts include language for a nonrefundable deposit from the end buyer, which protects the wholesaler in case the buyer backs out. Although it’s possible to download assignment contract templates online, this is one situation where most experts recommend having your contracts reviewed by an attorney. The assignment wording has to be precise and in accordance with your state laws; having an attorney review your contract protects you against any issues down the road.
Close the Transaction, Assign the Contract & Collect the Assignment Fee
Wholesalers get paid once the end buyer closes the deal. The assignment fee can be a flat amount, a percentage of the purchase price or the difference between the original purchase price and the end buyer’s purchase price.
With an assignment transaction, the end buyer will see precisely how much the wholesaler is getting paid because the end buyer has to sign the closing statement (which states the purchase price from the seller) and the Assignment Agreement (which clearly states the assignment fee being paid to the wholesaler).
If the assignment fee is a reasonable amount relative to the purchase price, most serious investors won’t have any qualms about paying this. If, however, the assignment fee is very large relative to the original purchase price (e.g. – if the original seller agreed to sell their property for $10,000, the wholesaler is collecting an assignment fee of $20,000, and the property is worth $50,000), some end buyers may take issue with this.
In cases where the wholesaler has a substantially higher profit margin, a double closing or a traditional closing is a safer way to close a wholesale transaction. When there are two separate closings taking place, the seller and buyer are not able to see the numbers and overall profit margin being made by the wholesaler between the two transactions.
According to UpCounsel, most contract assignments are done for about $5,000, although depending on the property and the market, it could be higher or lower.
Assigning contracts is a way to lower the barrier to entry for many new real estate investors; because they don’t need to put up their own money to buy a property or assume any risk in financing a deal.
The wholesaler isn’t part of the title chain, which streamlines the process and avoids the hassle of closing two times. Compared to the double-close strategy, assignment contracts require less paperwork and are usually less costly (because there is only one closing occurring, rather than two separate transactions).
On the downside, the wholesaler has to sell the property as-is, because they don’t own it at any point and they cannot make repairs or renovations to make the property look more attractive to a potential buyer. Financing may be much more difficult for the end buyer because many mortgage lenders won’t work with assigned contracts. Purchase Agreements also have expiration dates, which means the wholesaler has a limited window of time to find an end buyer and get the deal done.
Being successful with assignment contracts usually comes down to excellent marketing, networking, and communication between all parties involved. It’s all about developing strategies to find the right properties and having a solid network of investors you can assign them to quickly.
It’s also critical to be aware of any applicable laws in the jurisdiction where the wholesaler is working and holding any licenses required for these kinds of real estate transactions.
Double closing, wholesaling (real estate wholesaling), transactional funding.
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Navigating the assignment of a residential lease by Ronna L. DeLoe, Esq.
Navigating the assignment of a residential lease
A landlord can assign his leases to a new buyer of his building. Likewise, a tenant may be able to assign his lease if he needs to relocate. Find out how to assign your lease and what you can do to protect yourself when doing so.
by Ronna L. DeLoe, Esq. updated May 11, 2023 · 3 min read
As a tenant, you may want to get out of your residential lease without paying the remaining rent. Likewise, if you're a landlord and sell your rental property, the buyer must now collect rent from the tenants, who may have no idea you sold the property. In both situations, assignment of a lease with a release for the tenant and assignment of leases with notice by the landlord accomplish these goals.
Assignment of lease by the tenant
If you're the tenant and want to leave before the end of your lease term, you may be able to assign your lease to a third party if the landlord doesn't let you out of the lease. The third party then becomes the new tenant, who is bound by the terms of the original lease and pays rent to the landlord.
Most often, the lease won't permit assignment without the landlord's approval, but leases often state that the landlord cannot unreasonably withhold consent. As long as you produce a tenant who's shown a history of payment under prior leases and has been a model tenant, a landlord should consent to assignment.
The assignment of lease form should include places for the tenant-assignor, the new tenant-assignee, and the landlord to sign. If the master lease allows assignment, then the tenant doesn't need the landlord's permission; the tenant can sign an assignment of lease agreement without the landlord's signature.
If the landlord allows an assignment of the lease, you, as the tenant, also want him to sign a release stating that you're not responsible for the new tenant's failure to pay or for any damage she causes. Without such a release, you may still be liable for both.
When you, as the tenant, assign the lease, you sign an agreement that either reads “Assignment of Lease," “Lease Assumption Agreement," or “Assignment and Assumption Agreement." An assumption of the lease means that the new tenant assumes your obligations, such as paying rent and keeping the apartment in good condition.
Assignment of lease vs. sublease
An assignment of a lease transfers the tenant's entire rights in the property to a third party. With a sublease, on the other hand, the tenant transfers only a portion of the remaining lease. For example, if the original tenant has six months remaining on his lease and he gives the entire six months to a third party, the tenant is permanently assigning his rights to live on the property to the third party. If, however, the tenant allows that third party to stay at the premises for only three months, and the tenant intends to return after three months, he is subleasing the premises.
Assignment of lease by the landlord
A landlord can assign the right to collect rent to someone who has purchased the property. An assignment of lease from the seller to the buyer allows the new landlord to collect rent from any and all current tenants in the building. The language in the landlord's assignment of lease agreement can include assignment of security deposits, if the parties agree to it. An assignment of leases by the landlord to the buyer affords protection to the buyer so he can collect rent.
An assignment of leases by the landlord to the buyer is meaningless if tenants aren't aware the landlord sold the property, which is why it's important for the assignor-landlord to give tenants proper notice. A notice of assignment of lease, which is a form signed by both the assignor-landlord and the assignee, or new landlord, is one way to give notice. Another way is to send a letter on the landlord's letterhead. Either way, the notice must include the new landlord's address and how rent is to be paid.
Both landlords and tenants who become assignors should sign a formal assignment of lease agreement, which an online service provider can prepare for you. If you're the tenant who has assigned your lease, try to get a release or you'll still be liable to the landlord. If you're the landlord, make sure you can count on the new tenant to pay the rent before you release the primary tenant from his obligations under the lease.
About the Author
Ronna L. DeLoe, Esq.
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Assignment clause defined.
Assignment clauses are legally binding provisions in contracts that give a party the chance to engage in a transfer of ownership or assign their contractual obligations and rights to a different contracting party.
In other words, an assignment clause can reassign contracts to another party. They can commonly be seen in contracts related to business purchases.
Here’s an article about assignment clauses.
Assignment Clause Explained
Assignment contracts are helpful when you need to maintain an ongoing obligation regardless of ownership. Some agreements have limitations or prohibitions on assignments, while other parties can freely enter into them.
Here’s another article about assignment clauses.
Purpose of Assignment Clause
The purpose of assignment clauses is to establish the terms around transferring contractual obligations. The Uniform Commercial Code (UCC) permits the enforceability of assignment clauses.
Assignment Clause Examples
Examples of assignment clauses include:
- Example 1 . A business closing or a change of control occurs
- Example 2 . New services providers taking over existing customer contracts
- Example 3 . Unique real estate obligations transferring to a new property owner as a condition of sale
- Example 4 . Many mergers and acquisitions transactions, such as insurance companies taking over customer policies during a merger
Here’s an article about the different types of assignment clauses.
Assignment Clause Samples
Sample 1 – sales contract.
Assignment; Survival . Neither party shall assign all or any portion of the Contract without the other party’s prior written consent, which consent shall not be unreasonably withheld; provided, however, that either party may, without such consent, assign this Agreement, in whole or in part, in connection with the transfer or sale of all or substantially all of the assets or business of such Party relating to the product(s) to which this Agreement relates. The Contract shall bind and inure to the benefit of the successors and permitted assigns of the respective parties. Any assignment or transfer not in accordance with this Contract shall be void. In order that the parties may fully exercise their rights and perform their obligations arising under the Contract, any provisions of the Contract that are required to ensure such exercise or performance (including any obligation accrued as of the termination date) shall survive the termination of the Contract.
Security Exchange Commission - Edgar Database, EX-10.29 3 dex1029.htm SALES CONTRACT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1492426/000119312510226984/dex1029.htm >.
Sample 2 – Purchase and Sale Agreement
Assignment . Purchaser shall not assign this Agreement or any interest therein to any Person, without the prior written consent of Seller, which consent may be withheld in Seller’s sole discretion. Notwithstanding the foregoing, upon prior written notice to Seller, Purchaser may designate any Affiliate as its nominee to receive title to the Property, or assign all of its right, title and interest in this Agreement to any Affiliate of Purchaser by providing written notice to Seller no later than five (5) Business Days prior to the Closing; provided, however, that (a) such Affiliate remains an Affiliate of Purchaser, (b) Purchaser shall not be released from any of its liabilities and obligations under this Agreement by reason of such designation or assignment, (c) such designation or assignment shall not be effective until Purchaser has provided Seller with a fully executed copy of such designation or assignment and assumption instrument, which shall (i) provide that Purchaser and such designee or assignee shall be jointly and severally liable for all liabilities and obligations of Purchaser under this Agreement, (ii) provide that Purchaser and its designee or assignee agree to pay any additional transfer tax as a result of such designation or assignment, (iii) include a representation and warranty in favor of Seller that all representations and warranties made by Purchaser in this Agreement are true and correct with respect to such designee or assignee as of the date of such designation or assignment, and will be true and correct as of the Closing, and (iv) otherwise be in form and substance satisfactory to Seller and (d) such Assignee is approved by Manager as an assignee of the Management Agreement under Article X of the Management Agreement. For purposes of this Section 16.4, “Affiliate” shall include any direct or indirect member or shareholder of the Person in question, in addition to any Person that would be deemed an Affiliate pursuant to the definition of “Affiliate” under Section 1.1 hereof and not by way of limitation of such definition.
Security Exchange Commission - Edgar Database, EX-10.8 3 dex108.htm PURCHASE AND SALE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1490985/000119312510160407/dex108.htm >.
Sample 3 – Share Purchase Agreement
Assignment . Neither this Agreement nor any right or obligation hereunder may be assigned by any Party without the prior written consent of the other Parties, and any attempted assignment without the required consents shall be void.
Security Exchange Commission - Edgar Database, EX-4.12 3 dex412.htm SHARE PURCHASE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1329394/000119312507148404/dex412.htm >.
Sample 4 – Asset Purchase Agreement
Assignment . This Agreement and any of the rights, interests, or obligations incurred hereunder, in part or as a whole, at any time after the Closing, are freely assignable by Buyer. This Agreement and any of the rights, interests, or obligations incurred hereunder, in part or as a whole, are assignable by Seller only upon the prior written consent of Buyer, which consent shall not be unreasonably withheld. This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns.
Security Exchange Commission - Edgar Database, EX-2.1 2 dex21.htm ASSET PURCHASE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1428669/000119312510013625/dex21.htm >.
Sample 5 – Asset Purchase Agreement
Assignment; Binding Effect; Severability
This Agreement may not be assigned by any party hereto without the other party’s written consent; provided, that Buyer may transfer or assign in whole or in part to one or more Buyer Designee its right to purchase all or a portion of the Purchased Assets, but no such transfer or assignment will relieve Buyer of its obligations hereunder. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the successors, legal representatives and permitted assigns of each party hereto. The provisions of this Agreement are severable, and in the event that any one or more provisions are deemed illegal or unenforceable the remaining provisions shall remain in full force and effect unless the deletion of such provision shall cause this Agreement to become materially adverse to either party, in which event the parties shall use reasonable commercial efforts to arrive at an accommodation that best preserves for the parties the benefits and obligations of the offending provision.
Security Exchange Commission - Edgar Database, EX-2.4 2 dex24.htm ASSET PURCHASE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1002047/000119312511171858/dex24.htm >.
Common Contracts with Assignment Clauses
Common contracts with assignment clauses include:
- Real estate contracts
- Sales contract
- Asset purchase agreement
- Purchase and sale agreement
- Bill of sale
- Assignment and transaction financing agreement
Assignment Clause FAQs
Assignment clauses are powerful when used correctly. Check out the assignment clause FAQs below to learn more:
What is an assignment clause in real estate?
Assignment clauses in real estate transfer legal obligations from one owner to another party. They also allow house flippers to engage in a contract negotiation with a seller and then assign the real estate to the buyer while collecting a fee for their services. Real estate lawyers assist in the drafting of assignment clauses in real estate transactions.
What does no assignment clause mean?
No assignment clauses prohibit the transfer or assignment of contract obligations from one part to another.
What’s the purpose of the transfer and assignment clause in the purchase agreement?
The purpose of the transfer and assignment clause in the purchase agreement is to protect all involved parties’ rights and ensure that assignments are not to be unreasonably withheld. Contract lawyers can help you avoid legal mistakes when drafting your business contracts’ transfer and assignment clauses.
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Q: Lien on personal real estate property in Live Oak, TX no notice given on offences committed on personal home.
Trying to sell personal home to investor real estate.
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A: The options depend primarily on the type of lien, which I cannot determine from your question. If it's a judgment lien, there is a form affidavit you can complete stating that the property is your homestead, and therefore the lien does not attach to the property. If it's a tax lien, you're out of luck. If it's a mechanic's lien, and is more than 1 year old, it's dormant and doesn't affect the property anymore; if not, you can bond around the lien so that you can sell the property. Talk to a lawyer in your area and bring a copy of your contract, and the lien that is the problem.
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Getting real: Home prices drop first time in…
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Getting real: Home prices drop first time in five years
First year-over-year decline since 2018.
The Massachusetts real estate market saw the median sales price for a single-family home drop last month when compared to April 2022, the first year-over-year decline since 2018, according to data released this week by the state’s top market-watchers.
Lower priced properties are being sold a lot quicker than those on the high end, bringing down the median sales price, both the Warren Group and Massachusetts Association of Realtors told the Herald on Tuesday.
The median price of a single family home fell 1.2% to $553,500, down from $560,000 in April 2022, according to figures from the Warren Group. The number of single-family homes sold, 2,897, also dropped last month, by 25.3%, compared to the year before.
Cassie Norton, associate publisher at the Warren Group, pointed to two driving factors behind the decline: the Fed’s interest rate being at the highest level in 16 years, and the shaky banking industry, with three banks collapsing so far this year.
“The people on the higher end of the market are more affected by things like that,” Norton said. “They have more money on Wall Street, in stocks, so they might have been a little more gun shy about doing a major home purchase while things were a little chaotic.”
Fewer condominiums sold last month as well, with just 1,500 transacting compared to the 2,149 in April 2022, a 30.2% decrease. The median sale price of condos also fell by 3.1% on a year-over-year basis to $513,500, the Warren Group figures show.
Since it’s just one-month’s worth of data, it’s too early to know for sure how things will look going forward, especially when the state’s housing stock is not keeping up with demand, said David McCarthy, president of MAR.
Last month showed the lowest number of single-family homes (3,205) and condominiums (2,554) for sale in the month of April since McCarthy’s group began reporting the data in 2004.
“It is a competitive situation for the buyers, and it’s really unfortunate for the buyers,” McCarthy said. “Obviously some sellers like it because they’re still seeing some price appreciation, and yet, it’s not good for the overall market.”
Through the first four months of 2023, the year-to-date median single-family home price has increased 2.9% on the same same basis from 2022 to $525,000, while there’s been a 25.9% decrease in the number of single-family home sales, Warren Group figures show.
In a balanced market, it would take about four to six months to burn through all the available homes for sale. In Massachusetts, it would take just two, favoring the seller, Norton said.
“Our market right now is wildly imbalanced,” she said. “If we started to see the home price drop, that would be good news for the buyer, but even so, there’s still not many homes to buy.”
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Lance Reynolds | General assignment reporter
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Sam Zell, billionaire real estate investor and onetime owner of Tribune Co., dies
Thank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at The Baltimore Sun.
Sam Zell, pictured in 2013, was chairman of Equity Group Investments. (Richard Drew/AP)
Sam Zell, a Chicago real estate magnate who earned a multibillion-dollar fortune and a reputation as “the grave dancer” for his ability to revive moribund properties died on Thursday. He was 81.
Zell died at home due to complications from a recent illness, according to Equity Group Investments, a company he founded in 1968.
Bearded and blunt-spoken, Zell reveled in bucking traditional wisdom. He had a golden touch with real estate, and got his start managing apartment buildings as a college student. By the time he reached his 70s, he had amassed a fortune estimated at $3.8 billion.
Zell sold Equity Office, the office-tower company he spent three decades building, to Blackstone Group for $39 billion in 2007. It was the largest private equity transaction in history, and Zell personally netted $1 billion.
A month later, he made another deal that ultimately tarnished his image: the acquisition of the ailing Tribune Co. for $13 billion. The media giant filed for bankruptcy the following year.
Real estate was his trademark, but as he noted in an interview shortly before making the ill-fated Tribune deal, it represented only about 25% of his holdings.
“I’m a professional opportunist,” Zell told The Associated Press at the time. “I’m pretty sure that no matter what topic you pick, we’re involved in some way or another.”
Zell was born in Highland Park, Ill., on Sept. 28, 1941, four months after his immigrant parents arrived in the United States. They fled Poland before the Nazi invasion.
[ John Ahern Healy, DPW employee and cab driver, dies ]
His father was a wholesale jeweler who dabbled successfully in real estate investment and the stock market. The young Zell took pictures at his 8th-grade prom and sold them, and later took to buying Playboy magazines in downtown Chicago and reselling them to his classmates in Hebrew school in the suburbs for a 200% markup.
His first successes in real estate came while he was a student at the University of Michigan. After managing the building where he lived in exchange for free rent, he moved on to managing other properties, ultimately incorporating an apartment-management business and then selling it.
After working briefly at a Chicago law firm, he teamed with his Ann Arbor fraternity brother Robert Lurie and they began acquiring distressed properties from developers who were bogged down by high interest rates. That practice continued through the recession of the mid-1970s, with great success.
He later co-founded the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies at the University of Michigan’s Ross School of Business in 1999 with Lurie’s widow, Ann.
The Morning Sun
Zell’s reputation grew, and in 1976 the contrarian investor talked about his penchant for spotting and pursuing opportunities in an article that he entitled “The Grave Dancer.” The nickname stuck.
After the savings and loan crisis of the 1980s, Zell went on a buying spree of real estate properties. He also encouraged institutional investors to pool their money for commercial real estate in the early ‘90s when it was on the outs.
Zell loved risk, both in his business dealings and his personal life. He once acknowledged riding his motorcycle as fast as 145 mph on a trip across the South American pampas.
Dr. Robert Irving Levy was a pioneering nephrologist, World War II Navy veteran and classical pianist.
His love of motorcycles caused him to form a group called Zell’s Angels, consisting mostly of business tycoon friends who would go on rides with him around the world. He was an avid skier, racquetball player, paintball enthusiast and sports fan over the years, with stakes in the Chicago Bulls and Chicago White Sox.
Zell was fiercely protective of his personal life. Reports said he was married at least three times and had three children. He maintained homes in Chicago and Southern California.
“Sam Zell was a self-made, visionary entrepreneur. He launched and grew hundreds of companies during his 60-plus-year career and created countless jobs. Although his investments spanned industries across the globe, he was most widely recognized for his critical role in creating the modern real estate investment trust, which today is a more than $4 trillion industry,” Equity Group Investments said in a written statement on Thursday.
Zell is survived by his wife, Helen; his sister Julie Baskes and her husband, Roger Baskes; his sister Leah Zell; his three children, Kellie Zell and son-in-law Scott Peppet, Matthew Zell, and JoAnn Zell; and his nine grandchildren.
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Sam Zell, real estate mogul and onetime Tribune owner, is dead at 81
Thank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at the Chicago Tribune.
Sam Zell talks during an interview at the Chicago Tribune on April 3, 2007. (José Moré/Chicago Tribune)
Sam Zell ran a Chicago-based real estate empire that he began building when he was still a college student, along the way gaining a reputation as a brash and scrappy operator unafraid to make gutsy investment calls.
Those investments included taking the Tribune Co. private in 2007 in a leveraged buyout. Despite selling a number of assets, the company filed for bankruptcy in late 2008 as the newspaper industry crashed.
Zell, 81, died of an unknown cause on Thursday, according a statement released by the company he founded, Equity Residential.
Perhaps known most for his real estate investments in areas like offices, apartments and manufactured housing, Zell perpetually gazed at other industries, leading to investments in radio stations, cruise ships, seafood restaurants and the fertilizer business.
[ Timeline: How Tribune Publishing — the parent company of the Chicago Tribune — has changed since 2006 ]
The iconoclastic executive’s personal style ran to motorcycle clothing and a liberal use of four-letter words. But to Zell, thinking differently was what enabled him to make his mark.
“Even as a child, I looked at things differently,” he told the Tribune in 2004. “I had so much innate self-confidence. Why is someone doing it the way they’re doing it? I can do it better.”
Sam Zell holds his first press conference in December 2007 after leading the effort to take Tribune Co. private in a buyout. (José Moré/Chicago Tribune )
Zell was the son of Bernard and Rochelle Zielonka, who fled Poland in August 1939, just before the Nazis started bombing. His parents made their way through Russia to Japan and finally to the U.S., and settled in Chicago, where his father had grain-trading contacts.
Around 1953, Zell’s parents changed their name to Zell and began raising their family in Albany Park, and Bernard Zell found a career in the wholesale jewelry business. The family eventually settled in north suburban Highland Park.
Portending his future entrepreneurial moxie, Sam Zell started taking photos at school dances and hawking copies of Playboy magazine at a markup to suburban classmates who weren’t able to get to the downtown newsstands where Playboy was sold.
Zell did not get along well with his father, telling the Tribune in 1993 that his father “was a very, very strong person, and I think the sons of strong, successful men tend to go one way or another. Either they view their fathers as a challenge, which is what I did, … or they go in the other direction and become lazy and unmotivated.”
At the University of Michigan, Zell worked on a sophomore musical with his fraternity brother and future colleague Robert Lurie. Zell took on a role that he would return to repeatedly in his real estate career: overseeing publicity and promotion.
“There’s never been a successful businessman that I know of that wasn’t very adept at selling himself and selling his ideas,” Zell told the Tribune in 1993.
During law school at Michigan, Zell started managing an apartment building with a partner in exchange for free rent. From there, they were offered another property to manage, and Lurie, a doctoral student, joined them.
After law school, Zell took a job in Chicago, but found he had little interest in life as an attorney — nor in what he viewed as low pay.
“I’ll never forget what it was like to have a wife and a kid and earn $58 a week,” he told the Tribune in 2004. “I thought that was terribly unfair.”
Zell and Lurie began buying distressed properties from developers reeling from rising interest rates. In 1968, Zell opened his first solo office on LaSalle Street. He began attracting investments both from his father and from other Chicago businessmen.
Like baseball Hall of Famer “Wee Willie” Keeler, who famously advised hitters to “hit ‘em where they ain’t,” Zell worked hard to find overlooked properties in cities that could produce better profits than Chicago. He bought apartment buildings in smaller cities like Toledo, Ohio; Tampa, Florida; and Reno, Nevada.
Sam Zell is interviewed by business reporters from the Chicago Tribune and Los Angeles Times on a television stage in the Chicago Tribune newsroom the day after Zell successfully closed a deal to take the Tribune Company private. (Charles Osgood/Chicago Tribune)
Though Zell embraced Reno, the so-called Biggest Little City in the World proved to be the location of Zell’s biggest stumble. He wanted to buy the most conspicuous building in Reno, the Arlington Towers high-rise, and offered to kick back part of the purchase price to a trust that the family selling the high-rise had established in the Bahamas. That would lower the publicly reported profit for the building’s sale and thus lessen the tax bill.
Alerted to the illegal maneuver, the IRS questioned the family selling the high-rise and decided to indict Zell, his brother-in-law Roger Baskes, Chicago lawyer Alan Hammerman and another tax lawyer, Burton Kanter — who was the primary target of the case — on charges of conspiring to defraud and impede the IRS.
Zell and Hammerman cut deals in 1977 to testify against the other two men, and Baskes ultimately was convicted and sentenced to two years in jail.
The Reno imbroglio barely dented Zell’s career, and he and Lurie continued buying up distressed properties. In an article written for a trade magazine, Zell gave himself the nickname “The Grave Dancer” to describe his preference for finding property owners in distress and taking advantage.
As real estate deals became harder to find, Zell and Lurie started targeting companies in other industries. Zell and Lurie pursued broken-down companies with a little-understood accounting item called “tax-loss carry forwards” on their books, and then they would go after more profitable firms and employ the tax losses to shield the income from them.
The duo took over bankrupt computer- and rail-car-leasing company Itel Corp. in 1985 and then borrowed huge amounts of debt to acquire well-known Chicago-area firms like Skokie electrical-equipment distributor Anixter Bros. and Great Lakes International.
Soon Zell was known as a freewheeling takeover mogul, and he acquired various other businesses through a billion-dollar vulture fund. Those businesses included drugstore chain Revco D.S., mattress maker Sealy, radio station chain Jacor, and the assets and trade name of Schwinn.
After Lurie’s death at age 48 from cancer in 1990, Zell shifted his tactics. The late-1980s real estate market softened, and Zell came to realize that he would be better served sharing risk on deals with public investors. From there, Zell began tapping into pools of funding in the stock market known as real estate investment trusts, or REITs.
By 1993, Zell had overseen initial public offerings of manufactured-home and apartment REITs, and four years later, he brought public his large portfolio of office buildings in a REIT. These IPOs significantly elevated Zell’s wealth.
Amid his success, Zell remained as outspoken as ever.
“People who deal with me know exactly where I come from, and frankly, I think that’s the most efficient way to do anything, and I think that’s why I can get as much done as I get done,” he told the Tribune in 1993.
Zell in late 2006 announced what at the time was the largest deal ever to take a public company private, selling his Equity Office Properties Trust to The Blackstone Group for $36 billion. The deal meant that numerous trophy buildings in Chicago, including the 44-story Civic Opera Building and the dual towers at 10 and 30 S. Wacker Drive, would shift from Zell’s control to a private buyout firm flush with cash.
Immediately after the deal was announced, some Wall Street analysts wondered whether Zell got as much as he could have in that transaction, the Tribune reported. Two years later, with the onset of the global financial crisis, few questioned Zell’s savviness in that deal.
Perhaps Zell’s highest-profile takeover, however, occurred in 2007 after the Tribune Co. announced it would consider restructuring, selling assets or going private in a leveraged buyout. Zell led an $8.2 billion leveraged buyout of Tribune Co., which the company’s board of directors approved.
Zell contributed $315 million of his own capital in equity to the deal, which saddled Tribune Co. with about $13 billion of debt and technically made a tax-efficient employee stock ownership plan the media company’s owner. However, the deal also gave Zell operating control of Tribune Co.
Upon the deal’s closing in December 2007, Zell insisted that he could find ways to make Tribune Co. grow.
“I became the CEO today because I felt that I needed to be a direct agent of change and I promise you won’t be disappointed in me fulfilling that objective,” Zell said.
Zell quickly started selling some assets, including the New York newspaper Newsday and the Chicago Cubs. However, with the economy declining and the newspaper business in particular struggling amid an industrywide falloff in advertising spending, Tribune Co. filed for Chapter 11 bankruptcy in December 2008.
“This filing is all about relieving the pressure on the company from too much debt,” Zell said, adding that he hoped that the company could emerge from Chapter 11 stronger and more competitive.
Zell relinquished the role of CEO but remained Tribune Co.’s chairman until the end of 2012, when the company emerged from bankruptcy and a bankruptcy judge approved a plan to transfer ownership of the company to a group of banks and hedge funds.
“Zell likely will be remembered by many largely as a caricature, the plain-spoken, pugnacious, gravel-voiced maverick with an affinity for jeans, open-collared shirts and salty language,” wrote Tribune business columnist Phil Rosenthal in 2012, upon Zell’s departure as chairman. “But in reality, it’s possible he’s just a wild-eyed optimist. Plenty of people saw eroding beachfront and storm clouds on the economic horizon well before Zell completed the Tribune Co. deal.”
Tribune Co. eventually was separated into broadcasting and publishing units. The Chicago Tribune is now owned by hedge fund Alden Global.
Zell was known for going on two-week motorcycle trips each year with associates. A resident of Chicago’s Streeterville neighborhood, he also spent time at his oceanfront home in Malibu, California.
Two previous marriages ended in divorce. Zell is survived by his third wife, Helen; a son, Matt; and two daughters, JoAnn and Kellie.
Information on services was not immediately available
Bob Goldsborough is a freelance reporter.
To purchase a death notice, visit https://placeanad.chicagotribune.com/death-notices/ . To suggest a staff-written obituary on a person of local interest, e-mail [email protected]
An assignment of contract involves transferring a real estate contract from an original party (also known as the real estate wholesaler or assignor) to a new party (also known as the assignee). It is also referred to as an "Assignment of Real Estate Purchase and Sale" agreement. This real estate transaction relinquishes all rights ...
When you get a loan for a home or real estate, there will usually be two mortgage documents. The first is a mortgage or, less commonly, ... But the new lender (sometimes called the assignee) has to send the homeowner some form of notice of the loan assignment. The document will typically provide a disclaimer about who the new lender is, the ...
A real estate assignment contract is a wholesale strategy used by real estate investors to facilitate the sale of a property between an owner and an end buyer. As its name suggests, contract assignment strategies will witness a subject property owner sign a contract with an investor that gives them the rights to buy the home. That's an ...
The assignment, sale or transfer of the servicing of the mortgage loan does not affect any term or condition of the mortgage instruments, other than terms directly related to the servicing of your loan. Except in limited circumstances, the law requires that your lender send you this notice at least 15 days before the effective date of transfer ...
Filing a notice of an assignment of a judgment in the real estate records will serve as notice to subsequent encumbrancers and purchasers of the real estate. However, such notice of assignment will not constitute notice to the judgment debtor, so as to require the debtor to pay the assignee, rather than the assignor.
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ASSIGNMENT OF LEASE AGREEMENT. WITH NOTICE OF ASSIGNMENT. FOR VALUE RECEIVED, the receipt and sufficiency of which are hereby. acknowledged, the undersigned,_____ , "Assignor", Lessor of that certain lease agreement described below, does hereby grant, bargain, sell, convey and assign unto _____ , "Assignee", all his/her right, title and interest in and to said Lease Agreement.
A form letter under New York law that an assignee of an agreement uses to provide notice to the non-assigning party to the agreement of the assignment. This Standard Document has integrated notes with important explanations and drafting tips.
In real estate terms, an assignment of contract is a way to profit from a real estate transaction without ever becoming the owner of the property. The assignment method is a standard tool in a real estate wholesaler's kit and lowers the barrier to entry for a real estate investor because it does not require the wholesaler to use much (or any ...
An assignment transfers all the original mortgagee's interest under the mortgage or deed of trust to the new bank. Generally, the mortgage or deed of trust is recorded shortly after the mortgagors sign it, and, if the mortgage is subsequently transferred, each assignment is recorded in the county land records.
Description Assignment Mortgage Real Estate. This is a letter advising the borrower that the mortgage or deed of trust executed by the borrower has been assigned to another party by the lender. All forms provided by US Legal Forms, the nations leading legal forms publisher. When you need Assignment Of Mortgage, don't accept anything less than ...
The assignment, sale, or transfer of the servicing of the mortgage loan does not affect any term or condition of the mortgage instruments, other than terms directly related to the servicing of the loan. The notice also includes the name, the business address, and the toll free number of the new servicer.
A notice of assignment of lease, which is a form signed by both the assignor-landlord and the assignee, or new landlord, is one way to give notice. Another way is to send a letter on the landlord's letterhead. Either way, the notice must include the new landlord's address and how rent is to be paid. Both landlords and tenants who become ...
Assignment Clause Examples. Examples of assignment clauses include: Example 1. A business closing or a change of control occurs. Example 2. New services providers taking over existing customer contracts. Example 3. Unique real estate obligations transferring to a new property owner as a condition of sale. Example 4.
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Zillow (Canada), Inc. holds real estate brokerage licenses in multiple provinces. § 442-H New York Standard Operating Procedures § New York Fair Housing Notice TREC: Information about brokerage services, Consumer protection notice California DRE #1522444Contact Zillow, Inc. Brokerage
Zillow (Canada), Inc. holds real estate brokerage licenses in multiple provinces. § 442-H New York Standard Operating Procedures § New York Fair Housing Notice TREC: Information about brokerage services, Consumer protection notice California DRE #1522444Contact Zillow, Inc. Brokerage
Assignment of Contracts for the Purchase of Real Estate. Effective May 16, 2016, the Real Estate Services Regulation ("Regulation") was amended to require that standard assignment terms (Standard Assignment Terms) be included in every CPS prepared by a real estate professional, except where the client provides express written instructions ...
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Read 1 Answer from lawyers to Lien on personal real estate property in Live Oak, TX no notice given on offences committed on personal home. - Texas Real Estate Law Questions & Answers - Justia Ask a Lawyer
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Despite selling a number of assets, the company filed for bankruptcy in late 2008 as the newspaper industry crashed. Zell, 81, died of an unknown cause on Thursday, according a statement released ...