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Free Assignment Contract (Real Estate)

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Free Assignment Contract (Real Estate)

"I need a Free Assignment Contract (Real Estate) to transfer my rights under a purchase agreement for a commercial property in Florida to my LLC, with the assignment to be effective from March 15, 2025, and no consideration being paid."

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Document background

The Free Assignment Contract (Real Estate) is utilized when a party wishes to transfer their rights and obligations under a real estate contract to another party without receiving payment or other consideration. This document is commonly used in wholesale real estate transactions, investment strategies, or when restructuring property ownership. It must comply with both federal and state-specific real estate laws, including the Statute of Frauds and recording requirements. The contract typically includes detailed property descriptions, terms of assignment, and any necessary consents from the original contract parties.

Suggested Sections

1. Parties: Identification of assignor and assignee with full legal names and addresses

2. Background: Context of the assignment and description of the original contract being assigned

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed legal description of the property being assigned

5. Assignment Terms: Specific terms of the assignment including rights and obligations being transferred

6. Consideration: Details of any payment or value exchange for the assignment

7. Execution: Signature blocks and notarization requirements

Optional Sections

1. Parties: Identification of assignor and assignee with full legal names and addresses

2. Background: Context of the assignment and description of the original contract being assigned

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed legal description of the property being assigned

5. Assignment Terms: Specific terms of the assignment including rights and obligations being transferred

6. Consideration: Details of any payment or value exchange for the assignment

7. Execution: Signature blocks and notarization requirements

Suggested Schedules

1. Original Contract: Copy of the original contract being assigned

2. Property Documents: Title documents, surveys, or other property-related documentation

3. Due Diligence Materials: Reports, inspections, or other relevant property information

4. Consent Documents: Any required third-party consents to the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Clauses































Industries

State-Specific Real Estate Laws: Each state has unique real estate laws and regulations, including specific requirements for property transfers and state recording requirements. These must be carefully considered as they vary by jurisdiction.

Statute of Frauds: Legal requirement that real estate contracts must be in writing, include essential terms and signatures, and comply with UCC requirements.

Federal Laws: Key federal regulations including the Interstate Land Sales Full Disclosure Act, Fair Housing Act, and Real Estate Settlement Procedures Act (RESPA).

Contract Law Basics: Fundamental contract elements including consideration requirements, capacity of parties, and proper offer and acceptance components.

Property Law Requirements: Essential property law elements including legal description requirements, chain of title considerations, and existing encumbrances and liens.

Local Regulations: Municipal and county-level requirements including zoning laws, local transfer requirements, and specific recording procedures.

Tax Considerations: Financial and tax implications including transfer taxes, capital gains implications, and ongoing property tax obligations.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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