The Real Estate Assignment Of Contract Form is essential when a buyer wishes to transfer their rights in a purchase agreement to another party. This commonly occurs in wholesale real estate transactions or when investors need to redirect their purchase rights. The document must comply with both federal and state-specific real estate laws, particularly regarding contract assignability and transfer requirements. It includes crucial details such as the original purchase agreement information, property description, assignment price, and any conditions attached to the transfer. This form is particularly important in states requiring written documentation of real estate contract assignments.
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1. Parties: Identification of assignor and assignee with complete legal names and addresses
2. Background: Details of the original purchase agreement being assigned
3. Definitions: Key terms used throughout the assignment agreement
4. Assignment: Core provision transferring rights from assignor to assignee
5. Consideration: Details of payment or other consideration for the assignment
6. Representations and Warranties: Assignor's statements regarding their right to assign and contract status
7. Governing Law: Specification of applicable state law
1. Seller's Consent: Required if original contract prohibits assignment without seller's consent
2. Broker Provisions: Addressing real estate broker compensation and commission arrangements
3. Conditions Precedent: Specific conditions that must be met before assignment becomes effective
1. Original Purchase Agreement: Copy of the contract being assigned
2. Property Description: Legal description of the subject property
3. Seller's Consent Document: If required, written consent from original seller
4. Due Diligence Documents: Relevant property inspections, reports, or disclosures
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