The Real Estate Assignment Contract (Real Estate) serves as a crucial instrument in property transactions where the original buyer wishes to transfer their contractual rights to a new party. Commonly used in wholesale real estate transactions and investment scenarios, this document outlines the terms under which the assignor transfers their rights and obligations to the assignee. In the United States, these contracts must comply with state-specific real estate laws, the Statute of Frauds, and local recording requirements. The document typically includes details about the original purchase agreement, consideration for the assignment, and any conditions or limitations on the transfer of rights.
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1. Parties: Identification of assignor and assignee with full legal names and addresses
2. Background: Context of the original purchase agreement and reason for assignment
3. Definitions: Key terms used throughout the agreement including Property, Original Purchase Agreement, Assignment Date
4. Assignment: Core terms of the transfer of rights and obligations from assignor to assignee
5. Consideration: Details of payment or other consideration for the assignment, including payment terms and method
6. Representations and Warranties: Statements of fact by both parties regarding their capacity, authority, and status of the original agreement
7. Execution: Signature blocks, notarization requirements, and execution date
1. Due Diligence Period: Optional section specifying timeline and conditions for assignee to review property details and documentation
2. Seller's Consent: Section addressing the original seller's approval of assignment, when required by original purchase agreement
3. Earnest Money Transfer: Provisions regarding the transfer or handling of existing earnest money deposits from the original agreement
1. Schedule A - Original Purchase Agreement: Complete copy of the original purchase agreement being assigned
2. Schedule B - Property Description: Legal description and details of the subject property
3. Schedule C - Seller's Consent Document: Written consent from original seller, if required
4. Schedule D - Due Diligence Documents: Collection of relevant property information, reports, and documentation
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