The Assignment Of Real Estate Purchase And Sale Agreement is utilized when an original buyer wishes to transfer their contractual rights and obligations to a new buyer before closing. This document is commonly used in real estate investment scenarios, contract flipping, or when the original buyer cannot or chooses not to proceed with the purchase. The assignment must comply with U.S. state-specific real estate laws and typically includes details of the original purchase agreement, consideration for the assignment, and any conditions or limitations on the transfer. It's essential to verify that the original purchase agreement permits assignment and whether seller consent is required.
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1. Parties: Identification of Assignor, Assignee, and original seller/buyer from the Purchase Agreement
2. Background: Details of the original Purchase Agreement and circumstances leading to assignment
3. Definitions: Key terms used throughout the agreement including Property, Purchase Agreement, Closing Date
4. Assignment: Core provision transferring rights and obligations under the Purchase Agreement
5. Consideration: Details of payment or other consideration for the assignment
6. Representations and Warranties: Assignor's statements regarding authority, title, and status of Purchase Agreement
7. Further Assurances: Commitment to execute additional documents and take necessary actions to effectuate the assignment
8. Governing Law: Specification of the state law governing the agreement
9. Execution: Signature blocks for all parties
1. Consent to Assignment: Required if original Purchase Agreement requires seller's consent to assignment
2. Environmental Matters: Specific provisions regarding environmental liabilities and disclosures
3. Broker Provisions: Provisions regarding real estate broker involvement and commissions
4. Release of Assignor: Provisions releasing assignor from future obligations under the Purchase Agreement
5. Conditions Precedent: Specific conditions that must be met before assignment becomes effective
1. Schedule A - Original Purchase Agreement: Complete copy of the original Purchase and Sale Agreement being assigned
2. Schedule B - Property Description: Legal description of the property being transferred
3. Schedule C - Seller's Consent: Written consent from original seller if required by the Purchase Agreement
4. Schedule D - Assignment Consideration: Detailed payment terms and schedule for the assignment if complex
5. Schedule E - Outstanding Obligations: List of any remaining obligations under the Purchase Agreement
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