The Assignment Of Residential Purchase Contract is a crucial document in U.S. real estate transactions where the original buyer needs to transfer their contractual rights to a new buyer. This situation commonly arises in wholesale real estate transactions, investment properties, or when personal circumstances prevent the original buyer from completing the purchase. The document ensures legal compliance with state-specific real estate laws, maintains the original contract terms, and protects all parties' interests. It typically includes assignment terms, consideration details, representations and warranties, and may require original seller approval depending on the jurisdiction and original contract terms.
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1. Parties: Identification of Assignor and Assignee, including full legal names and addresses
2. Background: Details of original purchase contract, property description, and reason for assignment
3. Definitions: Key terms used in the assignment agreement including 'Original Purchase Agreement', 'Property', 'Assignor', 'Assignee', and 'Closing Date'
4. Assignment and Assumption: Core provisions transferring rights and obligations from Assignor to Assignee
5. Consideration: Details of payment or value exchanged for the assignment
6. Representations and Warranties: Statements of fact by both parties regarding their authority, contract validity, and absence of conflicts
7. Governing Law: Specification of applicable state law governing the assignment
8. Execution: Signature blocks and notary provisions
1. Seller's Consent: Include when original purchase contract requires seller approval for assignment
2. Broker Provisions: Include when real estate brokers are involved in the assignment transaction
3. Financing Contingencies: Include when assignment depends on assignee obtaining specific financing
4. Further Assurances: Include when parties need to specify future cooperative actions
5. Assignment Fee: Include when there is a separate fee structure beyond the purchase price assumption
1. Schedule A - Original Purchase Contract: Complete copy of the original purchase contract being assigned
2. Schedule B - Property Description: Legal description of the subject property
3. Schedule C - Seller's Consent: Written consent from original seller if required by original contract
4. Schedule D - Assignment Payment Terms: Detailed breakdown of assignment fees and payment schedule if applicable
Relevant legal definitions
Clauses
Assignment and Assumption
Consideration
Representations and Warranties
Conditions Precedent
Consent Requirements
Notice
Further Assurances
Indemnification
Governing Law
Dispute Resolution
Amendment and Modification
Severability
Entire Agreement
Assignment Restrictions
Release of Assignor
Title Transfer
Property Condition
Due Diligence
Closing Conditions
Survival
Counterparts
Binding Effect
Consideration
Representations and Warranties
Conditions Precedent
Consent Requirements
Notice
Further Assurances
Indemnification
Governing Law
Dispute Resolution
Amendment and Modification
Severability
Entire Agreement
Assignment Restrictions
Release of Assignor
Title Transfer
Property Condition
Due Diligence
Closing Conditions
Survival
Counterparts
Binding Effect
Relevant Industries
Relevant Teams
Relevant Roles
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