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.
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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
1. Representations and Warranties: Statements of fact by parties about their authority and the property
2. Indemnification: Protection against future claims or losses
3. Governing Law: Specification of which state's laws govern the agreement
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
Relevant legal definitions
Agreement
Assignor
Assignee
Assignment Date
Closing Date
Contract Rights
Effective Date
Original Contract
Original Seller
Parties
Property
Purchase Price
Real Property
Recording Office
Subject Property
Title Company
Transaction Documents
Transfer Date
Permitted Assigns
Encumbrances
Liens
Business Day
Governmental Authority
Law
Notice
Person
Clauses
Assignment and Transfer
Consideration
Property Description
Due Diligence
Representations and Warranties
Covenants
Title Transfer
Recording Requirements
Indemnification
Further Assurances
Assumption of Obligations
Notices
Governing Law
Jurisdiction
Severability
Entire Agreement
Amendment
Waiver
Assignment Rights
Successors and Assigns
Counterparts
Third-Party Rights
Force Majeure
Default and Remedies
Survival
Time of Essence
Real Estate Specific Provisions
Property Access
Insurance
Compliance with Laws
Relevant Industries
Relevant Teams
Relevant Roles
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