The Real Estate Contract Assignment Agreement is employed when an original buyer wishes to transfer their rights and obligations under a purchase agreement to a new buyer before closing. This practice is common in real estate wholesaling, investment strategies, and when buyers are unable to complete their original purchase obligations. The agreement must adhere to state-specific real estate laws and federal regulations, including RESPA and TILA requirements. It typically includes assignment terms, consideration, representations, warranties, and may require original seller approval depending on the jurisdiction and original contract terms.
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1. Parties: Identification of assignor, assignee, and original seller/buyer
2. Background: Details of the original purchase agreement and reasons for assignment
3. Definitions: Key terms used throughout the agreement
4. Assignment and Assumption: Core terms of the assignment transaction
5. Consideration: Payment terms for the assignment
6. Representations and Warranties: Statements of fact and guarantees by both parties
7. Closing and Effective Date: Timeline and conditions for completing the assignment
1. Due Diligence: Terms for property inspection and review period when assignee requires investigation period
2. Original Seller's Consent: Acknowledgment from original seller when original contract requires consent for assignment
3. Broker Provisions: Terms relating to real estate brokers when brokers are involved in the assignment
1. Original Purchase Agreement: Copy of the contract being assigned
2. Property Description: Legal description of the subject property
3. Assignment Consideration Schedule: Detailed payment terms and schedule
4. Due Diligence Documents: Property reports, inspections, and related documents
Relevant legal definitions
Agreement
Assignment
Assignor
Assignee
Original Purchase Agreement
Original Seller
Property
Assignment Date
Closing Date
Assignment Fee
Earnest Money Deposit
Due Diligence Period
Due Diligence Materials
Effective Date
Encumbrances
Permitted Exceptions
Purchase Price
Real Property
Rights and Obligations
Title Company
Transaction Documents
Business Day
Confidential Information
Default
Force Majeure
Governing Law
Notices
Parties
Successor and Assigns
Term
Clauses
Assignment and Assumption
Consideration
Representations and Warranties
Rights and Obligations
Consent
Due Diligence
Property Transfer
Title and Ownership
Earnest Money
Closing Conditions
Indemnification
Default and Remedies
Notice Requirements
Confidentiality
Assignment Restrictions
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Amendment
Waiver
Counterparts
Time of Essence
Further Assurances
Survival
Attorney Fees
Broker Provisions
Relevant Industries
Relevant Teams
Relevant Roles
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