Real Estate Wholesale Assignment Contract for the United States

Real Estate Wholesale Assignment Contract Template for United States

A Real Estate Wholesale Assignment Contract is a legal document used in the United States that transfers the rights and obligations of a property purchase contract from one party (assignor) to another (assignee). This document is commonly used in wholesale real estate transactions where an investor contracts to purchase a property and then assigns their rights to another buyer for a fee. The contract must comply with federal and state-specific real estate laws, including disclosure requirements and the Statute of Frauds.

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What is a Real Estate Wholesale Assignment Contract?

The Real Estate Wholesale Assignment Contract serves as a crucial tool in the U.S. real estate wholesale market, allowing investors to transfer their contractual rights to purchase property to other buyers. This document is essential when an original buyer has secured a property under contract but wishes to assign their purchase rights to another party for a fee. It includes specific terms about the assignment, consideration, representations and warranties, and must comply with both federal and state-specific real estate laws. The contract is particularly useful for real estate wholesalers who find undervalued properties and connect them with end buyers.

What sections should be included in a Real Estate Wholesale Assignment Contract?

1. Parties: Identification of original buyer (assignor) and new buyer (assignee)

2. Background: Context of the original purchase agreement and intent to assign

3. Definitions: Key terms used throughout the contract including Property, Original Purchase Agreement, Assignment Fee

4. Assignment: Core terms of the assignment including rights and obligations being transferred

5. Consideration: Assignment fee and payment terms

6. Representations and Warranties: Statements of fact by both parties regarding their authority, the property, and the original agreement

7. Closing and Settlement: Terms related to the completion of the assignment transaction

8. Governing Law: Specification of jurisdiction and applicable laws

What sections are optional to include in a Real Estate Wholesale Assignment Contract?

1. Due Diligence Period: Timeline and conditions for assignee to conduct property investigations and verify condition

2. Financing Contingency: Conditions related to assignee's ability to secure funding for the purchase

3. Assignment Restrictions: Limitations on further assignment of rights and obligations

4. Default and Remedies: Consequences and remedies in case of breach by either party

What schedules should be included in a Real Estate Wholesale Assignment Contract?

1. Schedule A - Original Purchase Agreement: Complete copy of the original purchase agreement being assigned

2. Schedule B - Property Description: Detailed legal description of the subject property

3. Schedule C - Due Diligence Documents: Property inspection reports, surveys, title reports, and other relevant documentation

4. Schedule D - Assignment Fee Schedule: Detailed breakdown of assignment fees and payment terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Publisher

Genie AI

Cost

Free to use
Industries

Interstate Land Sales Full Disclosure Act: Federal law requiring full disclosure in land sales transactions, protecting buyers in real estate transactions across state lines

Truth in Lending Act: Federal regulation requiring disclosure of credit terms and financing details in real estate transactions where applicable

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on race, color, religion, sex, nationality, disability, or familial status

State Real Estate License Laws: State-specific regulations determining whether wholesalers must hold real estate licenses to conduct assignment transactions

State Property Laws: State-specific laws governing real property rights, transfers, and obligations

State Contract Laws: State-specific regulations governing contract formation, validity, and enforcement

Statute of Frauds: Legal requirement that real estate contracts must be in writing to be enforceable

State Real Estate Commission Regulations: Regulatory requirements set by state real estate commissions governing real estate transactions and assignments

Local Zoning Regulations: Municipal and county-level rules governing property use and transfers

Assignment Clause Requirements: Legal requirements for creating valid assignment provisions in real estate contracts

Disclosure Requirements: State-mandated disclosures specific to wholesale transactions and assignments

Double Closing Regulations: Rules governing simultaneous or near-simultaneous closing transactions in wholesale deals

Equitable Interest Transfer Rules: Regulations governing the transfer of equitable interest in real estate assignments

Consumer Protection Statutes: State and federal laws protecting consumers in real estate transactions from unfair or deceptive practices

Anti-Fraud Provisions: Legal requirements designed to prevent fraudulent activities in real estate assignments and transfers

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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