ASSIGNMENT OF CONTRACT,
ASSIGNMENT OF CONTRACT
Get possession of property through Free Assignment of contract form
Assignments are quite common in contracts law. The Free Assignment of contract form will urge for three parties so that you can surely get into the contract. Assignee, assignor and obligor are three main parties who need to be a part of this agreement.
Assignment can easily be found in different contractual situations. An assignment is regarded to be a transfer of property or the right from one party to another. You will come across with two different types of assignment.
When we say about contract assignment is usually signifies when one of the parties to contract offers obligations and again benefits of contract to another party. The party can assign the benefit of contract and also retain obligations. This is known as assignment of rights.
There are few situations in which the assignment of contract may not be followed. Contract language, which is also referred as anti-assignment clause can restrict from signing of the assignment. Secondly, if the assignment tends to affect performance under contract and also decreases value or return anticipated courts will unlikely enforce the arrangements.
Before signing the contract, it is necessary to check anti-assignment clauses available. If the contract states, “this agreement may not be assigned”, then you will only be eligible to sign contract under the other party consent.
Printable real estate form gives authority to go through contract before entering into an agreement. The assignment will not always relieve assignor of liability. You might come across with contracts that includes guarantee, regardless of assignment. The actual parties need to give guarantee on performance that would fulfill terms of contract.
Purchase & Sale Agreement: In reference to the ATTACHED contract for purchase and sale, concerning the property described as__________________________________________________, County of___________________District_____________Land Lot__________, dated_________________________between Buyer (also referred to hereafter as Assignor):_____________________, and Seller:__________________, with purchase price of_____________________dollars ($ )._____________________
Assignment and Fee: Assignor hereby assigns all rights to said contract for purchase and sale of real estate to Buyer/Assignee: for a grand total cost to Buyer/Assignee of dollars ($ ). Buyer/Assignee agrees to purchase and close on this property on or before and to fulfill all conditions and terms of said purchase contract and of this Assignment of Contract.
Financial Summary & Settlement Statement Recap:
101. Purchase Agreement Price to be Paid to Seller $_______________
201. Credit from Seller at Closing for Earnest Money Paid by Assignor $_______________
808. Assignment Fee to Assignor + $________________
Reimbursement to Assignor for Earnest Money Paid to Seller + $_________________
Less Earnest Money Paid by Assignee to Assignor – $_________________
Total to be Paid to Assignor at Closing ** = $
**Please show this amount on Settlement Statement as “Assignment Fee” and make proceeds check payable to .
Proof of Funding: Assignor, at his sole discretion, reserves the right to terminate this Assignment if proof of funding in the form of approval letter from Lender and evidence of additional cash required to close is not received by Assignor by 5:00 PM on .
Earnest Money: This agreement is NOT BINDING upon Assignor until Assignor has received earnest money of One Thousand dollars ($1,000.00) from the Buyer/Assignee and the funds have cleared the bank. Earnest money will be held by .
Initials: [ ] Buyer/Assignee’s earnest money is NON-refundable, AND Buyer/Assignee has a binding Assignment (we will turn away any other offers; this locks in your price). – OR –
Initials: [ ] Buyer/Assignee’s earnest money is refundable until proof of funding is received after which it becomes non-refundable. Assignor will be able to continue marketing the house until the earnest money is non-refundable. If a better offer is received by Assignor, then Buyer/Assignee will have 12 hours to match that offer and make their earnest money non-refundable, otherwise the Assignor may declare this Assignment null & void and earnest money will be refunded.
Default & Special Provisions: If Assignor, or Seller fails to perform, then the Buyer/Assignee will be entitled to the return of the earnest money deposit as full liquidated damages. Earnest money is non-refundable for any other reason except as otherwise stated in this Assignment. Buyer/Assignee agrees to fulfill all conditions and terms of said purchase contract and of this Assignment of Contract and if Buyer/Assignee fails to perform, then Assignor may retain all of the earnest money deposit as specified above. In the event this agreement is placed in the hands of an attorney for enforcement, the prevailing party shall be entitled to recover court costs and attorney fees.
Cross Default: If Buyer/Assignee has entered into any other purchase agreements with Assignor’s other properties and defaults on any provisions of this agreement or those agreements, then this Agreement shall also be considered in default and, at the option of Assignor, this Agreement may be voided.
All parties agree that fax signatures/initials are legal & binding. This Assignment shall become null and void if not signed by Buyer and received/returned to the Assignor by .
This Agreement and the underlying, attaching Purchase and Sales Agreement CANNOT be assigned or ‘flipped’ to any other buyer for this closing. If this contingency is violated, the Assignor has the option to terminate this agreement and keep the Buyer/Assignee’s earnest money. The undersigned Buyer/Assignee must be the final end-user/buyer.
Special Stipulations: The following stipulations or exhibits, if conflicting with any other paragraph, shall control:
_________________________ ___________ _______________________
Buyer/Assignee: Date Assignor: Date
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