Real Estate Assignment Contract

Real Estate Assignment Contract

This Real Estate Assignment Contract (the "Agreement") is made effective as of [Effective Date], by and between [Assignor Name] ("Assignor"), and [Assignee Name] ("Assignee").

Recitals

WHEREAS, Assignor is the buyer under that certain Purchase Agreement dated [Original Contract Date] (the "Original Contract"), for the purchase of the property described below; and

WHEREAS, Assignor desires to assign to Assignee all of Assignor's right, title, and interest in and to the Original Contract, and Assignee desires to accept such assignment, upon the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:

Property Description

The property subject to this assignment is located at:

[Full Property Address including Street, City, State, ZIP Code]

Legal Description: [Legal Description or parcel/lot number]

Original Purchase Contract

Assignor is currently the buyer under the Original Contract with the following details:

Seller: [Original Seller Name]

Purchase Price: [Original Purchase Price]

Original Contract Date: [Date]

Earnest Money Deposit: [Amount]

Closing Date: [Target Closing Date or "as stated in Original Contract"]

Assignment of Rights and Obligations

3.1 Assignment. Assignor hereby assigns, transfers, and sets over to Assignee all of Assignor's right, title, and interest in and to the Original Contract, including all rights to purchase the Property and all benefits and privileges arising from the Original Contract.

3.2 Assumption of Obligations. Assignee hereby assumes and agrees to be bound by all terms, covenants, and conditions of the Original Contract. Assignee acknowledges receipt of a copy of the Original Contract and agrees to comply with all deadlines, contingencies, and requirements therein. Assignor shall remain jointly and severally liable for performance of the Original Contract unless the Seller consents in writing to a novation or release.

3.3 Earnest Money. The earnest money deposit held by the listing agent or title company shall be applied to the purchase at closing. [Assignee/Assignor] shall be responsible for any additional earnest money required under the Original Contract.

Assignment Consideration

4.1 Assignment Fee. In consideration for this assignment, Assignee agrees to pay Assignor an assignment fee (the "Assignment Fee") of $[Assignment Fee Amount] at closing.

4.2 Payment. The Assignment Fee shall be paid to Assignor via [wire transfer/cashier's check/other method] at or before closing. The Assignment Fee is separate from and in addition to the Original Purchase Price.

4.3 No Proration. The Assignment Fee is fully earned upon execution of this Agreement and shall not be prorated or refunded if Assignee fails to close.

Representations and Warranties of Assignor

Assignor represents and warrants to Assignee:

(a) Assignor has full power and authority to enter into this Agreement and to assign the Original Contract;

(b) The Original Contract is valid, binding, and in full force and effect, and a true and complete copy is attached or has been provided to Assignee;

(c) Assignor has not assigned the Original Contract to any other party;

(d) All earnest money deposits have been properly held and accounted for;

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