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;

(e) Assignor is not in breach of any term or condition of the Original Contract;

(f) Assignor has disclosed all material communications, inspections, appraisals, and contingency information received to date.

Representations and Warranties of Assignee

Assignee represents and warrants to Assignor:

(a) Assignee has the financial ability and intent to close the purchase;

(b) Assignee has reviewed the Original Contract and all material disclosures;

(c) Assignee shall obtain all necessary financing and satisfies all lender requirements;

(d) Assignee accepts the property in "as-is" condition, subject only to contingencies stated in the Original Contract.

Conditions and Contingencies

7.1 Pass-Through. All contingencies, inspection periods, appraisal conditions, and financing contingencies in the Original Contract remain in full force and are for the sole benefit of Assignee. Assignee has [number] days from the Effective Date to satisfy or waive contingencies as permitted under the Original Contract.

7.2 Title. Assignee shall be entitled to receive the same title commitment and survey (if any) provided or available under the Original Contract. Assignee shall have the right to object to title defects within the timeframe specified in the Original Contract.

Indemnification

8.1 Assignor Indemnification. Assignor shall indemnify, defend, and hold harmless Assignee from any breach of this Agreement or the Original Contract by Assignor, including any failure by Assignor to perform obligations prior to assignment.

8.2 Assignee Indemnification. Assignee shall indemnify, defend, and hold harmless Assignor from any breach of this Agreement or the Original Contract by Assignee occurring after the Effective Date of this Agreement.

Closing and Post-Closing

9.1 Closing Date. Closing shall occur on the date specified in the Original Contract, or as otherwise agreed by the parties and the Seller.

9.2 Closing Deliverables. At closing, Assignor and Assignee shall execute all documents reasonably required to effectuate the assignment and closing, including an Assignment Addendum acknowledging Assignee as the buyer of record.

9.3 Seller Consent. If required by the Original Contract, Assignor and Assignee shall use reasonable efforts to obtain Seller's written consent to this assignment. If Seller consent is required and not obtained, this Agreement shall terminate and the Assignment Fee shall be refunded to Assignee.

Dispute Resolution and Governing Law

10.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of [Governing Law/State], without regard to conflicts of law principles.

10.2 Venue. Any dispute arising from this Agreement shall be subject to the exclusive jurisdiction of the state and federal courts located in [County/State].

10.3 Entire Agreement. This Agreement, together with the Original Contract and any exhibits, constitutes the entire agreement between the parties regarding this assignment and supersedes all prior negotiations and understandings.

Notices

Any notices required under this Agreement shall be in writing and delivered in person, by email, or by certified mail to the addresses below:

Assignor: [Assignor Name]
[Assignor Address]
Email: [Assignor Email]
Phone: [Assignor Phone]

Assignee: [Assignee Name]
[Assignee Address]
Email: [Assignee Email]
Phone: [Assignee Phone]

Signatures

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

Exhibit A: Acknowledgment of Assignment (For Seller)