Updated on April 17th, 2023
A real estate assignment contract allows a real estate buyer to transfer their purchasing rights and responsibilities to someone else before the closing date. Typically, the new buyer pays a fee to the original buyer for the assignment. The form specifies the amount and due date of the assignment fee (if applicable), as well as all other details of the transaction, including the new buyer’s liabilities, payment requirements, and rights under the purchase agreement.
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REAL ESTATE ASSIGNMENT CONTRACT
1. THE PARTIES. This Real Estate Assignment Contract (“Assignment”) is entered into on [MM/DD/YYYY] (“Effective Date”), by and between:
Assignor: [ASSIGNOR’S NAME] (“Assignor”) with a mailing address of [ADDRESS], and
Assignee: [ASSIGNEE’S NAME] (“Assignee”) with a mailing address of [ADDRESS].
The Assignor and Assignee are each referred to herein as a “Party” and, collectively, as the “Parties.”
2. ORIGINAL AGREEMENT. The Assignor is the purchasing party to that certain purchase and sale agreement, dated [MM/DD/YYYY], for the real property located at [PROPERTY ADDRESS], and as more particularly described therein (“Original Agreement”).
3. ASSIGNMENT. The Assignor hereby transfers, assigns, and sets over to the Assignee all contractual rights, title, interests, and obligations in and to the Original Agreement on the Effective Date, pursuant to the terms of the Original Agreement
4. CONSIDERATION. For the sum of any dollar amount stipulated herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree to the following: [DESCRIBE PAYMENT OR OTHER CONSIDERATION].
5. ASSUMPTION. By executing this Assignment, the Assignee accepts and assumes the transfer and ownership of all liabilities, obligations, and claims that currently exist or may in the future regarding the Assignment. As of the Effective Date, the Assignee agrees to comply with and assume all terms, payments, conditions, covenants, and any other duties and obligations as part of this Assignment and those set forth in the Original Agreement.
6. REPRESENTATIONS. The Parties acknowledge that they have a full understanding of the terms of this Assignment. The Assignor further warrants and represents that they own the rights transferred in this Assignment and has prior consent to execute this Assignment under the terms of the Original Agreement or otherwise through the written consent of the selling party under the Original Agreement; in the latter case, the written and signed consent of said party shall be attached to this Assignment. The Parties agree to provide and complete any obligations under this Assignment and the Original Agreement.
Assignor Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [ASSIGNOR’S NAME]
Assignee Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [ASSIGNEE’S NAME]