Assignment of Real Estate Purchase and Sale Agreement

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Assignment of Real Estate Purchase and Sale Agreement

Also known as: Assignment of Sale, Assignment Agreement

Assignment of Real Estate Purchase and Sale Agreement

An Assignment of Sale is simply the assignment of a sales contract that was entered into by two parties at an earlier date.

This is not a transfer of the property itself, but merely a transfer of the right to purchase that property from the original purchaser to a new purchaser.

Assignments of sale are very common during the construction stage of many new developments and allow an original purchaser the opportunity to resell their right to purchase a property before having to complete the sale of that property.

Assignment of Real Estate Purchase and Sale Agreement/partial sample

THIS ASSIGNMENT is made this _____ day of ______, 20 ___ by __________ ("Assignor") to __________ ("Assignee").

W I T N E S S E T H :

WHEREAS, Assignor has entered into a certain Real Estate Purchase and Sale Agreement with __________ as "Seller" and Assignor as "Buyer" which Agreement was executed on __________, by said Assignor and on __________, by said Seller for the purchase and sale of certain real property being, lying and situate in _____County, __________, and more particularly described in said Agreement, copy of said Agreement being attached hereto as Exhibit "A"; and,

WHEREAS, Assignor desires to assign, transfer, sell and convey to Assignee all of Assignor's right, title and interest in, to and under said Real Estate Purchase and Sale Agreement; and...

Items covered in the Assignment of Real Estate Purchase and Sale Agreement

Assignor

Assignee

Property

Terms

Compensation

Agreement Termination

Buying an Assignment

Buying an Assignment of Sale is quite different than your normal real estate transaction. In this transaction you are actually purchasing a contract from the original owner of that contract and assuming all of their rights and obligations.

Here is an example of how Assignment of Sale might work:

Original Purchase Price:$250,000
(as agreed upon in the original Contract of Purchase & Sale)

New Purchase Price: $295,000
(as agreed upon by the original owner and the new owner)

Difference /Assignment Fee: $45,000
(paid to the original owner of the Contract of Purchase & Sale)

Once the Assignment Fee is paid from the new owner to the old owner that new owner is then obligated to pay the original purchase price of the property as per the terms of the original Purchase and Sale Agreement to the developer.

Save yourself time, expense, and headache by thoroughly checking out your agreement!

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