Assignment of Contract for purchase of property
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This is an assignment of property sale and purchase contract. It should be a part of a wholesale real estate contract, which is usually used for the sale of distressed property. Thus, this contract should be used with the "Property sale and purchase contract". In this contract, the wholesaler acts as a purchaser. This template is drafted in neutral form.
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Document Description
This is an assignment of property sale and purchase contract. It should be a part of a wholesale real estate contract, which is usually used for the sale of distressed property. Thus, this contract should be used with the "Property sale and purchase contract". This template is drafted in neutral form.
The assignor (wholesaler) assigns the property sale and purchase contract to the assignee (end purchaser). The obligations and rights of the Property sale and purchase contract will be transferred to the assignee. The assignee will also indemnify the assignor of any liability arising from their contractual performance.
How to use this document?
This agreement should be carefully read by the vendor, assignee and assignor.
All parties should sign and return a copy, and once signed, all parties should get a copy. To avoid any future disputes, all parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
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