Assignment of Contract Agreement Template

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A
C
SSIGNMENT OF
ONTRACT
A
GREEMENT
This Agreement (hereinafter "Agreement") is entered on this ___ day of _____________,
200__, by and between _________________________________________, located at
__________________________________ (hereinafter AAssignor") and
______________________________________, located at _____________________________
(hereinafter AAssignee@).
RECITALS
WHEREAS, Assignor is the owner of and has rights in and to a contract to purchase a
particular piece of real estate (hereinafter AContract@);
WHEREAS, Assignee desires to purchase Assignor=s rights to said Contract;
WHEREAS, Assignor has the contractual right to assign the Contract to Assignee, and
Assignee is willing to pay Assignor consideration for said assignment.
NOW THEREFORE, IT IS AGREED AS FOLLOWS:
A G R E E M E N T
1. Contract. The Contract for purchase of real estate is between Assignor as Purchaser
and __________________________________________ as Seller, dated __________________.
The real estate referred to in the Contract shall hereinafter be referenced as the AProperty@. It is
set forth in the Contract that Seller has agreed to and Assignor has the right to assign the
Contract to any person or entity.
2. Assignment. Upon the execution of this Agreement, Assignor agrees to assign all of
its rights under the Contract to Assignee.
3. Assignment Fee. As consideration for this transfer or assignment, Assignee agrees to
pay Assignor ___________________________________ dollars ($_______). This Assignment
Fee shall be paid upon the Closing of the purchase of the Property by Assignee. This Agreement
shall be provided by both parties to the escrow agent processing the Closing and the Assignment
Fee shall be set forth on the Settlement Statement for the Closing.
4. Future Assignment. Assignee does not have any further authorization to assign the
Contract without the express written consent of Assignor.
5. Term. This Assignment shall be effective for a period of ______________ (x)
Months and shall expire on ________________. If Assignee does not close on the purchase of
the Property under the terms of the Contract by this date, this Assignment shall be null and void
and Assignor shall reassume all rights and duties under the Contract.
Assignment of Contract
Page- 1
A
C
SSIGNMENT OF
ONTRACT
A
GREEMENT
This Agreement (hereinafter "Agreement") is entered on this ___ day of _____________,
200__, by and between _________________________________________, located at
__________________________________ (hereinafter AAssignor") and
______________________________________, located at _____________________________
(hereinafter AAssignee@).
RECITALS
WHEREAS, Assignor is the owner of and has rights in and to a contract to purchase a
particular piece of real estate (hereinafter AContract@);
WHEREAS, Assignee desires to purchase Assignor=s rights to said Contract;
WHEREAS, Assignor has the contractual right to assign the Contract to Assignee, and
Assignee is willing to pay Assignor consideration for said assignment.
NOW THEREFORE, IT IS AGREED AS FOLLOWS:
A G R E E M E N T
1. Contract. The Contract for purchase of real estate is between Assignor as Purchaser
and __________________________________________ as Seller, dated __________________.
The real estate referred to in the Contract shall hereinafter be referenced as the AProperty@. It is
set forth in the Contract that Seller has agreed to and Assignor has the right to assign the
Contract to any person or entity.
2. Assignment. Upon the execution of this Agreement, Assignor agrees to assign all of
its rights under the Contract to Assignee.
3. Assignment Fee. As consideration for this transfer or assignment, Assignee agrees to
pay Assignor ___________________________________ dollars ($_______). This Assignment
Fee shall be paid upon the Closing of the purchase of the Property by Assignee. This Agreement
shall be provided by both parties to the escrow agent processing the Closing and the Assignment
Fee shall be set forth on the Settlement Statement for the Closing.
4. Future Assignment. Assignee does not have any further authorization to assign the
Contract without the express written consent of Assignor.
5. Term. This Assignment shall be effective for a period of ______________ (x)
Months and shall expire on ________________. If Assignee does not close on the purchase of
the Property under the terms of the Contract by this date, this Assignment shall be null and void
and Assignor shall reassume all rights and duties under the Contract.
Assignment of Contract
Page- 1
6. Indemnification and Hold harmless. Assignee agrees to indemnify and hold
Assignor harmless for any debts or obligations that may arise from the Contract and completely
assumes Assignor=s rights and duties under the Contract.
7. Miscellaneous
a.
Successors and Assigns. All of the terms and conditions of this
Agreement are hereby made binding on the successors and permitted assigns of both parties
hereto.
b.
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF xxxxxx.
c.
Attorneys' Fees. In the event that a legal action is brought to enforce the
terms of this Agreement, the prevailing party shall be entitled to collect its costs of court,
including reasonable attorneys' fees.
d..
Interpretation. The parties acknowledge that each party and its counsel
have reviewed this Agreement and that the normal rule of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed in the
interpretation of this Agreement or any amendments of exhibits hereto.
e.
Amendments. No modification or amendment of this Agreement shall be
effective unless made in writing and executed by both Assignor and Assignee. In the event any
approval or consent is required pursuant to any provision of this Agreement, such approval or
consent shall be deemed given only if it is in writing, executed by the party whose approval or
consent is required.
f.
Further Documents. Both parties shall execute such documents hereafter
from time to time as may be required to carry out the respective obligations of the parties
hereunder.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above.
ASSIGNOR:
ASSIGNEE:
________________________________
______________________________
By:
By:
Its:
Its:
Date: _______________
Date: _______________
Assignment of Contract
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