Assignment of Contract This Assignment is made on
BETWEEN (Seller of the Contract)
referred to as “ASSIGNOR”
AND (Buyer of the Contract)
referred to as “ASSIGNEE”
Whereas, the ASSIGNOR entered into that certain Contract date ,
a copy of which is attached hereto for the purchase of property located at
and whereas the ASSIGNEE desires to purchase the said Contract for $ in accordance with the terms of said Contract.
Now, therefore, the parties hereby covenant and agree to the following:
1. The ASSIGNOR hereby assigns all rights, interests, and any escrow or earnest money placed on deposit (by the ASSIGNOR under the terms of the subject Contract) in and to the above mentions ASSIGNEE and in consideration thereof, the ASSIGNEE agrees to deposit to ASSIGNOR’s escrow agent ____________________________________________________, at the time of
execution of the Assignment of Contract, the sum of $ _________________________________ .
Said funds to be released to ASSIGNOR immediately upon closing of title.
2. The ASSIGNEE hereby agrees to accept the said terms and conditions of said Contract and this Assignment of Contract.
3. ASSIGNEE must close title on the property subject to the Contract by _______________, 20___.
If Seller of property subject to said Contract is ready, willing and able to close title on the above date but ASSIGNEE fails to close title on or before said date, ASSIGNEE will pay ASSIGNOR a per diem of$50.00 until and including date of closing.
4. ASSIGNEE hereby agrees to close title on the property subject to the Contract with ASSIGNEE’s Attorney/ ASSIGNOR’s Attorney ___________________________________________ .
and pay any and all attorney’s fees and costs associated with closing.
5. ASSIGNEE hereby agrees to utilize the ASSIGNOR’s Title Insurance Company:
6. ASSIGNEE understands and agrees to close title of said property with “ALL CASH” and that the closing of title is not subject to the acquisition of independent financing. ASSIGNEE represents that he/she has sufficient funds available to close title on the date set forth herein above.
7. If Seller is ready, willing and able to close title on or before the above referenced date, but ASSIGNEE fails and/or refuses to close title on or before said date, the parties hereby agree that the monies deposited with ASSIGNOR’s escrow agent will be considered liquidated damages. These monies will be paid to ASSIGNOR as liquidated damages and will not be considered a penalty. These liquidated damages are to compensate ASSIGNOR for ASSIGNEE’s breach of the Contract and this Assignment of Contract. Upon ASSIGNEE’s failure to close title, escrow agent is hereby authorized to immediately release all funds held in escrow to ASSIGNOR without further notice.
8. In the event that ASSIGNEE fails and/or refuses to close title as set forth in paragraph six (6) above, ASSIGNOR will have the right and obligation to close title on the subject property and ASSIGNEE will automatically forfeit all rights, title and interest in said Contract and this Assignment of Contract.
9. ASSIGNEE has had an opportunity to inspect the subject property and acknowledges and accepts said property in “AS IS” condition at the time of closing, including any defects, known or unknown. ASSIGNEE also acknowledges that ASSIGNOR has not made any warranties whatsoever, either expressed or implied, related to the condition of the subject property.
10. No amendment or waiver of any provision of the Assignment of Contract nor consent to any departure by the ASSIGNEE, shall be effective unless the same shall be in writing and signed by the parties, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it is given.
11. The ASSIGNEE has three (3) business days from the above said date to review the Contract and this Assignment of Contract. This Assignment of Contract will be legally binding at the end of said three (3) business days unless ASSIGNEE disapproves the Contract and/or this Assignment of Contract and said disapproval is submitted in writing via certified mail, return receipt requested, to ASSIGNOR at _______________________________________________ .
Upon ASSIGNOR receiving notice of disapproval, ASSIGNEE will be entitled to immediately refund of all monies deposited with ASSIGNOR’s escrow agent.
IN WITNESS THEREOF, each of the parties hereto has executed this Agreement for the purposes contained herein on the year and day first above written.
ASSIGNOR
BY:
WITNESS ASSIGNEE
BY: BY:
ASSIGNEE
BY: This document and accompanying materials are designed to provide authoritative information in regard to the subject matter covered in it. It is for illustration purposes only and presented with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional opinions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. |
