This template is provided for educational purposes only and is not legal advice. Real estate contracts are governed by state law. Have a licensed attorney in the property's state review and adapt this document before use.
Assignment of Real Estate Purchase and Sale Agreement
This Assignment of Real Estate Purchase and Sale Agreement (the "Assignment") is made and entered into on ____________ (the "Effective Date") by and between ____________________ ("Assignor") and ____________________ ("Assignee").
Property: ______________________________________________ (the "Property"), APN ______________.
Underlying Agreement: that certain Purchase and Sale Agreement dated ____________ between Assignor, as buyer, and ____________________, as seller (the "Agreement").
Terms
1. Assignment
Assignor hereby assigns, transfers, and conveys to Assignee all of Assignor's right, title, and interest in and to the Agreement, including all rights to purchase the Property described therein.
2. Assignment Fee
In consideration of this Assignment, Assignee shall pay Assignor a non-refundable assignment fee of $____________ (the "Assignment Fee"), payable at closing through the closing agent and shown on the settlement statement.
3. Earnest Money
Assignee shall deposit $____________ in earnest money with the closing agent within ______ business days of the Effective Date. Assignor's existing earnest money deposit of $____________ shall be [reimbursed to Assignor at closing / credited to Assignee].
4. Assumption
Assignee accepts this Assignment and assumes and agrees to perform all obligations of the buyer under the Agreement arising on or after the Effective Date, and shall close in accordance with its terms.
5. As-Is; No Representations
Assignee acknowledges that Assignor makes no representation or warranty regarding the Property, its condition, title, value, or the accuracy of any information supplied. Assignee has had the opportunity to inspect the Property and perform independent due diligence.
6. Disclosure
Assignor is acting as a principal buyer of an equitable interest and is not acting as a licensed real estate broker or agent for any party. Assignor discloses that it intends to profit from this Assignment. Seller has been advised of Assignor's right to assign.
7. Default
If Assignee fails to close, the Assignment Fee obligation survives to the extent of Assignee's earnest money, which shall be released to Assignor as liquidated damages, and all rights under the Agreement revert to Assignor.
8. Closing
Closing shall occur on or before ____________ at ____________________ (the "Closing Agent"). Time is of the essence.
9. Governing Law
This Assignment is governed by the laws of the State of ____________, without regard to conflict of laws principles.
10. Entire Agreement
This Assignment contains the entire agreement between the parties, supersedes all prior discussions, and may be amended only in a writing signed by both parties. Counterparts and electronic signatures are valid and binding.
Signatures
ASSIGNOR: ____________________________ Printed name: ____________________ Date: __________
ASSIGNEE: ____________________________ Printed name: ____________________ Date: __________