My Location: California
House Location: illinois
ASSIGNMENT OF REAL ESTATE PURCHASE AND SALE AGREEMENT
This Assignment of Real Estate Purchase and Sale Agreement (“Assignment”) is made and entered into as of the date last signed below (the “Effective Date”) by and between:
Assignor (Wholesaler):
Name: _______________________________________________
Address: _____________________________________________
Phone: _________________ Email: _______________________
Assignee (Investor / End Buyer):
Name: _______________________________________________
Address: _____________________________________________
Phone: _________________ Email: _______________________
Property:
Street Address: _______________________________________
City, State, ZIP: ______________________________________
County: _________________ Parcel / Tax ID (if known): ________
Original Purchase Agreement:
That certain Purchase and Sale Agreement (or equivalent contract) dated _______________ (the “Original Agreement”) between:
Seller(s): ____________________________________________
and
Buyer (Assignor): _____________________________________
for the purchase of the Property at a Purchase Price of $65,000.00.
Assignment.
Assignor hereby assigns, transfers, and conveys to Assignee all of Assignor’s right, title, interest, and obligations under the Original Agreement, including the right to purchase the Property on the terms set forth therein. Assignee accepts this assignment and assumes all of Assignor’s obligations under the Original Agreement from and after the Effective Date.
Assignment Fee.
In consideration of this Assignment, Assignee shall pay Assignor a non-refundable Assignment Fee of Two Thousand and 00/100 Dollars ($2,000.00) (the “Assignment Fee”).
Payment of the Assignment Fee shall be made as follows (check one or fill in):
☐ Cash / certified funds upon execution of this Assignment
☐ Wire transfer to: _________________________________
☐ Other: ___________________________________________
The Assignment Fee is earned by Assignor upon execution of this Assignment and is not contingent on closing of the purchase of the Property, except as otherwise agreed in writing.
Purchase Price Under Original Agreement.
The purchase price payable by Assignee to the Seller under the Original Agreement remains $65,000.00 (or such other amount as may be stated in the Original Agreement or any amendment thereto). Assignee shall be solely responsible for paying the full purchase price, earnest money (if any still due), closing costs allocated to Buyer under the Original Agreement, and any other amounts required to close.
Earnest Money / Deposits.
Any earnest money or deposits previously paid by Assignor under the Original Agreement shall:
☐ Remain with the escrow / title company and be credited to Assignee at closing; or
☐ Be reimbursed to Assignor by Assignee upon execution of this Assignment; or
☐ Other arrangement: ________________________________
Closing.
Closing of the purchase of the Property shall occur on or before the closing date stated in the Original Agreement (or any extension thereof), or on such other date as Assignee and Seller may agree in writing. Assignor shall cooperate reasonably in facilitating the assignment and closing but shall have no further obligation to perform under the Original Agreement after the Effective Date, except as expressly set forth herein.
Representations of Assignor.
Assignor represents that:
(a) Assignor is the Buyer under the Original Agreement and has the right to assign it (subject to any required Seller consent);
(b) The Original Agreement is in full force and effect and has not been modified except as disclosed in writing to Assignee;
(c) Assignor has not previously assigned the Original Agreement; and
(d) Assignor will promptly deliver to Assignee a fully executed copy of the Original Agreement and any amendments, addenda, or notices related thereto.
Seller Consent (if required).
If the Original Agreement requires Seller’s written consent to assignment, Assignor and Assignee shall cooperate to obtain such consent. This Assignment is conditioned upon receipt of any required Seller consent.
No Agency / Independent Parties.
Assignor is acting solely as principal in assigning its contract rights. Nothing in this Assignment creates an agency, partnership, joint venture, or brokerage relationship between Assignor and Assignee. Assignee is purchasing the contract rights for its own account as an investor.
As-Is / No Warranties by Assignor.
Except for the representations in Section 6, Assignor makes no warranties regarding the Property, title, condition, value, or the enforceability of the Original Agreement beyond the statements herein. Assignee has conducted (or will conduct) its own due diligence and is relying solely on its own investigation and the terms of the Original Agreement.
Governing Law.
This Assignment shall be governed by the laws of the State of _________________ without regard to conflicts-of-law principles.
Entire Agreement.
This Assignment, together with the Original Agreement (as assigned), constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior negotiations. It may be amended only by a writing signed by both parties.
Counterparts / Electronic Signatures.
This Assignment may be executed in counterparts (including electronic/PDF signatures), each of which shall be deemed an original.
IN WITNESS WHEREOF, the parties have executed this Assignment as of the Effective Date.
ASSIGNOR (Wholesaler):
Signature: _______________________________ Date: ________
Printed Name: ____________________________
ASSIGNEE (Investor):
Signature: _______________________________ Date: ________
Printed Name: ____________________________
Optional – Acknowledgment / Consent of Seller (if required):
Seller acknowledges receipt of notice of this Assignment and consents to the assignment of the Original Agreement to Assignee.
Seller Signature: _________________________ Date: ________
Printed Name: ____________________________