An Assignment of Land Contract is utilized when the original buyer under a land contract wishes to transfer their rights and obligations to a new party. This document is commonly used in the United States real estate market, particularly in situations where property is being sold through seller financing arrangements. The assignment must comply with state-specific real estate laws and typically requires proper recording with the county recorder's office. It includes details about the original land contract, the property description, the parties involved, and the terms of the assignment. This document is particularly important in states where land contracts are frequently used as alternative financing methods.
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1. Parties: Identification of assignor, assignee, and original contract vendor/vendee
2. Background: Details of original land contract and reason for assignment
3. Definitions: Key terms used in the assignment agreement
4. Assignment: Core provision transferring rights and obligations
5. Consideration: Payment or value exchanged for the assignment
6. Representations and Warranties: Statements about the status of the contract and property
7. Execution: Signature blocks and notarization
1. Consent of Original Vendor: Required if original contract requires consent for assignment
2. Release of Assignor: Releases original buyer from future obligations
3. Payment Instructions: Details of how future payments should be made
1. Original Land Contract: Copy of the original land contract being assigned
2. Property Description: Legal description of the property involved
3. Payment Schedule: Updated payment terms and schedule if modified
4. Title Search Results: Current title search showing status of property
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