An Assignment Of Purchaser's Interest In Land Contract is utilized when the original purchaser in a land contract wishes to transfer their position to another party. This document is commonly used in U.S. real estate transactions where the original buyer cannot or chooses not to complete the land contract payments. It includes specific details about the original land contract, property description, remaining payment obligations, and terms of the assignment. The document must comply with state-specific real estate laws and often requires proper recording with local authorities. It's particularly relevant in seller-financed property transactions and requires careful consideration of existing contract terms and potential need for original seller's consent.
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1. Parties: Identification of assignor (current purchaser) and assignee (new purchaser)
2. Background: Details of original land contract and reason for assignment
3. Definitions: Key terms used throughout the document
4. Assignment: Core provision transferring purchaser's rights and obligations
5. Consideration: Details of payment for the assignment
6. Representations and Warranties: Assignor's statements about the land contract status
7. Execution: Signature blocks and notarization
1. Seller's Consent: Required when original land contract requires consent for assignment
2. Due Diligence: Optional section for assignee's investigation rights, typically used in larger transactions
3. Indemnification: Protection against future claims, included when parties want additional protection
1. Original Land Contract: Copy of the original contract being assigned
2. Property Description: Legal description of the property
3. Payment Schedule: Remaining payments under the land contract
4. Seller's Consent Form: If required, signed consent from original seller
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