An Assignment of Real Estate Purchase Sale Agreement is utilized when the original buyer in a property transaction wishes to transfer their contractual rights to a new buyer before closing. This document is commonly used in the United States real estate market for various purposes, including wholesale real estate transactions, investment strategy adjustments, or when the original buyer cannot complete the purchase. The agreement must comply with state-specific real estate laws and typically requires original seller consent. It includes detailed information about the original purchase agreement, the parties involved, consideration for the assignment, and any conditions that must be met for the transfer to be valid.
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1. Parties: Identification of assignor, assignee, and original seller/buyer
2. Background: Details of original purchase agreement and reason for assignment
3. Definitions: Key terms used throughout the agreement
4. Assignment and Assumption: Core transfer provisions and obligations assumed
5. Consideration: Payment terms for the assignment
6. Representations and Warranties: Statements of fact and promises by parties
7. Closing Conditions: Requirements for completing the assignment
1. Seller's Consent: Required if original agreement requires consent for assignment
2. Broker Provisions: Commission arrangements and broker acknowledgments when brokers are involved in the transaction
3. Environmental Matters: Environmental representations and requirements for commercial properties or known environmental issues
1. Original Purchase Agreement: Copy of the agreement being assigned
2. Property Description: Legal description of the subject property
3. Seller's Consent Document: Written consent from original seller if required
4. Due Diligence Documents: Relevant property reports and inspections
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