This form is a contract for a lease and a manadatory purchase of real estate. Seller demises and leases to purchaser and purchaser takes and rents from seller certain real property described in the form. Purchaser agrees not to use or permit the use of the property for an illegal purpose. An auction, fire or going out of business or bankruptcy sale, may not be conducted in the property without prior written consent of the seller.
Assignment Clause Real Estate For Sale In Phoenix
State:
Multi-State
City:
Phoenix
Control #:
US-00120
Format:
Word;
Rich Text
Instant download
Description
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FAQ
If the contract specifically precludes assignment, the contractual right is not assignable. Whether a contract is assignable is a matter of contractual intent and one must look to the language used by the parties to discern that intent.
In Arizona, most real estate contracts are assignable unless explicitly stated otherwise in the agreement. Certain conditions may affect this, however. For example, contracts involving personal services or that require specific qualifications of the parties may not be assignable.
The 'easy' way to assign the contract is to have a one page document stating that for some consideration, the 'buyer' transfers/assigns the contract to a new 'buyer'. Executing (signing) the assignment and receiving 'consideration' (eg $2000 or whatever) would then extinguish your rights to the contract.
For example, if A contracts with B to teach B guitar for $50, A can assign this contract to C. That is, this assignment is both: (1) an assignment of A's rights under the contract to the $50; and (2) a delegation of A's duty to teach guitar to C.
No Party shall assign this Agreement or any part hereof without the prior written consent of the other Parties. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Parties Parties, and their respective permitted successors and assigns.
On a day when a half-time physical education teacher spends the morning at one building and the afternoon at another, said half-time physical education teacher shall be allowed seventy-five minutes including lunch for travel time.
Types of Assignment – Legal (Statutory) Assignment vs. Equitable Assignment. Equitable Assignment: An equitable assignment may be enforced even if it does not fulfill the statutory requirements for a legal assignment.
An assignment must be clear and unequivocal; There must be clear evidence of the intent to transfer rights; An assignment must describe the subject matter of the assignment; Notice to the obligor.