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Assignment contracts are a vehicle used by real estate investors to transfer one party's rights and obligations under an existing real estate contract to another party. Assignment contracts don't involve transferring or selling the property directly like a purchase agreement.
Assignment Clause Example Assignment: A party must not assign, novate or otherwise deal with the whole or any part of its rights or obligations under this Agreement without the prior written consent of the other Party (such consent is not to be unreasonably withheld).
In your Assignment Agreement, you should include information like: the name of the person handing over contractual duties (called "the assignor"); the recipient of the contractual rights and obligations (called "the assignee"); the other party to the original contract (called "the obligor"); the name of the contract ...
Assign the contract: Draft an assignment agreement, clearly transferring your rights in the initial contract to the end buyer, with clear mention of the assignment fee. Get paid: Once the end buyer completes the purchase, you'll receive your assignment fee, marking a successful contract assignment.
An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party's rights and obligations to a third party who was not originally a party to the contract.