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Related Content. Also called an assignment and assumption. An agreement in which one party transfers its contractual rights and obligations to another party.
When a Seller assigns a property, they aren't actually selling the property (because they don't own it yet) ? they are selling their promise to purchase it, along with the rights and obligations of their Agreement of Purchase and Sale contract.
How to Write an Assignment Agreement Step 1 ? List the Assignor's and Assignee's Details. ... Step 2 ? Provide Original Contract Information. ... Step 3 ? State the Consideration. ... Step 4 ? Provide Any Terms and Conditions. ... Step 5 ? Obtain Signatures.
An assignment of contract involves transferring a real estate contract from an original party (also known as the real estate wholesaler or assignor) to a new party (also known as the assignee). It is also referred to as an ?Assignment of Real Estate Purchase and Sale? agreement.
Assignments involve at least three parties. These parties are the assignee, the assignor, and the obligor. The assignee is the party that receives the rights and obligations under the contract, but wasn't an original party to the contract.
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.