Washington Assignment of Contract for Deed by Seller
What is this form?
The Assignment of Contract for Deed by Seller is a legal document used by a seller who wishes to transfer their rights under a contract for deed to a third party. This form enables the seller to assign the contract, typically in exchange for a reduced cash value. The assignee then assumes the seller's position, receiving future payments from the purchaser. Unlike a outright property sale, this assignment maintains the existing contractual terms and may lead to property transfer upon request.
Main sections of this form
- Parties involved: Clearly identify the seller and the assignee.
- Assignment terms: Conditions under which the contract is assigned.
- Notarization section: Acknowledgment of the assignment by a notary.
- Witness signatures: Areas for necessary signatures of both parties.
Common use cases
This form is relevant when a seller has an existing contract for deed and wants to assign their rights to a new party, possibly for financial reasons, such as obtaining a quicker cash payment. It may also be used when the original seller prefers to transfer the obligations and rights of the contract rather than managing the ongoing payments themselves.
Who this form is for
- Current sellers with contracts for deed.
- Buyers who are willing to assume someone's existing contract.
- Individuals seeking to simplify their contractual obligations.
Steps to complete this form
- Identify the parties: Enter the names and addresses of the seller and the assignee.
- Specify the terms: Clearly outline the terms of the assignment.
- Include signatures: Both parties must sign to validate the assignment.
- Notarization: Have the document notarized to comply with legal requirements.
- Retain copies: Ensure all parties receive signed copies for their records.
Does this form need to be notarized?
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
Avoid these common issues
- Failing to notarize the document, which may render it invalid.
- Not clearly identifying all parties involved in the agreement.
- Omitting key terms of the contract assignment.
Why use this form online
- Easy access: Download the form anytime, anywhere.
- Editability: Customize the form to meet specific needs.
- Reliability: Professionally drafted by licensed attorneys ensuring legal compliance.
Quick recap
- The Assignment of Contract for Deed by Seller allows sellers to transfer their rights to another party.
- Proper execution includes notarization and clear identification of all parties.
- This form is particularly useful for sellers wishing to alleviate ongoing payment responsibilities.
Form popularity
FAQ
Purchase price. Down payment. Interest rate. Number of monthly installments. Responsibilities of the buyer and seller. Legal remedies for the seller if the buyer does not make payments.
An assignment of contract occurs when one party to an existing contract (the "assignor") hands off the contract's obligations and benefits to another party (the "assignee"). Ideally, the assignor wants the assignee to step into his shoes and assume all of his contractual obligations and rights.
An assignment of purchase agreement and sale is when a buyer of a new home sells a third party the right to assume the purchase contract. In this situation, the buyer is the assignor, and the third party is the assignee. Under the agreement, the assignee pays a higher price.
The buyer must record the contract for deed with the county recorder where the land is located within four months after the contract is signed. Contracts for deed must provide the legal name of the buyer and the buyer's address.
A land contract is a form of seller financing. It is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
A real estate broker, real estate agent or realtor is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients.
A contract for deed is a legal agreement for the sale of property in which a buyer takes possession and makes payments directly to the seller, but the seller holds the title until the full payment is made.
Buyer's Responsibility The seller makes sure the deed is prepared correctly, and the buyer ensures the deed gets recorded to take final and legal ownership of the home -- even if that's just confirming with the title company or attorney that the deed was recorded.
