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An assignment is when a Seller sells their interest in a property before they take possession in other words, they sell the contract they have with the Builder to a new purchaser.The original purchaser is considered to be the Assignor; the new Buyer is the Assignee.

Always put a contract amendment in writing and make sure both parties sign and date it. Reference the title of the contract, if applicable; its original parties; and original signing date, so that it is clear what document you are amending. Attach the amendment to the original contract.

STANDARD CONTRACT ASSIGNMENT ADDENDUM This is an addendum made on the of by (Assignee) in consideration for (Assignor) agreeing to assign all their rights and interest to the Purchase Agreement dated.

You can use an addendum to add or remove any Buyers and/or Sellers. Name the original parties at the top and add the names off anyone you are adding or removing in the body of the addendum. Each party being added or removed must sign the Addendum.

How to Create a Purchase Addendum (4 steps)Step 1 Get the Original Purchase Agreement. The buyer and seller should get a copy of the original purchase agreement.Step 2 Write the Addendum. Complete a blank addendum (Adobe PDF, Microsoft Word (.Step 3 Parties Agree and Sign.Step 4 Add to the Purchase Agreement.

Assignment of contract refers to transferring contractual rights and liabilities under the contract to the third party with or without the other party's concurrence.

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.