Wholesale Real Estate Assignment Contract
What is wholesale real estate assignment contract?
A wholesale real estate assignment contract is a legal agreement used in real estate transactions. It allows the buyer (assignor) to assign their rights and obligations under a purchase contract to another buyer (assignee). This allows the assignor to sell their rights to the property before the closing date, without actually taking ownership of the property.
What are the types of wholesale real estate assignment contract?
There are two types of wholesale real estate assignment contracts:
Double Closing Assignment: In this type, the original buyer (assignor) purchases the property from the seller and then immediately sells it to the new buyer (assignee) in a separate transaction. The assignor profits from the price difference between the two transactions.
Assignment of Contract: In this type, the original buyer (assignor) transfers their rights and obligations under the purchase contract to the new buyer (assignee) for a fee. The assignee takes over the contract and closes the deal directly with the seller.
How to complete wholesale real estate assignment contract
To complete a wholesale real estate assignment contract, follow these steps:
01
Identify the Assignor and Assignee: Clearly state the names and contact information of both parties involved in the assignment.
02
Describe the Property: Provide detailed information about the property being assigned, including the address, legal description, and any pertinent details.
03
Outline the Terms: Clearly state the terms of the assignment, including the purchase price, assignment fee, closing date, and any other relevant conditions.
04
Include Contingencies: If there are any contingencies or conditions that must be satisfied before the assignment can be completed, make sure to include them in the contract.
05
Sign and Date: Both the assignor and assignee should sign and date the contract to indicate their agreement and acceptance of the terms.
06
Notarize if Required: Depending on local laws and regulations, the contract may need to be notarized.
07
Retain Copies: Make sure to keep copies of the fully executed contract for future reference.
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