AGREEMENT TO ASSIGN
CONTRACT FOR SALE AND PURCHASE
This agreement is made between _______________________________ (BUYER/ASSIGNOR) and_____________________________________________(ASSIGNEE) regarding the purchase of the referenced SUBJECT PROPERTY below.
Subject Property:
Legal Description:
Whereas (BUYER/ASSIGNOR) has entered into a Purchase and Sales Agreement with (SELLER) for the purchase of SUBJECT PROPERTY, and whereas the BUYER/ASSIGNOR wishes to assign its rights, interests, and obligations in the Purchase and Sales Agreement, it is hereby agreed between ASSIGNOR/BUYER and ASSIGNEE as follows:
Buyer/Assignor hereby assigns all rights excluding all earnest money deposits to said the contract for sale and purchase to (Assignee) in exchange for compensation in the amount of _________________________ dollars ($___________________).
1. ASSIGNOR will collect a Non-refundable deposit directed towards the assignment fee of (20% or as agreed$____________________) within 24 hours of signing the agreement with the balance of $_______________due at the closing failure of which the agreement shall be voided without any Notice.
2. ASSIGNEE accepts all terms and conditions of the contract for Sale and Purchase between BUYER/ASSIGNOR and SELLER in its entirety.
3. ASSIGNEE acknowledges receipt of legible copies of the original Contract for Sale and Purchase in its entirety, including all Addendum(s) associated with this transaction.
4. ASSIGNOR may, at any time before closing, renegotiate the underlined purchase price in the contract with the SELLER. ASSIGNOR will be entitled to the entire difference between the contract price and the assignment fee in this Agreement. The difference, if any, will be paid as an additional assignment fee at closing. ASSIGNOR’s negotiation of the purchase price in the contract with the SELLER does not affect the total amount due at closing by the ASSIGNEE.
5. Additional terms and conditions of this Assignment are as follows:
A)This assignment contract is non-assignable without the express written consent of the BUYER/ASSIGNOR. No changes to the Purchase Contract can be made without the written consent of the BUYER/ASSIGNOR.
B)Disclosures and Acknowledgement: Seller sells property as-is with no warranty of property conditions. Assignor makes no representation to the assignee, or his agents, as to the condition of the subject property. ASSIGNEE acknowledges and agrees that he or she is purchasing the property on an “as-is” basis and based on his or her inspection, investigation, and evaluation thereof. ASSIGNEE is not relying upon any representations of ASSIGNOR, SELLER, or SELLER’S agent(s) to investigate and report on the condition of the
property. The ASSIGNEES inspection period or due diligence period is over when the ASSIGNOR signs the contract with the SELLER.
C) ASSIGNOR, SELLER does not warrant that the property meets any current City, County, State, or Federal building codes, as well as the presence of any and all outstanding or pending violations against the property. ASSIGNEE assumes all responsibility to perform any inspection, investigation, and evaluation thereof prior to the signing of this Agreement.
D) ASSIGNOR acknowledges that if he or she attempts to communicate with the SELLER in any form, way, or shape, the terms of this assignment agreement shall be terminated, and the ASSIGNOR shall forfeit the ASSIGNEES earnest money as liquidated damages.
AGREED AND ACCEPTED
Assignee Date Assignor Date Print Name Print Name
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