Cooperative Assignment Questions????

I need some clarification on doing a cooperative assignment on a lease option. I have a seller that is very motivated just looking to have paymetns covered. I also have some tenant buyers that are looking at the property. i want to do a cooperative assignment, collect the down payment and be out of the deal bc there is not enough equity in this home. what forms will i need? how should i structure the deal? i need a step by step plan explaining what to do with the contracts. also, once i do this is there anyway the seller or my buyer could come back on me? for example if my buyer does not exercise his option, can the seller come after me for anything? my understanding is that i am totally out of the deal including any liability once i get the tenant buyer in the house. please advise.

You need:

  • a Lease contract
  • an Option contract
  • an Assignment contract


  1. Sign the Lease and the Option with the seller, with you as the tenant/buyer.

  2. Sign the Assignment contract between you (the assignor), the new tenant/buyer (the assignee), and the seller.

  3. Collect your assignment fee from the tenant/buyer.

  4. Done.

Make sure your assignment contract is also a release of liability contract where both the assignee and the seller agree to release you from any further liability and to substitute each other in your place.