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Hi,
What contract do I use for the wholesale buyer investor? Is there an additional contract me and the wholesale buyer need to sign besides the assignment of contract agreement?
Besides the example assignment of contract agreement (below) with the wholesale buyer when I assign the contract to him/her what other contract agreement do I need to have them sign? Below is an example of an assignment of contract for the wholesale buyer. Do I need to include the property address, my assignment fee, closing date, inspection date, and contingencies of the contract with the seller? Please let me know
Example:
THIS ASSIGNMENT is made this 27th day of AUGUST , 2008_ by
MR. JONNY Q. WHOLESALER___________ (hereinafter referred to as “Assignor”) to
MS. RONDA R. REHABBER ____________ (hereinafter referred to as “Assignee”).
WHEREAS, Assignor has entered into a certain Real Estate Purchase and Sale Agreement with SALLY SELLER____ as “Seller” and Assignor as “Buyer” which Agreement was executed on JUNE 25, 2008___, by said Assignor and said Seller for the purchase and sale of certain real property being, lying and situate in SHELBY__ County, in the state of TENNESSEE__, and more particularly described in said Agreement, copy of said Agreement being attached hereto as Exhibit “A”; and,
WHEREAS, Assignor desires to assign, transfer, sell and convey to Assignee all of Assignor’s right, title and interest in, to and under said Real Estate Purchase and Sale Agreement; and,
WHEREAS, Assignee is desirous of receiving all of Assignor’s right, title and interest in, to and under said Real Estate Purchase and Sale Agreement;
NOW, THEREFORE, for and in consideration of the sum of TEN THOUSAND DOLLARS ($10,000)_ and other good and valuable considerations, the sufficiency of which is hereby acknowledged, Assignor has assigned, transferred, sold and conveyed and by these presentsdoes hereby assign, transfer, sell and convey unto Assignee all of Assignor’s right, title and interest in, to and under said Real Estate Purchase and Sale Agreement.
Assignor agrees to receive and Assignee agrees to pay in full said assignment consideration on or before the closing date of said Real Estate Purchase and Sale Agreement. This Assignment shall be binding upon Assignor and shall inure to the benefit of Assignee and its successors, heirs and assigns.
Assignee hereby assumes all of Assignor’s duties and obligations under said Real Estate Purchase and Sale Agreement. Assignee agrees to perform all covenants, conditions and obligations required by Assignor under said Agreement and agrees to defend, indemnify and hold Assignor harmless from any liability or obligation under said Agreement. Assignee further agrees to hold Assignor harmless from any deficiency or defect in the legality or enforceability of the terms of said agreement.
Assignee agrees and understands that Assignor is not acting as a real estate broker or agent in this transaction and is not representing either party, but rather is acting as a principal in selling his interest in the above-referenced agreement to Assignee.
Time is of the essence in this agreement.
Assignee is in possession of the original agreement.
Assignor Date
Assignee Date