Assigning the contract
Hello all,
Does any body have a standard assignment of contract for New Jersey.
I created one such form from YouTube presentation, which I sent to may cash buyer but the good thing is it is not yet executed.
One of the clauses in Assigment of contract says:
2. ASSIGNEE accepts all terms and conditions of the contract for Sale and Purchase between BUYER 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.
Now in my Original contract I have an inspection contingency, which will also get passed to the cash buyer when I Assign the contract, so there is all the chance for this deal to fail if the my buyer comes up saying there is more in repairs, or the inspection failed at which time he will bargain with the Seller and the seeler may not agree to the new term, the deal will fail.
The contingency clause in the Purchase agreement is as follows:
11. Buyer makes this offer subject to and contingent upon a property inspection which, in sole judgement of Buyer is deemned satisfactory. Such Inspeaction shall be conducted within 21 days. If said inspection is deemed unsatisfactory by buyer, this offer shall be terminated and any earnest money returned to Buyer. However, negotiation of a revised purchase offer is not precluded, should the parties so desire.
What should I do so that the Purchase contract after assignment does not have inspection contingency, if I cannot remove the inspection contingency do I have to return the non-refundable deposit money obtained for Assignment of contract.
Thanks,
Bimal