So jaremy let me make sure I have this right, first of all I did alter the above option contract by removing "seller may cancel at any time", thanks for that.
1.When you say download the real estate contract for my state your referring to the the 9 page nc offer to purchase contract correct?
2.Your saying that after I find a cash buyer I would fill out the 9 page nc offer to purchase contract with the original seller, then instead of assigning the original option contract i'd assign the offer to purchase contract over to the cash buyer instead, correct? this way if the cash buyer backs out I still have remaining time to find another buyer since i still control the option contract.
3.Lastly which of the below assignment contracts would you use or what changes can be made to one to make it usable? Thanks
Example 1:
ASSIGNMENT OF REAL ESTATE
PURCHASE AND SALE AGREEMENT
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
Example 2:
ASSIGNMENT
OF
CONTRACT TO BUY AND SELL REAL ESTATE
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which are acknowledged, the undersigned (“Assignorâ€) hereby assigns to_____________________________
(“Assigneeâ€), whose address is______________________
, all of Assignor’s right, title and interest in and to the Contract to Buy and Sell Real Estate dated ____________ , 20__
between ___________________ , as Seller, and Assignor, as Buyer, as modified by________________________________________________
__________________________________________________ [describe amendments, if any, or insert “no modificationsâ€] (collectively, the “Purchase Agreementâ€), including but not limited to any right Assignor might otherwise have or acquire to return of any earnest money deposited by Assignor.
Assignor represents and warrants to Assignee that (1) Exhibit A attached to this Assignment is a true and complete copy of the Purchase Agreement, (2) the Purchase Agreement is in full force and effect and has not been modified in any way (other than by any amendment or modification referred to in the definition of Purchase Agreement above), (3) Assignor’s interest in the Purchase Agreement is free and clear of any prior assignment and of any lien or security interest, (4) Assignor has good right and lawful authority to execute and deliver this Assignment and to assign to Assignee all of Assignor’s interest in the Purchase Agreement, and (5) no party to the Purchase Agreement is presently in default with respect to the performance of such party’s obligations under the Purchase Agreement.
By accepting this Assignment, Assignee assumes and agrees to perform all of the obligations of the Buyer under the Purchase Agreement, including but not limited to any obligations to be performed after closing thereunder, and to indemnify Assignor against any loss, claim, damage or expense Assignor may incur by reason of Assignee’s failure to perform the assumed obligations on a timely basis.
Signed and delivered as of _________________, 20__ .
[If individual Assignor]
Name:__________________________
Name:__________________________
[If Assignor is an entity]
a_________________________
By________________________
Name:_____________________
Title:______________________
STATE OF NORTH CAROLINA)
) ss.
COUNTY OF ___________ )
The foregoing instrument was acknowledged before me this____ day of_____________
by____________________________________________
______________________________________________
.
My commission expires_____________________________
Witness my hand and official seal.
Notary Public _____________________________________
EXHIBIT A
to
ASSIGNMENT OF CONTRACT TO BUY AND SELL REAL ESTATE
[Attach copy of Purchase Agreement, including any modifications]