Assignor Assign Assignee

• Category: North Carolina Real Estate - Contract for Deed
• State: North Carolina
• Control #: NC-00470A
• Format: Word; Rich Text

Description Contract Deed Seller

This Assignment of Contract for Deed by Seller form is for a Seller who has signed a contract for deed to assign it to a third party. This form is usually used to transfer the contract in exchange for a discounted cash value. The person who received the assigned contract steps into the shoes of the Seller and receives future payments from the Purchaser. The Seller may also desire to convey the property to the assignee, or if not, be prepared to execute a deed to the Purchaser upon request of the assignee.

The North Carolina (NC) Real Estate Assignment Contract with Client is a legally binding document that outlines the terms and conditions of an agreement between a real estate professional and their client for the assignment or transfer of a real estate contract. This contract is widely used in the real estate industry in NC to facilitate the transfer of rights and obligations between the original buyer (assignor) and a new buyer (assignee). The NC Real Estate Assignment Contract with Client covers various aspects of the assignment process, ensuring clarity and protection for all parties involved. Some essential components typically included in this contract are: 1. Parties Involved: The contract identifies the parties involved, including the names and contact information of the assignor (original contract holder) and the assignee (new buyer). It is important to accurately identify both parties to avoid any confusion or legal issues. 2. Assignment Fee: The contract defines the assignment fee, which is the amount the assignor will receive for assigning their rights and obligations under the original contract. This fee is usually negotiated between the parties and may vary based on market conditions, property value, and other factors. 3. Original Contract Details: The contract describes the key details of the original contract, such as the property address, purchase price, and any specific terms or contingencies. This information ensures that the assignee understands the terms they are assuming by entering into the assignment agreement. 4. Assumed Responsibilities: The contract outlines the responsibilities and obligations that the assignee will assume upon the completion of the assignment. These may include the obligation to perform due diligence, obtain financing, and close the transaction within a specific timeframe. 5. Non-Assignable Terms: The contract specifies any terms or conditions of the original contract that cannot be assigned to the assignee. This clause helps protect the assignor from potential disputes or claims arising from obligations that remain with them. 6. Closing Procedures: The contract details the procedures for closing the assignment, including the timeline, required documentation, and any applicable fees. It's important to note that this is a general description of the NC Real Estate Assignment Contract with Client, and specific language and provisions may vary depending on the agreement between the parties and the nature of the transaction. Different types of assignment contracts may exist in NC, including commercial real estate assignment contracts, residential real estate assignment contracts, and land assignment contracts, each with its unique terms and conditions tailored to the specific type of property being assigned.