Illinois Assignment of Real Estate Sales Contract by Purchaser is a legal document that allows a purchaser of real estate in Illinois to transfer their rights and obligations under a sales contract to another party. This assignment allows the original purchaser (assignor) to effectively sell their interest in the property to a new purchaser (assignee). The Illinois Assignment of Real Estate Sales Contract by Purchaser is a crucial document in real estate transactions, as it facilitates the transfer of the buyer's rights and obligations to another party. By executing this assignment, the assignor relinquishes all rights, title, and interest in the property to the assignee. There are various types of Illinois Assignment of Real Estate Sales Contract by Purchaser, tailored to meet different scenarios and requirements. Some different types include: 1. Partial Assignment: In this type of assignment, the assignor transfers a part or a specific portion of their rights and obligations under the sales contract to the assignee. This may be done when the assignor wants to retain some interest in the property while passing on the rest. 2. Complete Assignment: A complete assignment occurs when the assignor transfers all of their rights and obligations under the sales contract to the assignee. This effectively transfers the entire interest in the property to the new purchaser. 3. Conditional Assignment: In a conditional assignment, the assignment is contingent upon certain conditions being met. These conditions may include obtaining financing, inspections, or other contingencies outlined in the original sales contract. 4. Time-Limited Assignment: This type of assignment sets a specific duration for which the assignee will hold the rights and obligations under the sales contract. Once the specified timeframe elapses, the rights and obligations revert to the assignor. The Illinois Assignment of Real Estate Sales Contract by Purchaser is an essential legal document that safeguards the interests of both the assignor and the assignee. It provides an effective mechanism for the assignor to transfer their rights and obligations to a new party, ensuring a smooth and legally binding transaction. It is important to consult with a qualified real estate attorney or legal professional to ensure the proper drafting and execution of this assignment, as it involves the transfer of property rights and obligations.