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.
Washington Assignment of Contract for Deed by Seller
Category:
State:
Washington
Control #:
WA-00470A
Format:
Word;
Rich Text
Instant download
Description
Free preview Washington Contract Deed Agreement
How to fill out Washington Assignment Of Contract For Deed By Seller?
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FAQ
Purchase price. Down payment. Interest rate. Number of monthly installments. Responsibilities of the buyer and seller. Legal remedies for the seller if the buyer does not make payments.
An assignment of contract occurs when one party to an existing contract (the "assignor") hands off the contract's obligations and benefits to another party (the "assignee"). Ideally, the assignor wants the assignee to step into his shoes and assume all of his contractual obligations and rights.
An assignment of purchase agreement and sale is when a buyer of a new home sells a third party the right to assume the purchase contract. In this situation, the buyer is the assignor, and the third party is the assignee. Under the agreement, the assignee pays a higher price.
The buyer must record the contract for deed with the county recorder where the land is located within four months after the contract is signed. Contracts for deed must provide the legal name of the buyer and the buyer's address.
A land contract is a form of seller financing. It is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
A real estate broker, real estate agent or realtor is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients.
A contract for deed is a legal agreement for the sale of property in which a buyer takes possession and makes payments directly to the seller, but the seller holds the title until the full payment is made.
Buyer's Responsibility The seller makes sure the deed is prepared correctly, and the buyer ensures the deed gets recorded to take final and legal ownership of the home -- even if that's just confirming with the title company or attorney that the deed was recorded.