This Notice of Assignment of Contract for Deed is used by a Seller to provide notice to the Buyer(s) that the Seller has assigned a contract for deed to a third party and to make future payments to the third party. This form must be signed by the Seller and notarized.
Atlanta Georgia Notice of Assignment of Contract for Deed is a legal document that serves as a formal notification of the transfer of rights and interests in a real estate contract. This notice informs all relevant parties involved in the contract of the assignment, including the original seller, the assignor, and the assignee. In Atlanta, Georgia, there are two primary types of Notice of Assignment of Contract for Deed: 1. Absolute Assignment: An absolute assignment occurs when the original contract for deed is transferred in its entirety to the assignee. This means that all rights and obligations under the contract, including future payments and responsibilities, are assumed by the assignee. The notice of absolute assignment ensures that the assignor is relieved of any further liability and notifies all parties involved of the change in ownership. 2. Collateral Assignment: A collateral assignment is a partial transfer of the contract for deed. This means that while some rights and interests are assigned to the assignee, the assignor retains certain aspects of the contract, such as future payments or specific obligations. The notice of collateral assignment outlines the specific terms of the assignment, ensuring clarity and transparency for all parties involved. Key elements that should be included in an Atlanta Georgia Notice of Assignment of Contract for Deed may include: 1. Date: The notice should include the date when the assignment is being executed. 2. Parties: The names and contact information of all parties involved, such as the original seller, the assignor, and the assignee. 3. Property Information: A detailed description of the property subject to the contract, including the address, legal description, and any relevant identifiers, such as a tax identification number. 4. Assignment Details: Clear and concise information regarding the type of assignment (absolute or collateral), the effective date of the assignment, and which rights and interests are being transferred. 5. Consideration: If any monetary compensation or consideration is involved in the assignment, it should be clearly stated. 6. Signatures: The notice should include spaces for all parties to sign and date to acknowledge their agreement and consent to the assignment. 7. Witness and Notary: Some jurisdictions may require witnesses or notarization for the notice to be legally valid. Check local regulations to ensure compliance. It is essential to consult with a real estate attorney or legal professional to ensure all necessary elements and specific requirements are met when drafting an Atlanta Georgia Notice of Assignment of Contract for Deed.
