We have made hundreds of thousands of dollars assigning purchase contracts in many City and states. This document is prepared so that you are protected. Many assignment contracts do not cover the “what if’s, or, are so stringent that many assignees would not dare agree to its contents, hence, no deal is made.
This assignment contract covers many things, but the below is included in our assignment contract because they are very important things that most assignment contracts do not cover:
1. They immediately get to you nonrefundable earnest money in the form of certified funds upon signing, equal to the earnest money that you have on the property. 2. Requires that they approve the purchase contract that you signed with the Seller. 3. Gets them to agree to not approach the Seller, even after the assignment contract is signed. 4. Requires them to close earlier than the contract you have with the Seller, so that in the event they back out and walk away from their earnest money, you still have time to react so you can buy the property yourself, or still, have time to assign it to another party. 5. Does not require them to pay the assignment fee up front, but gets you the earnest money up front so you know they have skin in the game. Most assignees will not agree to an assignment contract that requires them to pay the assignment fee before the deal closes.
The above are just a few examples of the important aspects of our assignment contract.
