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Updated over 10 years ago on . Most recent reply

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Lawanda King
  • Investor
  • South Boston, VA
2
Votes |
7
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Need help with assignment of contract

Lawanda King
  • Investor
  • South Boston, VA
Posted

Hello everyone! i hope that someone will be able to assist me with filling out the assignment of contract form.  This particular contract starts like this:

The undersigned assignor, having executed a contract dated ____________ between __________, contractor and ________________contractee for a purchase price of $ _____________, concerning the property described as _________________________, hereby assigns all rights to said contract to _____________________, assignee in exchange for compensation in the amount of _____________________________, of which ________ non refundable earnest money deposit which shall be credited at closing as part of assignee's compensation costs. Deposit shall be held by assignor until closing.

NOW WHAT I NEED TO FIGURE OUT IS WHO IS THE CONTRACTOR AND WHO IS THE CONTRACTEE...I WAS GUESSING THAT THE CONTRACTOR WOULD BE MYSELF AND THE CONTRACTEE WOULD BE MY MOTIVATED SELLER BUT THEN IT LOOKS LIKE IT COULD BE FOR MY END BUYER. PLEASE ASSIST ME..THANKS!

Most Popular Reply

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1,335
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Jerry Puckett
  • Wholesaler
  • Fort Worth, TX
1,717
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1,335
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Jerry Puckett
  • Wholesaler
  • Fort Worth, TX
Replied

@Lawanda King ,

This is pretty standard, but if you would simply swap out the words contractor and contractee and replace them with Buyer and Seller, it will make perfect sense. In your contract, you are the Buyer (contractor), your Seller is the Contractee, and your end buyer is the assignee. 

To avoid all confusion, just sub in buyer and seller. Your title company surely won't mind. An assignment is very simply closing instructions and my title agent wouldn't care if it was on toilet paper so long as I spell the names right.

  • Jerry Puckett
  • Loading replies...