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Updated almost 8 years ago,
Confused About Assignment Contract Deposit & Fee
Hello All, quick question.. In my assignment agreement I'm confused about what goes where?
I'm not sure if the first blank is referring to the Contract deposit or the up front part of the fee?
As for the second blank, it kind of depends on the first question, but either I'm supposed to place the contract deposit in the first blank and the fee in the second.. or part of the fee in the first and the rest in the second, or... does the second blank indicate the balance from the Purchase and Sale agreement including my assignment fee.. yea just a little vague.
Does the Balance from the P&S even appear in the Assignment? or for that matter the contract deposit.. or is it just the fee?
Other assignment agreements I've seen are less vague, however this is the one supplied with my course and there was no example or explanation, perhaps I'm over complicating it.
I understand any advice given is not legal advice, just a push in the right direction. I'd really appreciate any input.
BELOW:
WHEREAS, Assignor desires to transfer his rights in the Contract to Assignee and Assignee desires to receive such rights under the Contract, and in consideration thereof, Assignee agrees to pay an earnest money deposit in the amount of $___________ upon execution of this Assignment and the balance of $___________ at closing. This deposit shall be non-refundable unless clear title to the Property cannot be delivered to Assignee, in which case the deposit shall be returned within three days after notification of same from the Assignee.