Hello and thanks in advanced for any help.
My real estate agent approached me with a deal that came from a wholesaler and on first review of the deal and after walking with 1 contractor it seemed like a good deal.
I signed an assignment contract but did not pay anything, after further inspection of the property and getting quotes for what needs to be done this is a recipe for loosing money.
What are my options for backing off the deal? Note that i never received the contract between the seller and the wholesaler.
Here is the contract i signed:
ASSIGNMENT
ASSIGNMENT, dated below, by and between:
****residing at***(Assignor);
And
***residing at***(Assignee).
BY THESE PRESENTS,Assignor,for valuable consideration received from Assignee i.e.,the sum of$_10,000, hereby assigns and transfers all rights, privileges, duties and/or obligations to Assignee which Assignor has or may have as “Purchaser” in a certain contract to purchase real property commonly known as*** from***, the Seller in said contract. The consideration paid by Assignee includes a deposit of$_2500 paid by Assignor and being held by the escrow agent on the contract and that deposit is also hereby assigned to Assignee.
BY THESE PRESENTS, Assignee accepts the Assignment from Assignor and agrees to be bound fully in the place and stead of Assignor by the terms of the above mentioned contract; and further agrees to hold Assignor harmless and indemnify Assignor for any damages or costs incurred by Assignor as a result of Assignee’s default in performance on said contract.
Dated:
Assignor
Dated:
Assignee
