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While assignment contracts are typically only used for amounts of less than ,000, you can assign a higher profit contract when both the buyer and seller agree.You cannot assign a contract if the original contract prohibits doing so.You can hire a title company or real estate attorney to ensure that a title is clean before signing an assignment contract.
Lex Levinrad has been a full time distressed real estate investor since 2003.
He has been involved in buying, rehabbing, wholesaling, renting, and selling hundreds of houses in South Florida.
However, when transferring rights to intellectual or personal property, it's best to instead use a trademark assignment, bill of sale, or assignment of trade name.
The procedure for assigning a contract depends on the language of that contract.
This Contract Assignment Agreement document is used to transfer rights and responsibilities under an original contract from one Party, known as the Assignor, to another, known as the Assignee.
The Assignor who was a Party to the original contract can use this document to assign their rights under the original contract to the Assignee, as well as delegating their duties under the original contract to that Assignee.
If you are assigning a contract, you may want to ask the obligor to sign a release, or waiver, agreement that releases you from contract liability.
In addition to transferring rights and obligations, you can also use an assignment agreement to transfer an income stream to an assignee.
For example, a nanny who as contracted with a family to watch their children but is no longer able to due to a move could assign their rights and responsibilities under the original service contract to a new childcare provider.
How to use this document Prior to using this document, the original contract is consulted to be sure that an assignment is not prohibited and that any necessary permissions from the other Party to the original contract, known as the Obligor, have been obtained. The Agreement contains important information such as the identities of all parties to the Agreement, the expiration date (if any) of the original contract, whether the original contract requires the Obligor's consent before assigning rights and, if so, the form of consent that the Assignor obtained and when, and which state's laws will govern the interpretation of the Agreement.