Assignment of Contract for Quit Claim Deed
Assignment of Contract Quit Claim Deed
I. Introduction
This Assignment of Contract for Quit Claim Deed ("Quit Claim Deed") is made between [Your Name] ("Assignor") and [Assignee's Name] ("Assignee"). The Agreement facilitates the transfer of rights from the Assignor, currently holding a contract for property purchase using a Quit Claim Deed, to the Assignee. Both Parties assert their legal competence for this assignment.
II. Definition of Parties
The parties involved in this agreement are as follows:
-
Assignor: [Your Name], who currently holds a contract for the purchase of a specific property using a Quit Claim Deed.
-
Assignee: [Assignee's Name], to whom the Assignor intends to transfer the said contract.
III. Property Details
The property in question is located at [Property Address]. It is understood that the Assignor currently holds an existing contract to purchase this property. This contract, hereinafter referred to as the "Contract," was arranged using a Quit Claim Deed. The specific terms of the original contract are understood and accepted by both the Assignor and Assignee. The property is sold "as-is," and all conditions related to the property are detailed in the original contract.
IV. Assignment of Contract
The Assignor agrees to transfer, assign, and convey all rights, title, and interest in the Contract to the Assignee. This transfer pertains to all aspects and provisions included in the original agreement for the purchase of the referenced property. The Assignee agrees to assume the responsibilities, obligations, and benefits mentioned in the Contract. Effective immediately upon the execution of this document, the Assignee shall stand in place of the Assignor in all regards related to the Contract. This assignment forms an integral part of the original agreement and must be seen as a continuation of the same.
V. Consideration
For the successful and complete assignment of the Contract, the Assignee shall pay the Assignor a sum of [Insert Amount]. This amount is to be considered full and final consideration for the transfer of all rights, interest, and title under the Contract. Payment is to be made in full upon execution of this Assignment agreement. The Assignor acknowledges receipt of the aforementioned sum and declares no further claims or entitlements related to the Contract. The Assignee acknowledges understanding and acceptance of all contractual terms.
VI. Warranties and Representations
The Assignor warrants and represents that the Contract is in full force and effect and that the Assignor has not breached any terms of the Contract. The Assignor further represents that there are no existing claims, defenses, or offsets against the Contract. The Assignee warrants and represents that they have full capacity to undertake the obligations of the Contract. Both parties confirm that this Assignment is being executed in good faith and intend to be legally bound by its terms. Neither party has relied upon any representations, express or implied, other than those outlined in this Assignment.
VII. Miscellaneous Provisions
-
This Assignment shall be governed by and construed following the laws of the state in which the property is located.
-
Any disputes arising out of or related to this Assignment shall be resolved through binding arbitration, as mutually agreed upon by the Parties.
-
This Agreement constitutes the entire contract between the Parties and supersedes all previous negotiations, agreements, and understandings.
-
All amendments to this Assignment must be in writing and signed by both Parties.
-
Both Parties agree to execute any further documents necessary to effectuate the terms of this Assignment.
VIII. Signatures
Signature of Assignor
[Your Name]
[Date]
Signature of Assignee
[Assignee Name]
[Date]
Notary Acknowledgement
On this [date], before me, a Notary Public in and for [county] County, [state], personally appeared [Your Name], known to me (or proved to me based on satisfactory evidence) to be the person(s) executing this Assignment Quit Claim Deed. He/She/They acknowledged that he/she/they signed it willingly and in their authorized capacity.
Witness my hand and seal:
[Notary Public Name]
My Commission Expires: 2051
