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Wholesale Real Estate Assignment Contract

Wholesale Real Estate Assignment Contract Generator for United States

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Key Requirements PROMPT example:

Wholesale Real Estate Assignment Contract

"I need a Wholesale Real Estate Assignment Contract to transfer my rights in a single-family home purchase agreement to another investor, with a $15,000 assignment fee and a 14-day due diligence period, closing scheduled for March 15, 2025."

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Document background
The Wholesale Real Estate Assignment Contract is a crucial instrument in real estate wholesaling, commonly used when an investor secures a property under contract and wishes to transfer their purchase rights to another buyer. This document, governed by U.S. state and federal real estate laws, outlines the terms of assignment, including the assignment fee, due diligence period, and closing requirements. It's particularly valuable for real estate investors who identify undervalued properties but prefer to profit from assigning the contract rather than completing the purchase themselves. The contract must comply with state-specific real estate regulations and typically includes provisions for disclosure, representations and warranties, and closing conditions.
Suggested Sections

1. Parties: Identifies the Assignor (original contract holder) and Assignee (wholesale buyer)

2. Background/Recitals: Describes the original purchase agreement and intention to assign

3. Definitions: Key terms used throughout the contract including Property, Original Contract, Assignment Fee

4. Assignment: Core provision transferring rights from Assignor to Assignee

5. Consideration: Details of assignment fee and payment terms

6. Representations and Warranties: Statements about contract validity and authority to assign

7. Closing and Performance: Timeline and obligations for completing the assignment

Optional Sections

1. Due Diligence Period: Optional section specifying time allowed for Assignee to investigate property - include when Assignee requires inspection period

2. Financing Contingency: Optional section covering conditions related to Assignee obtaining funding - include when Assignee needs to secure financing

3. Non-Refundable Deposit: Optional section detailing terms for earnest money on assignment - include when requiring upfront commitment from Assignee

Suggested Schedules

1. Schedule A - Original Purchase Agreement: Copy of contract being assigned

2. Schedule B - Property Description: Legal description and details of subject property

3. Schedule C - Due Diligence Documents: Property inspection reports, title work, and related documentation

4. Schedule D - Proof of Funds: Evidence of Assignee's ability to complete purchase

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Industries

Federal Laws - Interstate Land Sales: Interstate Land Sales Full Disclosure Act requirements for real estate transactions crossing state boundaries

Federal Laws - TILA: Truth in Lending Act provisions that may apply when financing is involved in the transaction

Federal Laws - RESPA: Real Estate Settlement Procedures Act guidelines governing real estate settlement processes

Federal Laws - Fair Housing: Fair Housing Act requirements to prevent discrimination in real estate transactions

State Real Estate Licensing: State-specific requirements for real estate licensing and regulations governing real estate professionals

State Transfer Laws: State-specific laws governing the transfer of real estate properties and assignments

State Contract Laws: State-specific contract laws and requirements for valid assignment agreements

State Disclosure Requirements: Mandatory disclosure requirements specific to each state for real estate transactions

Consumer Protection Laws: State and federal consumer protection laws requiring clear disclosure of wholesale/assignment nature and anti-fraud provisions

Statute of Frauds: Legal requirement that real estate contracts must be in writing and contain essential terms

Securities Regulations: Securities laws to ensure the assignment contract structure doesn't create an inadvertent security

Local Real Estate Ordinances: Local government requirements for real estate transfers, zoning regulations, and licensing

Tax Regulations: Federal, state, and local tax implications for assignment fees and real estate transfers

Professional Licensing Requirements: Regulations governing real estate professional licensing and restrictions on unlicensed activity

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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