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3 Standard Subject To Contract Assignment Addendum

This standard contract assignment addendum outlines the terms for an assignee to take over the rights and obligations of an assignor under a purchase agreement for a property. The assignee agrees to pay the assignor an assignment fee at closing. The assignee also pays a non-refundable deposit at signing and acknowledges agreeing to all terms of the original purchase agreement. The assignee must close on the property by a specified date or the assignor can terminate the agreement and pursue legal action against the assignee.

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273 views

3 Standard Subject To Contract Assignment Addendum

This standard contract assignment addendum outlines the terms for an assignee to take over the rights and obligations of an assignor under a purchase agreement for a property. The assignee agrees to pay the assignor an assignment fee at closing. The assignee also pays a non-refundable deposit at signing and acknowledges agreeing to all terms of the original purchase agreement. The assignee must close on the property by a specified date or the assignor can terminate the agreement and pursue legal action against the assignee.

Uploaded by

Nat Williams
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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STANDARD CONTRACT ASSIGNMENT ADDENDUM 

This is an addendum made on the  __________ of__________________________________ by 
____________________________________ (“Assignee”) in consideration 
for______________________________________ (“Assignor”) agreeing to assign all their rights 
and interest to the Purchase Agreement dated ___________________ for the “Property” 
located at _______________________________________________________, with a legal description 
of ____________________________________________ in exchange for Assignee agreeing to be 
responsible for and accepting to pay Assignor an assignment fee of 
_______________________________________ and 00/100 Dollars ($____________.00) on or before 
the closing or settlement date.  If the assignment is paid at closing, this fee shall be 
made out to Assignor on the HUD settlement statement.  Further, Assignee agrees to 
pay a NON­REFUNDABE  deposit to Assignor due at the execution of this Assignment 
of ________________________________________ and 00/100 Dollars ($____________.00) which is 
refundable ONLY  if title is not clear and conveyable.  The deposit is a credit towards 
the Assignment Fee. 
The parties acknowledge that Assignee is agreeing to all terms, clauses, and 
conditions of the Purchase Agreement and by executing below is agreeing to be 
liable for any and all of Assignor’s obligations and liabilities in the Purchase 
Agreement.  Further, Assignee hereby agrees to indemnify and hold Assignor 
harmless from any claim, fee, expense, costs, demand, obligation, liability, or 
obligation related to this Assignment, the original Purchase Agreement, the Property 
or this matter. 
Assignee hereby agrees to close on the Property per the original Purchase 
Agreement on or before ________________________. If Assignee doesn’t close by this date, 
Assignor shall have the right in their sole discretion to terminate this Agreement, 
assign the Purchase Agreement to a third party, purchase the property, and take 
legal action against Assignee for any and all damages or liability this causes.  
Further, Assignee agrees to forfeit the Ernest Money Deposit to Assignor.  Should 
Assignor fail to act timely and take the above actions, the parties agree that Assignor 
retains and is NOT waiving said rights. 
NOTE:  The Purchase Agreement is a subject to transaction, Assignee is purchasing 
the property subject to the existing liens on the property and understands and is 
fully aware of what this means, including being aware of all of their liabilities and 
consequences they may incur by purchasing a subject to.  This may include, but is 
not limited to the Lender calling in the Note, charging fees, or foreclosing.  Further, 
the parties acknowledge that Assignor at this time does not know the exact balance 
of the subject to loan, is not guaranteeing the balance and Assignee agrees that they 
have done the necessary due diligence, understands all facts and agree this 
agreement and hold the Assignor harmless from any claims, damages, liability, 
obligation, fee, costs, or expense in regards to this matter.   
This addendum super cedes all the other addendums written before this date. 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =  

                                                             
                                                      AGREED AND ACCEPTED: 
 
Assignor 

 ____________________________________________________           Date: ______________: 

 
Assignee  

_____________________________________________________           Date: ______________ 

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