De Krupe Law
Assignment of Agreement of Purchase and Sale of Property Lawyers
Assignment agreements are one of the most essential documents that exist in real estate law. When dealing with the transfer of ownership of a property, assignment agreements can be used to transfer one’s (assignor’s) obligations under the original Agreement of Purchase and Sale to a new person (assignee). At De Krupe Law we strive to provide the most comprehensive and reliable legal advice to our clients. Contact us today and get your free appointment to solve a real estate problem, regardless of its complexity.
What is an Assignment of Agreement of Purchase and Sale of Property?
An assignment agreement is a legal document that allows a party to transfer their rights and obligations under a contract to another party. In the context of real estate law, assignment agreements are typically used to transfer obligations to purchase or to sell a property from one party to another. The party transferring their ownership rights is known as the assignor, while the party receiving the rights is known as the assignee. The assignor usually does not need the other party’s consent to the assignment unless the consent is required in the original Agreement of Purchase and Sale.
Assignment agreements are often used when a property is sold before it is completed or when a buyer wishes to sell their interest in a property before taking possession. In these situations, an assignment agreement is used to transfer the Agreement of Purchase and Sale from the original buyer to the new buyer.i
What Are The Legal Implications Of an Assignment?
- The assignment should be written and signed;
- Assignee and Assignor should be represented by a lawyer to understand the implications of the assignment.
- All parties to the assignment should be notified.
- If a builder is involved, their consent is usually mandatory and should be obtained before the assignment is finalized.
- The original agreement of sale includes duties and obligations that should be assumed by the assignee, such as:
- Included items;
- Deposits;
- Required disclosure statements;
- Completion date.
It should be noted that all assignment fees are borne by the original purchaser unless the Assignor and Assignee have contracted otherwise. These fees are charged by the developer. The developer stays the legal owner of the property until the transfer of title happens legally on completion of the property. It is obligatory, that the developer gives written consent for all assignment transactions.
How a Real Estate Lawyer Can Help with the Assignment of Agreement of Purchase and Sale of Property?
At De Krupe Law, we understand that the Assignment of Agreement of Purchase and Sale of Property is a complex and nuanced area of real estate law. That’s why we offer expert legal services to help our clients navigate this process with confidence and ease. Here are some of the ways that our real estate lawyers can help with the Assignment of Purchase and Sale Agreement of Property:
Drafting and Reviewing Assignment Agreements
Our real estate lawyers have extensive experience in drafting and reviewing Assignment Agreements. They can ensure that the agreement is fair and legally binding, and that it protects your interests.
Conducting Due Diligence
Before entering into an Assignment Agreement, it’s important to conduct due diligence to ensure that the property is in good standing and free of any liens or encumbrances. Our real estate lawyers can conduct a thorough review of the property’s title and history to ensure that there are no issues that could cause problems down the line.
Providing Legal Advice and Guidance
The Assignment of Agreement of Purchase and Sale of Property can be a complex process, and it’s important to have the right legal guidance and advice to ensure that everything is done correctly. Our real estate lawyers answer the calls directly to provide expert advice and guidance throughout the entire process, from drafting the agreement to finalizing the transfer of ownership.
Negotiating Terms and Conditions
In some cases, negotiations may be necessary to reach an agreement that is acceptable to all parties involved. Our real estate lawyers can provide expert guidance and representation during these negotiations, ensuring that our clients’ interests are protected.
Resolving Disputes
In some cases, disputes may arise during the Assignment of Agreement of Purchase and Sale of Property process. Our real estate lawyers have the expertise and experience necessary to help our clients navigate these disputes and reach a resolution that is fair and legally binding.
Benefits of Working with a Real Estate Lawyer for Assignment of Agreement of Purchase and Sale of Property
Working with an Assignment of Agreement of Purchase and Sale of Property real estate lawyer offers several benefits, including:
- Peace of mind knowing that the Assignment Agreement is fair and legally binding;
- Protection of your interests throughout the entire process;
- Expert guidance and advice to ensure that everything is done correctly;
- Thorough due diligence to ensure that the property is in good standing;
- Assistance with negotiations to reach an agreement that is acceptable to all parties involved;
- Resolution of disputes if they arise.
How We Can Help
The Assignment of Agreement of Purchase and Sale of Property is a complex process that requires expert legal guidance and advice. At De Krupe Law, we offer comprehensive legal services to help our clients navigate this process. Our assignment of property lawyers have practical experience to help you regardless of your side, whether you are a seller or a buyer, the deal is commercial or not, contact us today to learn more about how we can help with your Assignment of Agreement of Purchase and Sale of Property and other real estate needs.