Assignments
An assignment in real estate is the transfer of contractual rights or interests from one party (the assignor) to another (the assignee). This process is commonly used in real estate purchase agreements, leases, and financing instruments such as Notes and Deeds of Trust. Assignments allow a buyer, tenant, or borrower to transfer their rights and obligations under an existing contract to another party. Proper documentation and legal review are crucial to ensure that all parties understand their rights and obligations in an assignment transaction.
Retainer Fee: $700.00
(Includes $600.00 cost for document preparation and $100.00 toward recording fees)
Parties to an Assignment
- Assignor – The original party to the contract who transfers their rights or obligations to another
- Assignee – The party who receives the rights or obligations from the assignor
- Other Contracting Party – The party to the original contract who is not involved in the assignment but is affected by it and sometimes must approve the assignment before it can become effective
Why are Assignments Used?
- Investor Strategy – Allows a real estate investor to secure a property and assign the contract to another buyer for a profit
- Change in Circumstances – Original buyer can no longer complete the purchase and transfers the contract to someone else
- Quick Turnaround – Enables contract holders to sell their position without waiting for the full closing process
- Facilitating Partnerships – Helps bring in a new buyer or partner with better financing or qualifications
- Avoiding Double Closing – Streamlines the transaction by avoiding the need for the assignor to purchase and resell
Services Offered by RELAWDOC
- Flat fee pricing for peace of mind with a clear, upfront cost
- Easy online ordering
- Simple information collection process
- Consultation to verify information and terms
- Review by an attorney
- Coordination of document execution and recording as requested (for additional fees)