Assignment Contract
Hi All,
I have a buyer who willing to pay me $10K for my pre-construction condo reservation(I already paid $10K for the reservation), but I am not sure about the assignment contract, please help me out, is there a stardard assignment contract?
Simple assignment
for consideration of $10,000 I agree to assign my unit 1001 at abc inc to xxbuyer inc. At such time that assignee accepts the developer's contract, assignee will pay the assignor the original reservation fee in the amount of $10,000 that is currently on deposit with and will remain on deposit with the developer; and the above consideration in the amount of $10,000 which will be a total of $20,000. 
Check your reservation dox to determine if you can assign. I have 2 reservations now that specifically state what investors and owner occupants can & cannot do (deposits, assignments). Which lays the foundation for the contract signing. Also, be mindful that if you ask the developer questions about assignment they MAY have the right to cancel your reservation and refund your $ if they've already filled the investor quota for the project (if any). If they want all owner occupants, you may be hard pressed to assign unless you have extenuating circumstances that will prevent you from closing.
- When do you expect to rec'v the contract?
- Is the project sold out?
- What were your intentions when you reserved the unit?
Yes it's assignable but I am worried because there is no specified date on when the money will be paid by and only limited information about the buyer.
:-D
When do you expect to rec'v the contract?
-- about 2 weeks
Is the project sold out?
-- 15 left but the develp had increased the price on the remaining units.
What were your intentions when you reserved the unit?
-- flip my reservation for profit.
THanks a lot!
Do you have a RE attorney? Don't skimp on legal advice.
Additionally, search the freebies section of this site. The form is probably there. I think it's under the Products and Services tab. Do an internet search to find what you're looking for if it's not here.
Nice job Let us know the end result.