Don't understand what to do with this contract

Assignment of Contract
The undersigned Assignor, having executed a contract dated
Feb. 5, 2009 between
___WrecklessKane___________________________________________
Contractor, and
____Seller of house__________________________________
Contractee

Concerning the property described as:
__123 Main St.__Anywhere, Kansas 32112_________
___(You could put the Parcel Number here if you wanted to.)______
______________________________________________

Hereby assigns all rights to said contract to:
______End Buyers Name____________________
("Assignee")
in exchange for compensation in the amount of $___(Total of your assignment fee)_____
(_Example: Five Thousand and No 100's ......in this area just spell out the amount you are making on your assignment fee___)

Assignee agrees to fulfill all terms, conditions, and contingencies of said Contract and to perform as required in good faith and within any time
periods established by said Contract this _5th____day of __Feburary__,2009____.

__WrecklessKane_______________________
Assignor
___Your Witness________________________
Witness

End Buyers Name___________________________
Assigne
End Buyers Witness_________________________
Witness

__________________

Thanks sistreat.... I needed that....

Awesome!! Now I can do an assignment deal thanks to you.

I think the first two lines are for the original names on the contract. Original buyer(WrecklessKane and/or assigns) and seller (John Doe).This identifies the contract that you are assigning. The end buyer would be the assignee (line 5).

I think Al's right.
Sissy, would you want to put an example of the purchase agreement here to go with this assignment example? That might help to have the two together in one thread. Or we could put a link to the one Anita had posted before.

Thanks,

Rina

I will try to find Anitas. I know it is somewhere here on the board. I think I posted one too not long ago. Finding them is the problem. There are so many posts!

I haven't done any assignment deal yet, as all the properties i've purchased so far have been cash flows, but i think the contract above is for the end buyer only. The other contract or (state purchase contract) is for the seller where you (the Buyer) put your name on that contract "and or assign" on it. Once this contract is accepted by the seller, you (the buyer) assign the deal to the end buyer.

Lloydsap

What is the Contactee's obligation to the contract?

What would be a fair assignment fee?

And do you have to have a witness sign the contract?

I think this is Anita's thread we were looking for. Filled-in purchase agreement. This one is for California, but shows in general what goes where.

http://www.deangraziosi.com/node/5374

The assignment contract you filled in above looks good. Thanks for posting that.

Rina

1. What is the Contactee's obligation to the contract?
The contractee is the person who owns the house that you originally contracted with. You are assigning your "contractual interest" in their house over to your end buyer for a price (your assignment fee).

2. What would be a fair assignment fee?
Each house is so different it is hard to put "a fair assignment fee" on one.
I TRY to get at least $5K to $7K on houses under $100K BUT sometimes in todays market your end buyer will bargain you on down so low on the house you will sometimes have to take a lesser assignment fee just to sell the house.

3. And do you have to have a witness sign the contract?
I never do have a witness sign...althoug I do have people with me when I go to contract who actually witness the signing. I guess it doesn;t hurt to have a legal witness sign with you.

Hello everybody. I has anybody used the P&S contract from this site to do a assignment.If so is there link fo that actuall contract.I have anita's contract.

And also not sure if jumps off topic ,,but I was asking an agent yesterday about pulling comps for properties, and he said that he couldn't do it cause I didn't have a licesnes.
Has anybody ran into anything like that.
Thank you