The Real Estate Contract Assignment Form is a crucial document in Indian property transactions that enables the transfer of contractual rights and obligations from one party to another. This document is specifically used when a buyer (assignor) wishes to transfer their rights under an existing property purchase agreement to a new buyer (assignee) before the completion of the original transaction. The form must comply with various Indian legislations including the Transfer of Property Act 1882, Indian Contract Act 1872, and state-specific property laws. It's particularly relevant in pre-completion property transactions, investment deals, and situations where the original buyer cannot proceed with the purchase. The document includes essential details such as property specifications, original contract terms, assignment consideration, and necessary representations and warranties to protect all parties involved.
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1. Parties: Identifies the Assignor (current contract holder), Assignee (party receiving the rights), and Original Seller (from initial contract)
2. Background: Describes the original purchase agreement, property details, and context for the assignment
3. Definitions: Defines key terms used throughout the agreement including Property, Original Contract, Assignment Date, etc.
4. Assignment: Core clause transferring all rights, title and interest in the original contract to the assignee
5. Consideration: Details of the assignment price and payment terms
6. Assignor's Representations and Warranties: Statements confirming assignor's right to transfer, no encumbrances, etc.
7. Assignee's Covenants: Assignee's commitments to perform all obligations under the original contract
8. Completion: Details of the completion process, including timing and documentation requirements
9. Notices: Communication procedures between parties
10. Governing Law and Jurisdiction: Specifies Indian law governance and jurisdiction details
1. Original Seller's Consent: Required if the original purchase agreement requires consent for assignment
2. Security Deposit Transfer: Include when there's an existing security deposit to be transferred
3. Outstanding Payments: Include when there are pending payments or adjustments from the original contract
4. Real Estate Agent Details: Include if brokers are involved in the assignment transaction
5. Force Majeure: Optional clause for unforeseen circumstances affecting completion
6. Confidentiality: Include when parties want to keep assignment terms private
1. Schedule 1 - Property Details: Detailed description of the property including address, boundaries, and registration details
2. Schedule 2 - Original Contract: Copy of the original purchase agreement being assigned
3. Schedule 3 - Payment Schedule: Breakdown of assignment consideration and payment terms
4. Appendix A - Due Diligence Documents: List of all property and contract related documents provided to assignee
5. Appendix B - Outstanding Obligations: List of remaining obligations under the original contract
6. Appendix C - Consent Documents: Required consents and approvals for the assignment
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