Posted by mike on December 13, 2000 at 23:45:04:
An assignment contract is when you go out and get a regular contract on a house, say you make a good deal on a house (35k for a house valued at 45k) you sign the contract at the end as the buyer, DALISHA DOE OR ASSIGNED. This gives you the opportunity to find another buyer to assign the contract to. Then when you find the other buyer you just sign a simple assignment contract (legal type sheet of paper) basicly saying I Dalisha Doe am assigning this contract to Bill Smith for an asssignment fee of $2,500-$3,500. I am not liable for and assign all my rights and responsabillities to Bill Smith. Basicly that is what it is. Ask someone for an assignment sheet and they will probably fax you one or e-mail you one, I do not have a fax or a scanner, so I can’t send you one. Good Luck.
Hope that helped,