Assignment Contract For Wholesaling (Real Estate)

Assignment Contract For Wholesaling (Real Estate) Template for India

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Key Requirements PROMPT example:

"I need an Assignment Contract for Wholesaling (Real Estate) for a residential property in Mumbai, with a 45-day closing period starting March 1, 2025, and including specific provisions for earnest money deposit of 2% of the purchase price."

Document background

The Assignment Contract For Wholesaling (Real Estate) is a specialized legal instrument used in the Indian real estate market when an original property buyer wishes to transfer their purchase rights to another party before the completion of the original transaction. This practice, known as real estate wholesaling, requires careful documentation to protect all parties' interests and ensure compliance with Indian property laws. The contract includes essential elements such as property details, consideration amount, payment terms, and closing conditions. It's particularly relevant in developing real estate markets where investors seek to capitalize on property opportunities without completing the purchase themselves. The document must comply with various Indian legislations including the Transfer of Property Act, Registration Act, and state-specific real estate regulations. It's commonly used in both residential and commercial property transactions and requires careful attention to state-specific stamp duty requirements and registration procedures.

Suggested Sections

1. Parties: Identifies and provides full details of all parties involved: the Assignor (original buyer), Assignee (wholesale buyer), and acknowledgment of the original Seller

2. Background: Recitals explaining the context of the original purchase agreement and the intention to assign the purchase rights

3. Definitions: Defines key terms used throughout the agreement, including Property, Original Purchase Agreement, Assignment Price, and Closing Date

4. Assignment and Acceptance: Core provision transferring all rights, title, and interest in the Original Purchase Agreement from Assignor to Assignee

5. Consideration: Details of the assignment price, payment terms, earnest money deposit, and payment schedule

6. Representations and Warranties: Statements by Assignor regarding their right to assign, status of original agreement, and property condition

7. Closing and Timeline: Specific dates and requirements for closing the assignment transaction and the subsequent property purchase

8. Rights and Obligations: Detailed description of rights being transferred and remaining obligations of each party

9. Default and Remedies: Consequences of default by either party and available remedies

10. Governing Law and Jurisdiction: Specifies Indian law as governing law and determines jurisdiction for disputes

11. Notices: Method and addresses for serving official notices between parties

12. Execution: Signature blocks and execution requirements compliant with Indian law

Optional Sections

1. Due Diligence Period: Optional section specifying a period for the Assignee to conduct property investigations, used when the original agreement includes such rights

2. Confidentiality: Required when parties wish to keep the assignment terms confidential, particularly important in wholesale transactions

3. Original Seller's Consent: Include when the Original Purchase Agreement requires seller's consent for assignment

4. Commission Arrangements: Include when real estate agents or brokers are involved in the assignment transaction

5. Tax Implications: Detailed section on tax responsibilities when the assignment involves significant tax considerations

6. Assignment Conditions: Include when the assignment is subject to specific conditions precedent

7. RERA Compliance: Required for projects falling under RERA regulations

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the property including address, boundaries, and registration details

2. Schedule B - Original Purchase Agreement: Copy of the original purchase agreement being assigned

3. Schedule C - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates

4. Schedule D - Due Diligence Documents: List of property documents, titles, and certifications

5. Schedule E - Encumbrances: Details of any existing liens, encumbrances, or restrictions on the property

6. Appendix 1 - Property Photos and Plans: Visual documentation of the property and any relevant architectural plans

7. Appendix 2 - Required Regulatory Approvals: Copies of necessary government permits and approvals

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Construction

Legal Services

Financial Services

Property Investment

Real Estate Wholesaling

Property Management

Urban Development

Relevant Teams

Legal

Real Estate Operations

Property Management

Compliance

Business Development

Acquisitions

Investment

Contract Administration

Risk Management

Documentation

Relevant Roles

Real Estate Wholesaler

Property Developer

Real Estate Attorney

Legal Counsel

Property Manager

Real Estate Broker

Investment Manager

Compliance Officer

Real Estate Agent

Property Acquisition Manager

Business Development Manager

Contract Manager

Real Estate Investment Analyst

Title Officer

Property Rights Specialist

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