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Assignment of Contract

Updated: Jun 16

Can a Buyer assign or transfer their rights in a real estate transaction to a third person prior to the closing date?


In most residential real estate contracts, the parties are the Buyer(s) and Seller(s). In some instances, a Buyer may decide to assign/transfer the contract to an independent third party. Can they do this?


Normally, yes. However, certain conditions must be met before an assignment can be made. The contract must allow for an assignment and seller(s) usually have to agree to the assignment of buyer (depending on the contractual terms).


There are instances when an assignment cannot take place...


The Florida Supreme Court has ruled that there are instances when a contract cannot be assigned. As stated above, a contract cannot be assigned if the contract does not allow for it. The other two instances that an assignment may not take place is if the assignment would somehow violate public policy or it would violate State or Federal law. There may also be other instances where the contract cannot be assigned.


It is important to review your contract prior to signing to determine if the contract has the necessary language authorizing for or against an assignment of contract.


*Disclaimer: Villa Title & Closing Services, LLC is not a law firm and is not providing legal or tax advice in this post.  For Tax and/or Legal advice, please consult with a licensed Attorney.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship.


Feel free to contact us at Info@VillaTitle.com or 786.505.9585

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Suzette M. Reyes, Attorney at Law 

Licensed by the Florida Department of Financial Services (# W473597). 

Villa Title® is an agent of Old Republic National Title Insurance Company.

 

Main Office: 

8485 SW 40 Street Suite 301, Miami, FL 33155 

Phone:                               Fax:

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Email:

Info@VillaTitle.com

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