Dear Snow,
With respect to Darrel's excellent work, you may want to consider the
following forms for an assignment of a contract (as opposed to an
assignment of a mortgage):
CONSENT TO ASSIGNMENT
[First alternative: General consent to assignment of contract ]
I, _________________ [name of consenting party ], hereby consent to
the assignment to _________________ [name of assignee ] of the
contract dated _________________ [date ], between _________________
[name of assignor ] and myself concerning _________________ [specify
subject matter of contract with sufficient particularity so as to
identify it ].
Dated _________________.
_________________ [signature of consenting party ]
[typed name ]
[Second alternative: General consent to assignment of contract where
consideration has been given to consenting party ]
In consideration of $ _________________, receipt of which is hereby
acknowledged, I, _________________ [name of consenting party ], hereby
consent to the assignment of the contract dated _________________
[date ], between _________________ [name of assignor ] and myself on
_________________ [specify subject matter of contract with sufficient
particularity so as to identify it ].
Dated _________________.
_________________ [signature of consenting party ]
[typed name ]
[Third alternative: Consent to assignment and delegation of duties ]
I, _________________ [name of consenting party ], hereby consent to
the assignment and delegation to _________________ [name of assignee ]
of the duties of performance under the contract dated
_________________ [date ], between _________________ [name of assignor
] and myself concerning _________________ [specify subject matter of
contract with sufficient particularity so as to identify it ].
[If the assignor is to be released from liability for further
performance, add: ] I agree to look solely to _________________[name
of assignee ] for the proper performance of the contract.
Dated _________________.
_________________ [signature of consenting party ]
[typed name ]
[Fourth alternative: Consent by endorsement ]
I, _________________ [name of consenting party ], hereby consent to
the foregoing assignment.
[OR ]
I, _________________ [name of consenting party ], hereby consent to
the foregoing assignment of _________________ [specify, e.g., money
due or to become due to _________________ (name of assignor )].
Dated _________________.
_________________ [signature of consenting party ]
[typed name ]
[Fifth alternative: Consent to partial assignment of contract ]
I, _________________ [name of obligor ], hereby consent to the
assignment of _________________ [specify partial amount assigned,
e.g., one-half or 40 percent or $ 100] of the money due or to become
due to _________________ [name of assignor ] under the contract dated
_________________, between _________________ [name of assignor ] and
myself concerning _________________[specify subject matter of contract
].
Dated _________________.
_________________ [signature of consenting party ]
[typed name ]
[Sixth alternative: Consent by endorsement to partial assignment ]
I hereby consent to the above assignment of _________________ [specify
partial amount assigned, e.g., one-half or $ 100] of the money due or
to become due under the above-mentioned contract.
Dated _________________.
_________________ [signature of consenting party ]
[typed name ]
You really should run this past an attorney in your jurisdiction. It
would be very unusual to NOT have a prohibition against assignment in
the purchase agreement. Further, a couple of bucks spent on the front
end could prevent a very, very expensive action to compel specific
performance down the line if the seller balks at the assignment.
Best of luck,
weisstho-ga |