Assignment And Assumption Agreement Asset Purchase
This practice is often referred to as “wholesale trade” and is becoming increasingly widespread, including in the case of “short selling transactions”, where existing mortgage holders agree to accept less than the total amount of the mortgage and the seller does not receive the proceeds of the sale (with the exception of funds paid for commissions). Closing costs and mortgages). The general rule of Arizona law is that a buyer`s interest in a contract for the sale of real estate is freely assigned, unless any restrictions or prohibitions to the contrary apply in the underlying contract of sale. Many real estate purchase agreements, especially those designed for the seller, contain restrictions or prohibitions such as.B. restrictions on assignment to another party, with the exception of related or related businesses, or total prohibition of assignment without the prior written consent of the seller.