When you sell or assign a real estate option agreement, you transfer the ownership of the real estate option by doing what is called an assignment of real estate option agreement. To do this, you, as the assignor, and the buyer, as the assignee, both sign an assignment of real estate option agreement, like the sample on page 200, in
FORM 19.1 Sample Assignment of Real Estate Option Agreement
This agreement made this tenth day of September 2005 between Donald S. Reed, hereinafter known as the Assignor, and James R. Black, hereinafter known as the Assignee. Assignor and Assignee hereby agree as follows:
In return for the consideration set forth in this agreement, Assignor hereby assigns, sells, and transfers all of Assignor's rights and interests under the attached agreement entitled Real Estate Option Agreement dated July 9, 2004, known hereinafter as the "Agreement," executed by David D. Jones as Optionor, and by Assignor Donald S. Reed, as Optionee, for the real estate option to purchase said property known as: 45735 Hillsborough Avenue, Tampa, Florida 33603, and legally described as: Lots 47, 48 and 49 of Carter's subdivision according to map or plat thereof as recorded in plat book 69, page 89, of the public records of Hillsborough County, Florida.
By accepting this assignment, Assignee agrees to undertake and perform any obligations imposed on Assignor as Optionee under the aforementioned Agreement. Assignee accepts this assignment subject to all terms and conditions contained in the Agreement or imposed by law. A copy of the Agreement is attached hereto and incorporated herein as if fully set forth herein.
It is hereby agreed that it is the sole responsibility of Assignee to comply with the terms of the Agreement, and it is the sole responsibility of Assignee to seek legal or other relief in the event that the agreement is not performed as a result of the act or omission of any other party to the Agreement.
In return for the rights and interests assigned by Assignor, Assignee hereby agrees to pay Assignor the sum of fifteen thousand dollars ($15,000), payable in United States currency, by cashier's check, drawn on a local bank.
Assignee shall, upon signing this Agreement, deposit said sum with Assignor. All provisions of this Agreement shall extend to, bind, and inure to the benefit of heirs, executors, personal representatives, successors, and assigns of Assignor and Assignee.
IN WITNESS WHEREOF, Assignor and Assignee have set their hands the date aforesaid.
Donald S. Reed James R. Black
Robert B. Big Sally M. Little
Copyright Thomas J. Lucier 2005. To customize this document, download it to your hard drive from Thomas J. Lucier's web site at www.thomaslucier.com/optionforms.html. The document can then be opened, edited, and printed using Microsoft Word or another popular word processing application.
the presence of a notary public, in which you assign or sell all of your rights and interests in the real estate option agreement to the buyer.
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