Q: What details and clauses should be added in a Real Estate Assignment Contract and Purchase Agreement?
I want to ensure that I am following all laws and legal requirements. In order to ensure that I won't be liable for anything.
A: The chances that you can draft a solid real estate purchase agreement from a checklist of clauses is precisely zero, and any effort to help you in doing that would, in my opinion, make the lawyer a participant in your negligence. There are perfectly good contract forms that are regionally specific from your local realtors. If you don't need the marketing services of a realtor, you can often pay far less for just their contracting skills, or you can retain counsel for about the same price to contract and close a home sale. This is a highly regulated area, and there are many mandated forms and disclosures, and if you fail to provide them, you may well be liable long after the sale.
Not every real estate contract can be unilaterally assigned. It isn't clear whether you are asking for help drafting a Purchase Agreement with rights to assign, or whether you wish to assign an existing Agreement / Contract of Sale.
Real Estate contract clauses vary not only state to state but even local jurisdiction to local jurisdiction. So a Maryland contract good in Montgomery County, for example, may not cover what is necessary in Baltimore City and vice-versa.
Contracts realtors use are prepared by attorneys familiar with the various laws but are not tailored to the specific situation. Contracts prepared by an attorney engaged to write one for a specific client will tend to be tailored to that particular client's needs and situation.
You are encouraged to talk to a real estate attorney. While this post is not legal advice I hope that this helps. You're encouraged to consult with a licensed real estate attorney of your choosing.
A: Not to be too glib, but you should add all the laws and legal requirements for your particular type of transaction, and the requirements you seek to enforce or avoid. It has taken me 32 years to do it correctly. You should consider finding someone in you County with similar qualifications.
A: If you have ever purchased or sold a home, or seen the contracts, addenda, mortgages, deeds of trust and other inch or more thick pile of documentation involved, then you would understand that your question is simply too broad and--forgive me--naive to expect an answer on this forum. What necessary clauses do you need? All of them. Hire a real estate lawyer. Potentially endless litigation and un-correctable mistakes over property titles and land contracts are sure to ensue when the inexperienced non-lawyer attempts to draft their own contract from scratch.
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