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Home / Legal / Documentation / How to draft the assignment agreement between the investor, builder and buyer?
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How to draft the assignment agreement between the investor, builder and buyer?

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0 2024-07-01T17:02:18+00:00
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Let’s explore two types of agreements related to real estate transactions: Builder Buyer Agreement (BBA) and Assignment of Contract.

  1. Builder Buyer Agreement (BBA):

    • A

      BBA

      is a legally binding document that protects both the homebuyer and the builder during property transactions.

    • It specifies conditions, clauses, and modalities related to property delivery, default conditions, and project delays.

    • Homebuyers sign a BBA to ensure construction aligns with their expectations, safeguarding their interests.

    • Importance for Home Buyers:

      • Clearly outlines demands, duties, and rights for both parties.

      • Shields buyers from misunderstandings during construction.

      • Guarantees quality construction according to requirements.

  2. Assignment of Contract:

    • Investors

      use this strategy to facilitate property sales between an owner and an end buyer.

    • The original buyer signs a contract with an investor, granting the investor the right to buy the property.

    • The investor can then sell their rights to another buyer, who pays a small assignment fee.

    • The key is to use strong contracts that clearly define expectations and avoid prohibitions.

    • Assignment of an Agreement of Purchase and Sale:

      • The original buyer (assignor) allows a new buyer (assignee) to step into their shoes through an assignment of the original purchase agreement.

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