FREE Canadian Assignment of Purchase and Sale Agreement
A free Assignment of Purchase and Sale Agreement for use in Canada. Using this agreement, a party can assign their rights under a Purchase and Sale contract to another party,.
Disclaimer:This was not drafted by a attorney & should not be used as a legal document.
ASSIGNMENT OF PURCHASE AND SALE AGREEMENT
This Assignment of Purchase and Sale Agreement ("Agreement") is made on this [Date] by and between: [NAME OF ASSIGNOR], having his permanent place of residence at [Address] hereinafter referred as the "Assignor"
[NAME OF ASSIGNEE], having his permanent place of residence at [Address], hereinafter referred as the "Assignee". WHEREAS (A)Pursuant to an Agreement of Purchase and Sale dated [Date] (the "Purchase Agreement") made between the Assignor and [Name of Seller in Original Purchase Agreement] (the "Seller"), the Assignor agreed to purchase from the Seller, a certain property described as [Description of the Property being Purchased], and municipally known as [Municipal Address of Property], as more particularly described in the Original Purchase Agreement (the "Premises"), subject to and in accordance with the terms and conditions contained in the Original Purchase Agreement;
(B)The purchase price payable under the Original Purchase Agreement for the purchase of the said Premises was [Original Purchase Price CAD $ (Amount)] (the "Purchase Price"), subject to the adjustments contained in the Purchase Agreement; and
WITNESSETH That in consideration paid by each party to each other and the mutual covenants and agreements herein contained and subject to the terms and conditions hereinafter set out, the parties hereto agree as follows:
1. Assignment:The Assignor hereby assigns to the Assignee all of its right, title and interest in the said Premises and to the Original Purchase Agreement, with effect as of [Effective Date of Assignment (Date)] (the "Effective Date"). Simultaneously, with the execution of this Agreement, the Assignee hereby assumes all of the Assignor’s rights, benefits, privileges and obligations under the Original Purchase Agreement obligations, and covenants to comply with the terms and conditions of the Original Purchase Agreement as of the Effective Date. 2. Purchase Price:The purchase price for the assignment of the Purchase Agreement (the "Assignment Price") shall be [Purchase Price of Assignment (CAD $ (Amount)], which shall be paid by the Assignee to the Assignor as follows: [Terms of Assignment Price] B. The Assignee shall return to the Assignor all the documents, instruments and other materials delivered to the Assignor under this Agreement;
3. Covenants, Representations and Warranties of the Assignor:The Assignor hereby covenants, warrants and represents that:
(a) The Original Purchase Agreement is in full force and effect, in accordance with its terms,un-amended by the parties thereto (except as expressly set forth above), and all monies payable thereunder to the date hereof have been paid;
4. Covenants, Representations and Warranties of the Assignee: The Assignee hereby covenants, warrants and represents that:
(a) He shall comply and perform all of the obligations undertook on the part of the buyer under the Original Purchase Agreement.
5. Further Assurances: The parties hereto agree to execute such further documentation and perform such further acts as may reasonably be requested from one another to more perfectly give effect to the terms and conditions of this Assignment.
Time shall be of the essence of this Assignment.
This Assignment shall inure to the benefit of and be bindingupon the respective heirs, successors and assigns of the parties hereto.
IN WITNESS WHEREOF THE PARTIES hereto have hereunto set and subscribed their respective hands on the day and date first hereinabove mentioned.