Assignment Schedule

This is an example of an Assignment Schedule we would insert into an Assignment Agreement of purchase and sale. Each agreement is different and this is provided just for reference. In this case, the assignor wanted all of the funds paid as soon as the builder agreed to the consent to the assignment. In most cases, the assignor will get at least his/her deposits on consent and wait until final closing for the profit.

Schedule A-1

Assignment of a Developers Agreement of Purchase and Sale

The Assignee acknowledges that the Assignor has purchased the unit herein pursuant to an Agreement of Purchase and Sale from the Developer, a copy of which agreement (the “Developer’s Agreement”) has been provided to the Assignee. The Purchaser also acknowledges that the unit as specified in the Agreement is part of an unregistered condominium. The Assignee covenants agrees with the Assignor to be bound by the terms and provisions of such Developer’s Agreement from the time the Developer grants an assignment of the Developer’s Agreement to the Assignee.

The Assignor warrants that he is current with all payments and obligations to the Developer and agrees to transfer the Vendor’s right, title and interest in the Developer’s Agreement to the Purchaser for and on the consideration herein:

1. The Assignee agrees to pay the Assignor a deposit of $5,000.00 with the agreement herein;
2. The Assignee acknowledges and agrees that the Developer’s Agreement contains a provision prohibiting the purchase and the sale of the within unit without the Developer’s consent and accordingly the Assignee and Assignor shall execute and deliver to the Developer Consent documents as required. This Agreement of Purchase and Sale shall be conditional upon the Assignor obtaining the written consent of the Developer to the assignment herein until June 16,2011, failing which the Agreement herein shall be null and void and all deposits returned to the Assignee, unless otherwise extended in writing by the Assignee and Assignor;
3. The Assignor agrees to complete the transaction with the Developer on Unit Transfer Date by paying the balance due to the Developer in accordance with the Direction of the Developer herein on Unit Transfer Date, as established by the Developer pursuant to the terms of the Developer’s Agreement.
4. The Assignee agrees to pay all adjustments and costs as applicable under the terms of the Developer’s agreement.
5. The Assignor and Assignee acknowledge that this agreement is to supplement the terms of an Assignment Agreement to be executed by the Developer and, if required, will complete any documentation required by the Developer.
6. The Assignor shall pay any fees required by the Developer to obtain the assignment and agrees to apply for same.
7. The Assignor and Assignee agree that the purchase price herein in to be paid as follows:

Assignment Sale Price: $378,000.00
Deposit payable with the Agreement Herein: $5,000.00
Balance due to builder: $294,400.00
Balance due to assignor on final closing: $83,600.00

The Assignor and Assignee agree that the balances of $83,600.00 above due to the Assignor are payable as noted above in Certified funds to the Assignor or as he so directs. The Assignee agrees that these funds are due only following the granting of the assignment by the Developer must be delivered to the solicitor for the Assignor in exchange for the consent from the developer, to be delivered June 16, 2011. It is understood and agreed that on final closing the Assignee shall pay all adjustments to the builder, that there shall be no other adjustments herein and that the seller/assignor shall receive exactly $83,600 on June 16, 2011 provided consent to the assignment has been granted.

The Assignee shall indemnify and save harmless the assignor from all damages and costs which result from any breach of the agreement with the builder by the Assignee. The Assignee further agrees that he shall retain a solicitor to complete the transaction with the Developer and that the retained solicitor will undertake not to complete the transaction/closing with the developer unless the $83,600.00 noted above are first delivered to the Assignor’s solicitor to be held in trust pending delivery of the consent from the developer. The Assignee shall personally undertake the same.

The Assignee agrees that notwithstanding the Assignment of the agreement to him he shall keep the Assignor informed as to the status of the transaction with the Developer and the progress toward closing until all funds due to the Assignor have been delivered and, following same, until the transaction with developer is complete. He further authorizes the Assignor to contact the solicitors for the Developer as may be required in furtherance of this Assignment agreement.

Check above for accuracy keeping in mind below.

It is understood and agreed by the parties herein that once the consent to the assignment to the assignee is obtained from the builder the entire $67,800 to be paid to the assignor need not be held in trust and shall be released to the Assignor.

The Assignor and Assignee agree that all of the balances, including the final balance of $83,000.00 above due to the Assignor, are payable in certified funds to Assignor or as he so directs. It is also understood and agreed that on final closing the Assignor shall pay all adjustments to the builder, that there shall be no other adjustments herein and that the Assignor shall receive exactly $83,000, plus any interest on deposits credited to the Assignee by the builder on the statement of adjustments, in certified funds on final closing with the builder.

The Assignee shall indemnify and save harmless the Assignor from all damages and costs which result from any breach of the agreement with the builder by the Assignee. The Assignee further agrees that he shall retain a solicitor to complete the transaction with the Developer and that the retained solicitor will undertake not to complete the transaction/closing with the developer unless the $83,000.00 noted above are first delivered to the Assignor’s solicitor to be held in trust pending final registration and closing with the builder. The Assignee shall personally undertake the same. The Assignee further agrees that in the event he fails to complete the transaction with the builder as required, the Assignor shall have the right to complete the transaction with the builder and any deposits or payments which have already been made by the Assignee to the Assignor herein shall be forfeited to the Assignor.

The Assignee agrees that notwithstanding the Assignment of the agreement to him he and the solicitor he retains to complete this transaction shall keep the Assignor informed as to the status of the transaction with the Developer and the progress toward closing until all funds due to the Assignor have been delivered and, following same, until the transaction with developer is complete. He further authorizes the Assignor to contact the solicitors for the Developer as may be required in furtherance of this Assignment agreement.