QUESTION:
Does each party need to have a copy of the assignment transaction?
ANSWER:
In the Cooperative Purchase there is a letter of assignment that takes the place of the actual assignment agreement. In short, it’s an agreement proving that you’re out of the picture and the assignee and other party (whether you assigned to the seller, or tenant/buyer) is now obligated by the terms laid out in the lease and option agreements. This way you don’t need to show your assignment fee to the other party.
Adam