Assignment Question

Question:  The buyer on a home has submitted an addendum to change the name on the contract to another person – How do you feel about that — any issues the seller should be aware of? 

Answer:  Read section 19 of the REPC.   The REPC and the rights and obligations of Buyer here under, are personal to Buyer. The REPC may not be assigned by Buyer without the prior written consent of Seller. Provided, however, the transfer of Buyer’s interest in the REPC to any business entity in which Buyer holds a legal interest, including, but not limited to, a family partnership, family trust, limited liability company, partnership, or corporation (collectively referred to as a “Permissible Transfer”), shall not be treated as an assignment by Buyer that requires Seller’s prior written consent. Furthermore, the inclusion of “and/or assigns” or similar language on the line identifying Buyer on the first page of the REPC shall constitute Seller’s written consent only to a Permissible Transfer.