Question: How do I assign a contract to a new Buyer?
Answer: Use UAR form 29 to assign a contract to a new Buyer. The terms and conditions of the assignment are all in this document. This needs to be signed by Buyer 1 and Buyer 2 and also the Seller.
If the assignment is to any business entity in which Buyer holds a legal interest, this would be considered a “Permissible Transfer”. See section 19 of REPC below:
19. NO ASSIGNMENT. The REPC and the rights and obligations of Buyer hereunder, 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.