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Updated 3 months ago on . Most recent reply
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Assignment using a C.A.R purchase agreement
Hi BP team,
I recently put a property under contract using a California realtor. I used the C.A.R form RESIDENTIAL PURCHASE AGREEMENT AND JOINT ESCROW INSTRUCTIONS. The 1-A line is noted as my name or ASSIGNED.
Has anyone had any problems using the C.A.R form with the "or ASSIGNED" and assigned to another person.
And would I have to notify the realtor or selling parties that I have assigned the purchase agreement to another person or entity?
Thanks,
Loren
Most Popular Reply
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@Loren Becker The most recent C.A.R. Residential Purchase Agreement (revised 12/15) states the following:
26. Assignment: Buyer shall not assign all or any part of Buyer's interest in this Agreement without first having obtained the separate written consent of Seller to a specified assignee.
(If your purchase agreement doesn't have that it's at least two revisions old because I believe they changed it back in the 11/14 revision.)
The C.A.R. form to get the seller's written consent is the Assignment of Agreement Addendum (AOAA) form.