Q: Last night, our listing agent called to say that the buyers of our current home were attributing the purchase of our home to another buyer as a whole. Although the buyers have already obtained a loan and have withdrawn all inspection quotas, they reject the purchase from a third party that we have never encountered. The listing agent informs us that we can refuse the assignment to the other buyer. He advises us to refuse the mission. We`ve already bought another house. We don`t want to lose a large property because the buyers of our home are being replaced. Honestly, we don`t care who buys our property, since we just have to sell it. Should we change the buyer or refuse the transfer? A: It is best that your real estate agent does not advise you to refuse a contract assignment, as he is not your lawyer. The transfer clauses are always « hidden » in the back of the sales contracts.
The local contract to sell PRDS in Silicon Valley, used in Santa Cruz, Santa Clara and San Mateo counties, contains a contract of sale that says, « This contract cannot be surrendered without the seller`s prior written consent, consent must not be withheld inappropriately. » The california Association of Realtors (C.A.R.) sales contract is used in all 58 counties. Its similar transfer clause is « without first obtaining the separate written consent of the seller to a particular assignee. Such consent should not be withheld inconsiderately. In the nine Bay Area counties, there are other trademarks of sales contracts. Anyway, you`ll get the point. You have probably already accepted the possibility of an assignment and you cannot respect your consent unreasonably. The C.A.R.`s transfer clause requires the parties to use their assignment of agreement opponents (C.A.R. Form AOAA) in the event of the commencement of the assignment. C.A.R.
Form AOAA has nine paragraphs that serve as a roadmap for awarding a contract. Your agent could have curbed the possibility of a fiasco conversion by removing the clause in advance when ratifying your offer to purchase.