Changes to Assignments in Real Estate Contracts

Effective May 16, 2016 real estate contracts prepared by Realtors must state that the contract cannot be assigned without the written consent of the seller, and that any profit from an assignment goes to the initial seller.

The new changes apply to residential and commercial transactions. Pre-sales are exempted. 

The contract of Purchase and Sale has been amended to include two new clauses.

Both a seller and a buyer still has the ability to amend or entirely strike out the two new clauses. In this case, a notice must be provided to the seller using a new form Notice to Seller Regarding Assignment Terms.

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