The buyer’s licensee is required to provide the form to you at the same time the offer is presented. I just received an offer from a buyer’s licensee that alters or strikes out a Standard Assignment term.The buyer’s licensee has not provided me with a Notice Regarding Assignment Terms form. First, ask the buyer’s licensee to provide the form.Provide the form to the seller at the same time the offer is presented.
Provide the form to the seller’s licensee (or to the seller, if they are unrepresented) at the same time the offer is presented.
These notice obligations are in addition to your responsibility to disclose your interest in trade to the seller.
The requirements are intended to protect sellers of real estate, not sellers of real estate contracts.
If you are working with a buyer/assignor or a subsequent buyer/assignee of a contract that provides that “the vendor is entitled to any profit resulting from an assignment of the contract by the purchaser or any subsequent assignee”, and there is any question as to whether the assignment is for a “profit”, you should advise your client to seek independent legal advice on: I am working with a buyer who has entered into a contract of purchase and sale that contains both of the Standard Assignment Terms.
The buyer wishes to add their spouse as an additional buyer under the contract by way of an amendment. The Regulation imposes requirements on licensees who are dealing with assignment terms in “proposed contracts of purchase and sale” (i.e. Once an offer is accepted, and a contract of purchase and sale is entered into, the disclosure requirements in section 8.2 of the Regulation will not be triggered by a subsequent amendment of the contract.
However, you should alert the buyer that there are risks to consider when amending the terms of an accepted contract.
Provide the form to the seller’s licensee at the same time the offer is presented.
you must notify the seller, using the Notice to Seller Regarding Assignment Terms form.
Advise your client to obtain independent legal advice on how their offer may be structured to achieve their goal.
This is a legal question that should be answered by a lawyer.