I recently reviewed the latest version of the Utah REPC. In there the following clause is included:
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.
If you notice, it looks like you cannot assign contracts or add and/or assigns to the contract, so you can assign it. HMMM!!! So how do you get around this? Well there are two parts to note in the cluase.
First: "The REPC may not be assigned by Buyer without the prior written consent of Seller." If the seller signs and agrees to the terms identified on the addendum or a disclosure attached to this contract or referring back to this contract then that shows written consent right!!! You better believe it. You can change, cross out or modify anything you want on a contract as long as you have the seller sign a document identifying the ammendments to the contract.
Second: "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. " Now this section allows you to buy it in the name of an "entity" without the written consent of the seller. You could list a trust or business entity and then transfer the rights to the entity to your end buyer for a fee. They are buying the entity from you with the contract included in the assets associated with the entity.
See reading the contract is important and the correct interpretation of the contract is even more crucial. Be educated and read things for yourself. I have seen too many people listen to real estate agents who simply do not understand the contract or misinterpret the contract. I have even noted that many real estate agents do not or have not read the contracts that they use daily.
Happy Hunting!!!
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I recently reviewed the latest version of the Utah REPC. In there the following clause is included:
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.
If you notice, it looks like you cannot assign contracts or add and/or assigns to the contract, so you can assign it. HMMM!!! So how do you get around this? Well there are two parts to note in the cluase.
First: "The REPC may not be assigned by Buyer without the prior written consent of Seller." If the seller signs and agrees to the terms identified on the addendum or a disclosure attached to this contract or referring back to this contract then that shows written consent right!!! You better believe it. You can change, cross out or modify anything you want on a contract as long as you have the seller sign a document identifying the ammendments to the contract.
Second: "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. " Now this section allows you to buy it in the name of an "entity" without the written consent of the seller. You could list a trust or business entity and then transfer the rights to the entity to your end buyer for a fee. They are buying the entity from you with the contract included in the assets associated with the entity.
See reading the contract is important and the correct interpretation of the contract is even more crucial. Be educated and read things for yourself. I have seen too many people listen to real estate agents who simply do not understand the contract or misinterpret the contract. I have even noted that many real estate agents do not or have not read the contracts that they use daily.
Happy Hunting!!!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125