Can a home buyer assign their offer to another party?

Paragraph 15 of the standard offer to purchase 2-T states that the contract to puchase a home may not be assigned without the written consent of all parties except in the case of a tax-deferred exchange.

There is no standard form to handle this because it is fairly complicated from a legal perspective.

One issue to be addressed is whether the party whose rights are being assigned (called the assignor) will continue to be liable under the contract if the person to whom the assignor’s rights are being assigned (called the assignee) does not perform. Unless the assignment agreement provides otherwise, the assignor will remain liable for the performance.

Assignors should consider including an indemnity provision in the assignment to protect themselves from further liability

Assignees should consider requesting that the assignor make representations that they indeed have full rights to make the assignment.

Assignees may also want a clause that states that they have the right to make an assignment to yet another assignee.

The bottom line is that assignments are complex legal transactions and should be handled by an experienced attorney.