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Mike Flora
  • Investor
  • Menifee, CA
216
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CAR contract and not having license

Mike Flora
  • Investor
  • Menifee, CA
Posted

I live in California and sent out my contract to an agent on a great deal that his seller is interested in. The agent knows I don't have a real estate license and responded that since I'm representing myself that he would like me to submit a CAR contract. I'm going to assign my contract so should I add an addendum to the CAR contract or am I even allowed to use a CAR contract since I don't have my license???? Want to be safe and do it right. THOUGHTS????

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Kyle J.
  • Rental Property Investor
  • Northern, CA
5,180
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Kyle J.
  • Rental Property Investor
  • Northern, CA
Replied

@Mike Flora It used to be fairly easy to assign these contracts.  However, the newest version of the CAR purchase contract (updated Nov 2014) now states "Buyer shall not assign all or any part of Buyer's interest in this agreement without first having obtained the separate written consent of Seller to a specified assignee."􀀜􀀗􀀘􀀆􀀆􀀑

What this means is - that in order to assign it - the Buyer, Seller and the Assignee must all complete and sign the new Assignment of Agreement Addendum (CAR form AOAA).􀀖􀀘􀀌􀀓􀀌􀀍􀀗 􀀥􀀞 􀀨􀀆􀀏􀀏􀀆􀀘􀀣 􀀟􀀋􀀣􀀉􀀣􀀇􀀣 􀀤􀀕􀀘􀀙 􀀉􀀪􀀉􀀉􀀢􀀣

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