Broker doesn't like "And or Assigns" on Contract

[Account Closed]

I need a little help regarding a wholesale deal I posted on BP.  I am working with a Realtor to get a wholesale deal secured but we've hit a bump in the road..

The problem is that the Realtors' Broker at Coldwell Banker does not like the "And or Assigns" on the contract and does not want the Realtor using this phrase in a contract. The Broker seems worried that it's fishy/sketchy to not have the end buyer identified in the contract.  

The Realtor is hesitant that if he proceeds with the contract he may be jeopardizing his job, however, he is still open to seeing if there some way of making it work.

I'd love to hear what you think.  How can we make this work?  

[William Hochstedler]

It was only a few years ago that the UAR (whose legal team writes most of the state approved contracts) added section 19 to the REPC to include NO ASSIGNMENT.  We used to write "and assigns" in every contract, but apparently this practice was causing issues and board complaints elsewhere around the state.  The new language says you can't assign "without the prior written consent of Seller".  To make it clear, now we include an addendum explicitly stating that we may assign it or that section 19 does not apply, thus obtaining prior written consent of seller.

If your broker can't get this, find someone else.  As an investor, you're not doing yourself any favors working with someone who doesn't understand contracts and is afraid to do something outside their limited comfort zone.  I've had more deals killed by real estate agents than any other single source because of BS like this.  (Disclosure: I'm a broker, too.)

I believe most wholesalers in Utah are using non-state-approved contracts for their transactions.  It is ok to use any contract you want if you are the principal, but you will have to get it from a lawyer if there's a license (agent) involved.

Hope this helps.

Wm