Buyer Sale Agreement Assignments Explained: Why Seller Consent Matters and How to Document It

OREF Sale Agreements require seller consent for buyers to transfer their rights or obligations. The reasoning behind this requirement is straightforward: the seller has the assurance that the original buyer is capable of fulfilling the agreement but cannot say the same for a buyer they don’t know. Adding “and/or assigns” after the buyer’s name may create confusion about this requirement. To provide clarity, OREF introduced OREF 013 – Assignment and Assumption of Sale Agreement to document assignments. Once the assignor and assignee agree on the details, the seller must provide written consent as the final signature. If the seller does not approve, they should not sign.

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