Question:
Is there a correct way to add a new party or additional party to a real estate deal?
Answer:
You can do this by:
1) a new Agreement,
2) an Amendment,
3) a two party Assignment,
4) a three party Assignment, or
5) a Direction.
Each method is a little different and the correct steps must be followed (and frequently, they are not) but they all work. There is not a right answer here, where the others are wrong.
NOTE: you need to make sure that the new party signs and agrees to the full and complete APS, and that the other parties agree to permit the new party to join in.
Brian Madigan LL.B., Broker