Contracts
An assignment of a real estate contract means:
AThe buyer substitutes a new property in place of the original
BOne party transfers their rights and obligations under the contract to a third party✓ Correct
CThe closing date is changed by mutual agreement
DThe agent is replaced by a different agent
Explanation
An assignment transfers one party's contractual rights and obligations to a third party (the assignee). Unless the contract prohibits assignment, a buyer may assign their rights to another buyer.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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