Contracts
What is an 'assignment' of a real estate contract in Delaware?
AThe transfer of the seller's ownership interest to the buyer at closing
BThe transfer of a party's contractual rights and obligations to a third party — a buyer may assign their purchase contract to another buyer unless the contract prohibits assignment✓ Correct
CThe assignment of a real estate agent to a specific transaction
DThe assignment of a property to a court-appointed receiver
Explanation
Assignment transfers one party's rights and obligations under a contract to a third party. In real estate, buyers may assign purchase contracts to other buyers (common in wholesale investing) unless the contract contains an anti-assignment clause. Assignment does not always relieve the original party from liability. Delaware sellers often include anti-assignment clauses to control who purchases their property.
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