Contracts
What is an 'assignment' of a contract in Hawaii real estate and is it always permitted?
AA. Assignment is always permitted unless prohibited by the contract
BB. Assignment transfers a party's rights and obligations to a third party; whether permitted depends on the contract terms and the consent of the other parties✓ Correct
CC. Real estate contracts can never be assigned in Hawaii
DD. Only sellers may assign real estate contracts; buyers may not
Explanation
Assignment transfers contractual rights (and potentially duties) to a third party. Whether a real estate purchase contract may be assigned depends on its terms—most have anti-assignment clauses or require seller consent.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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