Contracts
An assignment of an Indiana real estate purchase contract transfers:
ALegal title to the property
BThe assignor's rights and obligations under the contract to the assignee✓ Correct
CThe listing agreement to a new broker
DTitle insurance coverage
Explanation
An assignment transfers the contracting party's rights (and potentially obligations) under the contract to a third party. Real estate purchase contracts may be assigned unless prohibited by the contract terms.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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