Contracts (alternative)
In Maryland, an assignment of a real estate contract means:
AThe contract is cancelled and a new one is written
BOne party transfers their contractual rights (but not necessarily obligations) to a third party✓ Correct
CThe property is assigned a new tax account number
DThe listing agent assigns the buyer to another agent
Explanation
Assignment transfers one party's contractual rights to a third party. The original party may still be liable for obligations unless there is a novation releasing them.
Related Maryland Contracts (alternative) Questions
- In Maryland, the concept of 'anticipatory breach' occurs when:
- A Maryland buyer's home inspection contingency typically gives the buyer the right to:
- A Maryland real estate purchase contract that becomes 'void' is:
- A Maryland real estate contract provision that says the buyer's obligation is contingent on obtaining financing at no more than 6% interest is a:
- A Maryland property seller accepts an offer and then receives a higher offer. The seller may:
- A Maryland buyer presents a full-price, cash offer with no contingencies. The seller is legally required to:
- In Maryland, the primary purpose of the settlement statement (Closing Disclosure or HUD-1) is to:
- A Maryland seller who receives multiple offers simultaneously is:
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