Contracts
In Michigan, an 'assignable contract' means that:
AOnly the broker can sign the contract
BThe buyer may transfer their rights under the contract to a third party unless the contract prohibits assignment✓ Correct
CThe seller must assign all warranties to the buyer
DThe contract must be assigned to an escrow company
Explanation
An assignable purchase contract allows the buyer to transfer their contractual rights (and potentially obligations) to a third party (the assignee). Michigan purchase agreements often specify whether assignment is permitted or prohibited.
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- In Michigan, a 'for sale by owner' (FSBO) transaction where no agents are involved still requires:
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