Contracts
In Michigan, an 'assignment' of a purchase agreement occurs when:
AThe buyer sells their interest in the contract to a third party✓ Correct
BThe seller substitutes a different property
CThe agent changes to a different brokerage
DThe closing date is moved to a different day
Explanation
Assignment involves the transfer of the buyer's contractual rights and obligations to a third party (assignee). Michigan contracts may or may not permit assignment; many include anti-assignment clauses.
Related Michigan Contracts Questions
- In Michigan, an 'offer to purchase' becomes a binding contract when:
- Which clause in a Michigan purchase agreement allows the buyer to exit if they cannot obtain financing at specified terms?
- Under Michigan's Seller Disclosure Act, sellers of residential property must provide buyers with a written disclosure statement:
- In Michigan, the 'acceptance' of an offer must be:
- In Michigan, the 'closing' in a real estate transaction refers to:
- In Michigan, an 'addendum' to a purchase agreement is best described as:
- Which of the following is NOT a required element for a valid Michigan real estate contract?
- In Michigan, an addendum to a purchase agreement must be:
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