Contracts
In Michigan, an assignment of a real estate contract transfers:
ALegal title to the property
BThe assignor's rights and obligations under the contract to the assignee✓ Correct
CThe commission obligation only
DThe earnest money only
Explanation
Contract assignment transfers the assignor's contractual rights to the assignee. Unless the contract prohibits assignment or the obligor objects, the assignee steps into the assignor's position.
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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.
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.
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.
Math Concepts
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