Contracts
An assignment of a Missouri real estate contract means:
AThe contract is voided
BOne party transfers their rights and obligations to a third party✓ Correct
CThe contract is extended
DThe agent receives a bonus
Explanation
Assignment transfers a party's contractual rights to a third party. In Missouri, unless prohibited by the contract, a buyer can assign their purchase rights.
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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.
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.
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.
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