Contracts
In Montana, an 'assignment' of a real estate purchase contract allows:
AThe seller to assign their obligation to sell to another seller
BA buyer to transfer their rights and obligations under the contract to another buyer, unless the contract prohibits assignment✓ Correct
CThe broker to assign the listing to another broker without consent
DThe lender to assign the loan to another lender
Explanation
Contract assignment allows the buyer to transfer their contractual rights (and possibly obligations) to a third party, unless the contract contains an anti-assignment clause. The assignee steps into the original buyer'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.
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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