Contracts
Under New York law, a 'consent to assignment' clause in a real estate purchase contract means:
AThe buyer may automatically assign their rights to a third party
BAssignment of the buyer's rights under the contract to a third party requires the seller's prior written consent✓ Correct
CThe seller may assign their obligations to a new owner of the property
DBoth parties must consent to any court assignment of the contract
Explanation
A consent to assignment clause requires the seller's approval before the buyer can transfer their contractual rights to a third party. Without such a clause, contracts are generally assignable in New York.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA 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.
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