Contracts
A North Dakota buyer who has signed a purchase agreement may assign their interest to another party unless the contract:
AInvolves a single-family home
BContains a clause prohibiting assignment✓ Correct
CWas drafted by the buyer's attorney
DIs a buyer-broker agreement rather than a purchase agreement
Explanation
Contract rights can generally be assigned unless the contract expressly prohibits assignment, the assignment would materially change the other party's duties, or applicable law prohibits it. Most real estate purchase agreements include anti-assignment clauses.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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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