Contracts
What is 'assignment' of a contract in Rhode Island real estate?
AThe transfer of contract rights and/or obligations to a third party✓ Correct
BThe recording of a contract at the Registry of Deeds
CThe rejection of a counteroffer
DA court order modifying a purchase agreement
Explanation
Assignment transfers a party's contractual rights and/or obligations to a third party (assignee). In real estate, a buyer may assign their purchase contract to another buyer, unless the contract prohibits assignment.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
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