Property Management
In South Carolina, an 'assignment' of a lease means:
AThe tenant sublets part of the unit to another person
BThe tenant transfers their entire remaining lease interest to a new party✓ Correct
CThe landlord transfers the property to a new owner
DThe lease is extended for another term
Explanation
In a lease assignment, the original tenant (assignor) transfers their entire remaining interest in the lease to a new tenant (assignee). The assignee becomes directly liable to the landlord, though the original tenant may remain secondarily liable unless released.
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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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