Contracts
An assignment of a Utah purchase contract transfers:
ATitle to the property
BThe buyer's contractual rights and obligations to a third party (assignee)✓ Correct
COnly the earnest money deposit
DThe seller's remaining obligations under the contract
Explanation
Assignment of a contract transfers the buyer's rights (and typically obligations) under the purchase agreement to a new buyer (assignee). The original buyer (assignor) may remain liable unless released by the seller.
Related Utah Contracts Questions
- Under the Utah REPC, if a seller fails to close on time without a valid reason, the buyer may:
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- Under the Utah Seller Disclosure Act, which of the following properties is EXEMPT from disclosure requirements?
- A Utah buyer's earnest money deposit is typically held by:
- Under Utah's Residential Purchase Contract, which party typically pays for the owner's title insurance policy?
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- The Utah REPC's Inclusions and Exclusions section defines which items:
- A Utah listing agreement is a contract between:
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