Contracts
Vermont's 'anti-assignment clause' in a real estate purchase contract prevents the buyer from:
AObtaining a mortgage
BTransferring their rights under the contract to a third party without the seller's consent✓ Correct
CAssigning their earnest money to a trust
DChanging their closing attorney
Explanation
An anti-assignment clause prevents the buyer from assigning (transferring) their contractual rights to a third party without the seller's written consent, protecting the seller's right to know who they are dealing with.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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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