Contracts
A Wisconsin real estate purchase contract is assignable unless:
AThe property is in a flood zone
BThe contract specifically prohibits assignment✓ Correct
CThe buyer is an entity rather than an individual
DThe seller is represented by an attorney
Explanation
Real estate contracts are generally assignable unless the contract contains a specific non-assignment clause. Sellers should include an anti-assignment provision if they wish to control who they ultimately sell to.
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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.
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.
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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