medium · National Real Estate Exam contracts
A buyer and seller have a signed contract. The buyer assigns their interest in the contract to a third party.
What is being transferred in this assignment?
- The buyer's legal title, since it already passed to them at signing
- The buyer's equitable title and all rights and obligations under the contract.
- A right of first refusal allowing the third party to buy the property later
- Only the buyer's right to recover the earnest money deposit if the seller later defaults
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