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Expert: - 10/16/2005


Question
what is a contract by assignment

Answer
HI Mark,

Thank you for your question.

An assigned contract is one that has been transferred from one party to another under the same terms with the permission of the other parties.  This releases the party that assigned the contract from the terms and responsibilities of the contract.

For instance, a buyer may ask the seller if they can assign their rights in a contract to buy a house to someone else.  The seller can permit this if they want to.  They do not have to.  Doing so releases the first buyer from the contract and makes the second buyer soley responsible.

Hope this answers your question.

Hans

Buying or Selling a Home

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Volunteer

Hans Weber, Licensed Broker Associate

Expertise

I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?

Experience

Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.

Organizations
National Association of Realtors.
Westchester County Board of Realtors.

Education/Credentials
Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.

Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.

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