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An assignment of a real estate contract in South Dakota means:

Correct Answer

B) One party transfers their rights and obligations to a third party

Assignment is the transfer of contract rights (and sometimes obligations) from one party to a third party. Unless the contract specifically prohibits assignment, most real estate contracts are assignable. The original party may still be liable unless a novation is agreed upon.

Answer Options
A
The contract is voided
B
One party transfers their rights and obligations to a third party
C
Both parties renegotiate the terms
D
The closing date is extended

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Related Topics & Key Terms

Related Topics:

novationtransferabilityassignor-liabilitycontract-rights

Key Terms:

assignmenttransfer rightsassignor liabilitynovation distinctionthird party
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