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Tuesday, 18 June 2019
Agent Resource Center
This Old House - Do-it-Yourself

You take a client's listing and discover that he's purchasing the property on a contract of sale. The contract contains no alienation clause & there are no restrictions prohibiting resale or assignment. One of the following is the most nearly correct

Written by Posted On Monday, 20 May 2019 05:00

(A) Sell his interest in the property but only after first paying off the existing contract of sale
(B) Sell or assign his rights but not his duties without approval of the contract seller
(C) Properly give a warranty deed to the property to the purchaser providing the deed recited “subject to the existing contract of sale”
(D) Properly give a grant deed to the property to the purchaser providing a recorded purchase money second trust deed is given to make payments due on original contract

Answer:  (B) Choice (B) is correct. (C) and (D) are eliminated by the fact that no deed can be given because vendee does not have legal title. A vendee may assign his rights but not his obligations.

Read 557 times Last modified on Tuesday, 14 May 2019 13:51
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