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Agent Resource Center
Agent Resource Center

In a listing you look at the papers & discover that the property is being purchased on a contract of sale. The contract contains no alienation clause & there are no restrictions in the contract of sale prohibiting resale or assignment. Your client

Written by Posted On Tuesday, 26 November 2019 05:00

(A) Sell the interest in the property but only after paying off the existing contract of sale
(B) Assign the contract but remain primarily liable unless released from the liability
(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 payment due on the original contract.

 

Answer:  (B) Choices (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 2042 times Last modified on Friday, 22 November 2019 16:11
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