Contracts and Contracts Law

Question 1

Mary agreed to buy her mothers house when her mother planned to move to a senior living community. They signed a purchase agreement, but when Mary had to move because of work, she signed her rights in the contract over to her sister, Tina. Mary may still owe money if Tina can’t come up with the agreed upon funds. What happening in the scenario?

Answer 1

Assignment

Question 2

what is Nomine?

Answer 2

Person who enters into real estate purchase transaction acting for someone who wishes to remain anonymous. The actual buyer nominates an individual to enter into the transaction with intent that the nominee will later either assign the contract to the buyer or close on the purchase and then transfer the property to the intended buyer.

Question 3

What is novation?

Answer 3

is the substitution of one party for another, with the full and complete release of the original party from any obligations under the terms of the contract.

Question 4

Mary contracted to buy her mother’s house when her mother moves to a senior living community, but now Mary has to move because of work and no longer wants to buy the house. With their mother’s agreement, Mary’s sister, Tina, steps in, releasing Mary from her obligation. They write up an ew contract, with the only changes being the Tina is now the party to the contract rather than Mary. What’s happened here?

Answer 4

Novation

Question 5

What form is used to submit offers to sellers?

Answer 5

AAR Residential resale Real Estate Purchase Contract form