Legal Question in Real Estate Law in New Jersey

Re: contract

I agree with John, as to his genereal comments. How they apply to you depends upon the language, or absence of language, in your particular contract. Not having seen your contract, I cannot offer a specific response.

Re: contract

The contract is not void. The real question is whether buyer can assign a fraction if its interest in the contract. To answer that, we look first at the language of the contract and then at the nature of the deal.

Many real property contracts have an "no assignment" clause. Some contracts go the other way (I wrote one on Friday) and specifically make the contract assignable. So, look at what the contract says.

If there is no specific clause dealing with assignment, it is usually permitted unless there is a good reason to do otherwise.

Remember, when a contract is assigned, it is the rights that are assigned and not the obligations. Assigning all or a part of the contract rights does not let the other party out of the contract.

To tell exactly how an assignment would work in any particular case requires a review of the contract. In the situation that you pose, I would expect the assignment to work to the benefit of the seller.

See also: http://info.corbettlaw.net/lawguru.htm