Posted by Houserookie on August 23, 2003 at 19:05:03:
Brent is right on target. Also, unless otherwise stated in the contract, assignments transfer only the rights to a contract, not the LIABILITY.
>>>>>>>Your clause gives you the right to buy. It does not give you the right to sell the house, to advertise the house for sale, to list for sale with a RE broker, or to place for sale signs on the property. It doesn’t stop the owner from letting the place, or transferring title to someone else subject to your option.
The and/or assigns thing gives you the right to assign the rights and obligations that you have under the contract, but it doesn’t give you the right to sell or offer to sell on other terms that you may choose to accept.