Generally unless the seller is taking back financing, a court will not enforce a no assignment clause because there are no damages. Under current revenue regulations, there will be double transfer tax.
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If the contract does not prohibit assignment, it can be freely assigned (or transferred) to another buyer. And, as Mr. Turpitza said in his answer, even if it prohibits assignment, it will be difficult to have a court uphold that clause. If the seller is concerned, and if the closing has not occurred, the seller should consult quickly with an experienced attorney in county in which the property is located to review options.