Assignment

An assignment is a transfer to another of any property, real or personal, or of any rights or estates in said property. In real estate contract law, an assignment is the transfer of a party’s rights and obligations under a contract to another person or entity. This most commonly occurs when a buyer under a purchase agreement assigns the contract to a new buyer, who then takes over the responsibility to complete the transaction under the same terms. Whether an assignment is allowed depends on the contract language and applicable state law, since some agreements permit assignment freely while others require the seller’s written consent or prohibit it entirely. Even when assignment is allowed, the original party may still remain liable if the contract is not performed unless the other party releases them through a separate agreement.