ContractsHomebuying Glossary
Assignment of Contract
Transferring your rights and obligations under a purchase contract to another buyer before closing.
In plain English
Assignment lets the original buyer transfer their contractual right to purchase a property to a different buyer, who then completes the closing — a technique more common among investors than typical first-time buyers.
Why it matters
Not all purchase agreements allow assignment, and many sellers restrict it — worth being aware of the term even if it's unlikely to apply to your purchase.
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