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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