What Is An Assignment In Real Estate

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Honesty and transparency is always the best policy in all business dealings.

If it is even a possibility that you may assign a contract to someone else, it would be wise to let the seller know ahead of time by putting in the phrase “ and or assigns ” into your contract.

The person I am receiving the assignment from will make $2000 from the assignment of the contract to me.

So basically I am paying the whole seller who found the property $2000 for finding the property and assigning the contract to me.

You also are not able to assign the contract to a third-party for a fee as in the case stated above.

By adding “ and or assigns ” after your name as the buyer, you now have the rights to lease, rent, repair, assign, or sell the property for profit.

Either way you are still paying for someone to help facilitate the transaction unless you find the seller yourself.

When any change of ownership is done on a property, the recorder’s office of your local county records the name of who held ownership.

The last thing you want is for you to go to the closing of escrow on a property you are purchasing and have problems.

Not informing the seller ahead of time your intent to assign the contract to someone else may cause major problems with the seller if feel they were misled or deceived.

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