Glossary
Assignment
Selling your purchase contract to another buyer. The original signer may never own your house. The "and/or assigns" language in a contract enables this.
When a buyer assigns a contract, they transfer the right to purchase your property to someone else, usually for a fee. The original buyer (often a wholesaler) may never intend to own the house at all. The practical consequence for the seller: you may not know who will actually close on your property until late in the process.
Read more in the Field Guide:
- The Wholesaler: The Hidden Middleman, The Basics
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