What is an Assignment

An assignment is when a Buyer, who is in a pending Contract with a Seller, decides to assign his or her interest in the property to another Buyer.

In other words, suppose I am a Buyer and I am in a Contract with a Seller but decide I do not want to or cannot close, I can choose to assign the Contract to another Buyer who will close on the property instead of me.

However, this is only possible if the Seller agrees and the proper paperwork is signed by all parties.