Houtan Hormozian explains assignment of contract in real estate. When you assign a contract, you become the assignor and transfer your rights to an assignee. The video poses a multiple-choice question and walks through the correct answer.
Question of the day: To assign a contract for the sale of real estate means to: A. Transfer one's rights under the contract. B. Allow the seller and the buyer to exchange positions. C. Permit another broker to act as agent for the principal. D. Record the contract with the county recorder's office. The answer is letter A. An assignment of contract occurs when one party to an existing contract The assignor hands off the contract's obligations and benefits to another party. The assignee. Ideally, the assignor wants the assignee to step into his shoes and assume all of his contractual obligations and rights. Found this helpful? Please like our post and tag a friend. Contact us through our website or message us right here.
