Property Assignment

It is a sales transaction where the original buyer of a property (the 'assignor') allows another buyer (the 'assignee') to take over the buyer's rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller.

The assignment is considered to take place from the original agreement of sale between the original purchaser and developer. The assignment happens before the property is completed.

The assignee assumes all the obligations and duties of the assignor. The original agreement of sale includes these duties and obligations such as included items, deposits, required disclosure statements, and completion date.

The assignee is granted title to the property once the property gets completed. All assignment fees are borne by the original purchaser and are charged by the developer.

The legal owner of the property is the developer till the transfer of title happens legally on completion of the property. For all assignment transactions, the developer needs to give written consent.