By assignment, we usually mean any task, job, or work, or project given to anyone as part of his/her responsibilities, duties, professional obligations or even education. It could also mean allocating anything or anyone within a specific category/segment.
The official definitions could be the following:
1. Any job or work given to anyone usually as part of his/her professional or educational duties/curriculum.
2. It may also mean any work that an individual is dispatched to take care of anywhere.
Assignment in real estate is a legal word, where there is an assignor or any individual, who transfers property, rights, and/or added benefits to the assignee or the recipient/beneficiary. This is a concept that is widely used throughout property and contract laws alike. The term may indicate either the transfer (the act) itself or the benefits/property/rights that are being transferred to someone.
Here are some key points worth noting in this regard:
• As per the regulations of contract law, the assignment of any contract will mean both the assignment of any rights and also the delegation of any responsibilities/duties in case necessary evidence is absent.
• If any person has not secured any contract for the performance of specific duties/responsibilities to another individual, then he/she cannot be assigning his/her rights in the future to his/her assignee.
• One cannot assign any right when there is any material change in the rights and duties of the obligor.
• The obligor may directly sue the assignee if the latter does not make payment.
• Assignment also plays a role in scenarios involving engagement between tenants and landlords. Assigning means giving the whole term balance to another party while sub-leasing is for a limited duration.
• Contract assignments also represent wholesale transactions where a wholesaler and seller sign their contract, giving the former the only right to purchase any property within a pre-fixed duration at a fixed price. The wholesaler may get another buyer and assign this contract to him/her. The property title is not taken by the wholesaler, who only sells his/her contract, giving the property buying right to the end-purchaser. The wholesaler may get a fee for arranging the deal in this case.
These are some of the commonest uses of the term in the real estate sector. The wholesaler method is quite similar to how many brokerages/agencies function in the realty industry.
