Who is an assignor in a real estate contract of sale? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally, it refers to the person who assigns to another person the right to buy property. A proper assignment, transfers the complete remainder of the assignor’s interest to the assignee. It is important for a proper assignment, to not permit assignor from retaining any sort of reversionary interest in the right to possess. Figuring out the precise mechanics, of a proper assignment is often easier said than done; for example, the language of the contrast may prohibit assignments. An easy way to figure out, if a contract of sale permits assignments, is by looking at the magic words next to the buyer’s names. Assignments allow for a quick profit to be made by the initial “buyer” who signed and simply sells his right to buy the property to someone else at a profit. Besides a prohibition against assignments clauses on the contract, there are 2 other fairly common situation which may render an assignment unenforceable: (1) Assignments that violate a statute and/or a major public policy (i.e. the property can only be used for meth production). And (2) The assignment changes substantially the expectation of parties had prior to the agreement.

 

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