Kiritsis & Associates
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.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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