An assignment of contract clause sets forth whether or not you will be allowed to transfer your rights or obligations under a contract to a third party.

This is commonly used by investors when selling real estate or assigning a contract to purchase real estate. What is being transferred or conveyed is not real estate, but a contract to purchase real estate is being assigned (normally for a fee).

When assigning a contract you have to ensure you pay close attention to the details in the assignment contract as the sales contract. You will be responsible for all the terms as you are assuming the agreement or sales contract.

There are numerous assignment on contract forms you can obtain for free on the internet.

Also see: How to assign a Real Estate Contract

Get more information on Assignment in the Real Estate Forum