assignment is a legal term whereby an individual, the “assignor,” transfers rights, property, or other benefits to another known as the “assignee.”   this concept is used in both contract and property law. for example, if a contracts with b to teach b guitar for $50, a can assign this contract to c.  that is, this assignment is both: (1) an assignment of a’s rights under the contract to the $50; and (2) a delegation of a’s duty to teach guitar to c.  in this example, a is both the “assignor” and the “delegee” who delegates the duties to another (c), c is known as the “obligor” who must perform the obligations to the assignee, and b is the “assignee” who is owed duties and is liable to the “obligor”. first, if an individual has not yet secured the contract to perform duties to another, he/she cannot assign his/her future right to an assignee. third, the obligor can sue the assignee directly if the assignee does not pay him/her. following the previous example, this means that c (obligor) can sue b (assignee) if c teaches guitar to b, but b does not pay c $50 in return.

wholesaling, for those who do not know, is an investor practice of getting a property under contract and then selling that contract to another investor who, after closing, usually does rehab work with the intention of selling the property at a profit, all within a short-term timeframe (usually a year or less). a person selling or offering to sell an option or assigning or offering to assign an interest in a contract to purchase real property without disclosing the nature of that interest to a potential buyer is engaging in real estate brokerage. a buyer of an earnest money contract should want the assignment instrument to be recorded in the real property records of the county where the property is located.