The term 'assign' in real estate refers to the transfer of one's property rights or contract rights to another party. This can apply to leases, mortgages, deeds of trust, and other contractual agreements. It's important to note that assigning a contract does not typically relieve the initial party of their contractual obligations unless a novation, or the substitution of one party for another with the consent of all parties involved, occurs.
Assignment is the method by which a right or contract is transferred from one person to another, typically involving leases, mortgages, and deeds of trust. It enables the assignee to sustain the interest in the property originally held by the assignor.
An Instrument is a written legal document created to establish the rights and liabilities of the parties involved. It is essential in the legal and real estate fields to ensure clarity and enforceability of the terms agreed upon by all parties.
