People buy and sell real estate in BC with a document called the Contract of Purchase and Sale. It describes the rights and obligations of the buyer and seller.
A contracting party can sell those rights to someone else unless the contract states otherwise. This type of transaction is known as an assignment agreement.
In simple terms, someone can buy the right to step into the original buyer's shoes to complete the contract.
The person selling the contractual rights is the assignor. The person buying the rights is the assignee. The money the assignee pays for the contract is the assignment fee.
Here are 10 steps to take before you enter into an assignment deal.
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