← Glossary
Investing
Assignment of contract
Transferring a buyer's rights in a purchase contract to someone else, often for a fee. The contract must allow assignment, and some loans and states limit it.
Also called: contract assignment, assignment fee, assignable contract
Related terms
Wholesaling
Putting a property under contract and then selling that contract to another buyer for a fee, usually without ever owning the property. Some states regulate or restrict it.
Purchase agreement
The signed contract between buyer and seller that sets the price, deadlines, contingencies and terms of a sale. Once both sides sign, the property is under contract.
Off-market property
A property sold without being listed publicly on the MLS. Buyers find these through direct outreach, networks or wholesalers.