What is an assignee?
An assignee is the receiving end of an arrangement that is called “assignment.” By this arrangement, Party 1, which is called the “assignor,” transfers rights and obligations to Party 2, which is called the “assignee.”
In real estate, this generally refers to contracts, in that a contract is assigned from one person or entity to another. The contracts in question can include mortgages, leases and real estate contracts.
Examples of assignee:
– In an assignment of property (transfer of property), the assignee received the title and rights to the property
– In an assignment of mortgage, the assignee receives the mortgage rights and obligations from the previous lender is borrower. Most commonly, this happens when a lender sells a mortgage to another lender
– In a sale of real estate property, the seller can assign the proceeds or benefits of the sale contract to a third party (assignee)
– In an assignment of lease, the original tenant (assignor) assigns to a new tenant the right, obligations, and use of the space that was originally leased
You might also be interested in:
Search other terms