Assignment
Also called: assignment of contract · 1031 assignment
The transfer of contractual rights or obligations from one party to another.
What it means in practice.
In many QI-facilitated exchanges, rights under purchase and sale contracts are assigned as part of the exchange documentation while the properties may be directly deeded between seller and buyer.
Why it matters.
Closing counsel, title and the QI should coordinate assignment language rather than relying on generic forms.
Additional notes.
In many QI-facilitated exchanges, rights under purchase and sale contracts are assigned as part of the exchange documentation while the properties may be directly deeded between seller and buyer.
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