Assignment
The written transfer of an interest in a lease or
mortgage.
The lessee (assignor) transfers the remainder of the term and the assignee becomes
liable to the original lessor for the rent.
Based on the terms of the original
contract or assignment, the assignor may retain secondary liability for payments on
the lease.
The transfer of the right, title and interest in the property of one person, the
assignor, to another, the assignee. In real estate, there are assignments of
mortgages, contracts, agreements of sale, leases, and options, among others.
