A Contract Assignment occurs when the Original Buyer [Assignor] who purchased from the Developer chooses to “Sell” their contractual rights in their contract to a new Buyer [Assignee] before the Completion date. The Buyer can transfer the contract for any price, even for a higher price than they paid for the property. (If the Original Buyer [Assignor] received the Assignment Clause at the time of purchase from the Developer).

In the Assignment, the new Buyer [Assignee] must transfer the money to the Original Buyer [Assignor] in this way:

* Deposit + Profit.

The Original Buyer is not truly selling the property (Because they technically do not own it yet) but, instead, is technically selling his or her interest and rights in the contract.