What is an assignment of contract?

An assignment of contract is when one party, known as the “assignor”, transfers their rights and obligations under a contract to another party, known as the “assignee”. This is common with real estate contracts, when the assignor assigns their rights to purchase a property to the assignee. In Mississippi, real estate assignments must be in writing and signed by both parties in order to be valid. The assignee must also agree to uphold their obligations under the contract and assume the duties of the assignor under the agreement. In addition, the assignor must also provide the assignee with any documents they may need to perform their duties. Once the assignment is complete, it is valid and binding on both the assignor and the assignee. The assignee is then responsible for carrying out any obligations under the contract, including paying any fees or taxes. It is important to remember that in Mississippi, a contract cannot be assigned without the consent of the other parties involved. As such, it is important to consider all parties involved when considering an assignment of a contract.

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