Free US Law Dictionary

Obligor

An assignment (Latin cessio) is a term used with similar meanings in the law of contracts and in the law of real estate. In both instances, it encompasses the transfer of rights held by one party—the assignor—to another party—the assignee. The legal nature of the assignment determines some additional rights and liabilities that accompany the act.

Assignments are increasingly popular in Canada, especially on the west coast in cities such as Victoria, Vancouver, New Westminster and Surrey. With the Metro Vancouver population predicted to increase by 65 percent between 2004 and 2044, demand for housing will continue. As long as there are new developments - which will continue as more land is made accessible - the phenomenon of assignments will carry on blossoming. Other factors playing a role in the popularity of assignments include high population migration, increasing incomes, strong economic growth and, in particular, overseas investment. Web sites such as www.AssignmentsCanada.ca [1] were created especially to advertise this popular type of real estate transaction.