Definition of 'assign'
Video: pronunciation of assign
assign in British English
Assign in american english, examples of 'assign' in a sentence assign, cobuild collocations assign, trends of assign.
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In other languages assign
- American English : assign / əˈsaɪn /
- Brazilian Portuguese : delegar
- Chinese : 布置 任务
- European Spanish : asignar
- French : donner
- German : zuteilen
- Italian : assegnare
- Japanese : 割り当てる
- Korean : 할당하다
- European Portuguese : delegar
- Latin American Spanish : asignar
- Thai : มอบหมาย
Browse alphabetically assign
- assign a code
- assign a function
- assign a judge
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Related terms of assign
- assign blame
- assign staff
- assign meaning
- assign seating
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to give or allocate; allot: to assign rooms at a hotel.
to give out or announce as a task: to assign homework.
to appoint, as to a post or duty: to assign one to guard duty.
to designate; name; specify: to assign a day for a meeting.
to ascribe; attribute; bring forward: to assign a cause.
Law . to transfer: to assign a contract.
Military . to place permanently on duty with a unit or under a commander.
Law . to transfer property, especially in trust or for the benefit of creditors.
Usually assigns. Law . a person to whom the property or interest of another is or may be transferred; assignee : my heirs and assigns.
Origin of assign
Synonym study for assign, other words for assign, other words from assign.
- as·sign·er; Chiefly Law . as·sign·or [ uh -sahy- nawr , as- uh - nawr ], /ə saɪˈnɔr, ˌæs əˈnɔr/, noun
- mis·as·sign, verb
- non·as·signed, adjective
- pre·as·sign, verb (used with object)
- pre·as·signed, adjective
- re·as·sign, verb (used with object)
- self-as·signed, adjective
- un·as·signed, adjective
- well-as·signed, adjective
Words Nearby assign
- assigned counsel
- assigned risk
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2023
How to use assign in a sentence
It is designed to listen to meetings with multiple participants and will parse discussion patterns to produce informative synopses and assign post-meeting action items.
Such randomized, double-blinded controlled trials randomly assign patients to receive a drug or a placebo, and don’t reveal to participants or doctors who is getting which.
That AI could pore over an astronaut’s symptoms and then recommend medical tests, make diagnoses and assign treatments.
So I rose beyond cleaning, to working as an operational dispatcher for cabin services in the American Airlines traffic control center, assign cleaning crews to each incoming aircraft.
Ideally, the Mars spaceship would be equipped with artificial intelligence that could consider an astronaut’s symptoms, recommend medical tests, make diagnoses and assign treatments.
Now the Kremlin will assign more loyal people to rule the region, mostly military leaders.
When we assign a primitive “not me” status to another individual or social group, it can—and does—take us down a destructive path.
Other folks can debate and assign blame for “who lost Iraq.”
Renee Richardson knows she'll likely never be able to assign blame for her son's death—she's done fighting for that.
Girls are directed through several pages of this until they are asked to assign the guy a series of pre-decided adjectives.
The designs of Russia have long been proverbial; but the exercise of the new art of printing may assign them new features.
With what honest pride did John Smith, the best farmer of them all, step to the fore and assign to each man his place!
If the lessee die, his executor or administrator can assign the remainder of his term.
As the lessee may assign or sublet unless forbidden, so may the lessor part with his interest in the leased premises.
If offered any dish of which you do not wish to partake, decline it, but do not assign any reason.
British Dictionary definitions for assign
/ ( əˈsaɪn ) /
to select for and appoint to a post, etc : to assign an expert to the job
to give out or allot (a task, problem, etc) : to assign advertising to an expert
to set apart (a place, person, time, etc) for a particular function or event : to assign a day for the meeting
to attribute to a specified cause, origin, or source; ascribe : to assign a stone cross to the Vikings
to transfer (one's right, interest, or title to property) to someone else
(also intr) law (formerly) to transfer (property) to trustees so that it may be used for the benefit of creditors
military to allocate (men or materials) on a permanent basis : Compare attach (def. 6)
computing to place (a value corresponding to a variable) in a memory location
law a person to whom property is assigned; assignee
Derived forms of assign
- assignable , adjective
- assignability , noun
- assignably , adverb
- assigner , noun
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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Investing Strategy , Jargon, Legal, Terminology, Title
Table of Contents
- What Is an Assignment?
- What is an Assignment in Real Estate?
- What Does it Mean to Assign a Contract in Real Estate?
- How Does a Contract Assignment Work?
- Pros and Cons of Assigning Contracts
REtipster does not provide legal advice. The information in this article can be impacted by many unique variables. Always consult with a qualified legal professional before taking action.
An assignment or assignment of contract is a way to profit from a real estate transaction without becoming the owner of the property.
The assignment method is a standard tool in a real estate wholesaler’s kit and lowers the barrier to entry for a real estate investor because it does not require the wholesaler to use much (or any) of their own money to profit from a deal.
Contract assignment is a common wholesaling strategy where the seller and the wholesaler (acting as a middleman in this case) sign an agreement giving the wholesaler the sole right to buy a property at a specified price, within a certain period of time.
The wholesaler then finds another buyer and assigns the contract to him or her. The wholesaler isn’t selling the property to the end buyer because the wholesaler never takes title to the property during the process. The wholesaler is simply selling the contract, which gives the end buyer the right to buy the property in accordance with the original purchase agreement.
In doing this, the wholesaler can earn an assignment fee for putting the deal together.
Some states require a real estate wholesaler to be a licensed real estate agent, and the assignment strategy can’t be used for HUD homes and REOs.
The process for assigning a contract follows some common steps. In summary, it looks like this:
- Find the right property.
- Get a purchase agreement signed.
- Find an end buyer.
- Assign the contract.
- Close the transaction and collect your assignment fee.
We describe each step in the process below.
1. Find the Right Property
This is where the heavy lifting happens—investors use many different marketing tactics to find leads and identify properties that work with their investing strategy. Typically, for wholesaling to work, a wholesaler needs a motivated seller who wants to unload the property as soon as possible. That sense of urgency works to the wholesaler’s advantage in negotiating a price that will attract buyers and cover their assignment fee.
RELATED: What is “Driving for Dollars” and How Does It Work?
2. Get a Purchase Agreement Signed
Once a motivated seller has agreed to sell their property at a discounted price, they will sign a purchase agreement with the wholesaler. The purchase agreement needs to contain specific, clear language that allows the wholesaler (for example, you) to assign their rights in the agreement to a third party.
Note that most standard purchase agreements do not include this language by default. If you plan to assign this contract, make sure this language is included. You can consult an attorney to cover the correct verbiage in a way that the seller understands it.
RELATED: Wholesaling Made Simple! A Comprehensive Guide to Assigning Contracts
This can’t be stressed enough: It’s extremely important for a wholesaler to communicate with their seller about their intent to assign the contract. Many sellers are not familiar with the assignment process, so if the role of the buyer is going to change along the way, the seller needs to be aware of this on or before they sign the original purchase agreement.
3. Find an End Buyer
This is the other half of a wholesaler’s job—marketing to find buyers. Once they find an end buyer, the wholesaler can assign the contract to the new party and work with the original seller and the end buyer to schedule a closing date.
4. Assign the Contract
Assigning the contract works through a simple assignment agreement. This agreement allows the end buyer to step into the wholesaler’s shoes as the buyer in the original contract.
In other words, this document “replaces” the wholesaler with the new end buyer.
Most assignment contracts include language for a nonrefundable deposit from the end buyer, which protects the wholesaler if the buyer backs out. While you can download assignment contract templates online, most experts recommend having an attorney review your contracts. The assignment wording has to be precise and comply with applicable local laws to protect you from issues down the road.
5. Close the Transaction and Collect the Assignment Fee
Finally, you will receive your assignment fee (or wholesale fee) when the end buyer closes the deal.
The assignment fee is often the difference between the original purchase price (the price that the seller agreed with the wholesaler) and the end buyer’s purchase price (the price the wholesaler agreed with the end buyer), but it can also be a percentage of it or even a flat amount.
According to UpCounsel, most contract assignments are done for about $5,000, although depending on the property and the market, it could be higher or lower.
IMPORTANT: the end buyer will see precisely how much the assignment fee is. This is because they must sign two documents that show the original price and the assignment fee: the closing statement and the assignment agreement, respectively, to close the transaction.
In many cases, if the assignment fee is a reasonable amount relative to the purchase price, most buyers won’t take any issue with the wholesaler taking their fee—after all, the wholesaler made the deal happen, and it’s compensation for their efforts. However, if the assignment fee is too big (such as the wholesaler taking $20,000 from an original purchase price of $10,000, while the end buyer buys it for $50,000), it may ruffle some feathers and lead to uncomfortable questions.
In these instances where the wholesaler has a substantially higher profit margin, a wholesaler can instead do a double closing . In a double closing, the wholesaler closes two separate deals (one with the seller and another with the buyer) on the same day, but the seller and buyer cannot see the numbers and overall profit margin the wholesaler makes between the two transactions. This makes a double closing a much safer way to conclude a transaction.
Assigning contracts is a way to lower the barrier to entry for many new real estate investors; because they don’t need to put up their own money to buy a property or assume any risk in financing a deal.
The wholesaler isn’t part of the title chain, which streamlines the process and avoids the hassle of closing two times. Compared to the double-close strategy, assignment contracts require less paperwork and are usually less costly (because there is only one closing occurring, rather than two separate transactions).
On the downside, the wholesaler has to sell the property as-is, because they don’t own it at any point and they cannot make repairs or renovations to make the property look more attractive to a potential buyer. Financing may be much more difficult for the end buyer because many mortgage lenders won’t work with assigned contracts. Purchase Agreements also have expiration dates, which means the wholesaler has a limited window of time to find an end buyer and get the deal done.
Being successful with assignment contracts usually comes down to excellent marketing, networking, and communication between all parties involved. It’s all about developing strategies to find the right properties and having a solid network of investors you can assign them to quickly.
It’s also critical to be aware of any applicable laws in the jurisdiction where the wholesaler is working and holding any licenses required for these kinds of real estate transactions.
Double closing, wholesaling (real estate wholesaling), transactional funding.
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Assign: What It Means, How It Works, Example
What Is Assign?
Broadly speaking, to assign is to transfer the rights or property from one person or business to another. An assignment can be any transfer of any sort of rights. In the financial markets, the term "assign" generally relates to the party that is required to deliver on an options contract . In the wider business world, it may also refer to the transfer of trademarks, banknotes, or other property rights. Mortgage assignments involve transferring mortgage deeds, while lease assignments transfer lease contracts.
- To assign in the options market is to randomly match buyers and sellers for maturing or exercised options contracts.
- The assigned party is required to deliver the assets underlying the options to the contract holder at the date established by the contract.
- More generally, to assign is to transfer rights or property from one party to another.
To assign means one of two actions taken in transferring rights. It refers either to the transfer of property rights from one individual or entity to another individual or entity or when an options contract is exercised . When an options contract is exercised, the owner of the contract assigns an options writer to the obligation to fulfill the requirements of the contract.
In the options and futures contract markets, assign is the matching of counterparties. The process is random and carried out by clearinghouses and brokerages. Once the assignment is made, the underlying securities or commodities are delivered to the holders of maturing or exercised contracts.
For example, if one trader is looking to purchase a May futures corn contract and another trader is looking to sell a May futures corn contract, the clearinghouse would match the requests of both traders, assigning them the appropriate contracts. The traders themselves will not have to search for the corresponding contract but just execute their orders, which are then matched by the clearinghouse.
Not all options contracts will be exercised or tendered. The ones that are exercised or tendered must be settled with the delivery of the underlying security. These are randomly assigned to brokerages that, in turn, randomly select which of their clients will be assigned.
During an assignment of options or futures contracts, the clearinghouse assigns an option writer who will be the required buyer or seller of the underlying contract upon its exercise.
Assign and Options
Options offer the right but not the obligation to buy an underlying asset at a specific price. In the U.S. markets, options can be exercised anytime, while options in the European markets are exercised only on the option expiration date. If an option is exercised, the assignment will be made immediately.
When an option is exercised, the option writer, who is the call seller, in this case, must fulfill the obligations of the contract. The call writer could be obligated to sell a specific number of underlying securities for a specific price, for example.
Options buyers speculate on the future movements of stocks or other assets. Option buyers believe that the underlying asset will move one way, while option sellers, who are called writers, are betting that the asset moves in the opposite direction.
Brokerages and clearinghouses are needed to connect buyers and sellers of options contracts. The seller and writer of a call option will sell a set number of shares at a set price if the option is exercised. If the option is called, the brokerage assigns a client with a short position, again at random, to deliver the stock to another client with a long position in the same contract. The brokerage will randomly select the counterparty who must deliver the asset when the contract requires it to be delivered.
Assign and Property
In regards to property, assign refers to the transfer of rights. This can refer to any asset, whether tangible or intangible , property, or contract. The assignment is completed via an agreed-upon written document.
For example, a mortgage assignment is when the mortgage deed allows an individual interest in a property in return for payments received. Many banks that have mortgages sell their mortgages to other lenders in return for a lump payment in order to free up their balance sheet to make new mortgages. The bank would be assigning their mortgages to another lender.
Another form of property assignment includes wage assignments , where a court rules that a portion of a person's wages must be withheld in order to make specific payments, such as alimony .
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What You Need to Know About Assignment Sales
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What is an assignment sale? We get this question quite often from both investors and end-users when it comes to the Toronto condo market, especially with the dramatic rise in condo buildings and pre-construction sales. Assignment sales can be a great opportunity for everyone involved, from the seller to the buyer. But working with a seasoned real estate broker is one of the most important things you can do. An assignment sale isn’t a typical transaction and there are many things you need to know before moving forward.
What Does an Assignment Sale Mean?
An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller. In other words, an assignment clause allows the buyer of a home to sell the place before they take possession of it. Although an assignment sale is possible for both home and condos, it’s much more popular among condo pre-construction buyers.
Why Would Someone Want to Sell Their Condo on Assignment?
With pre-construction condo purchases, the sale of suites typically takes place several years before the building is built. It’s a long time in between buying the suite and actually taking occupancy of it. And with this lag time comes life changes – a new job outside of the city or in a different province, a new family that’s expanding with children, etc. What worked for a particular buyer years ago may not be the current case at closing time.
Financial reasons is also another reason to sell on assignment. Perhaps the purchaser can no longer be able to close on the condo, or perhaps it’s an investor who bought pre-construction with no intention of closing on them, therefore using an assignment sale strategy to profit, based on quick appreciation in the area.
Often with pre-construction sales, there’s a long lag between when the original contract is entered into, when the Buyer can move in (the interim occupancy period) and the final closing. It’s not uncommon for a Buyer’s circumstances to change during that time…new job out of the city, new husband or wife, new set of twins, etc. What worked for a Buyer’s lifestyle 4 years ago doesn’t always work come closing time.
How Do Assignment Sales Work?
We completed an assignment sale for a client at 87 Peter Street which was a new building that has occupied, but not registered yet. Our client purchased a 1-bedroom, 1-bathroom condo pre-construction for $320,000.00. He was looking to sell the unit on assignment and listed it at $525,000.00. We received an offer of $500,000 which the seller was comfortable accepting.
Typically, when assignment sales takes place, the seller is looking for a buyer who can provide him with a purchase deposit that equals what he had to put down – usually 20% of the original purchase price. After providing the seller with this sum, the deposit paid to the builder now becomes the new purchasers deposit. Any upside to the seller can be paid based on the negotiated terms – sometimes when the seller gets a mortgage for the condo, or even earlier – it’s all based on terms of the assignment deal.
Overall, assignments sales are not to be overlooked – there can be some fantastic opportunities to get into a highly desirable building that you may have missed out on or purchase a condo that you may otherwise not have had access to. But the importance of working with a realtor and lawyer who know the ins and outs of these deals is the key to making them work for you.
If you’re interested in learning more about Assignment Sale and some of the great opportunities currently available, simply fill out the form below – we’ll get in touch right away.