What does an assignment involve in real estate?

An assignment in real estate specifically refers to the transfer of interest in a financial instrument, such as a lease, mortgage, or other rights associated with the property, rather than the ownership of the property itself. This means that when one party assigns their rights or obligations under a contract (like a lease), they are essentially passing their interests to another party.

In this context, it is important to understand that while transferring ownership of a property involves a deed and the complete transfer of ownership rights, an assignment merely conveys some of the rights associated with the property to another party without changing the ownership title. This distinction is crucial for grasping the nuances of real estate transactions. Other options, while related to real estate in some capacity, do not accurately capture the definition of assignment as it is understood in this field.