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In a separate lease assignment, a landlord agrees to pay a creditor through an assignment of rent due under rental property leases.The agreement is used to pay a mortgage lender if the landlord defaults on the loan or files bankruptcy.
In a different kind of an example, a wage assignment is a forced payment of an obligation by automatic withholding from an employee’s pay.
Courts issue wage assignments for people late with child or spousal support, taxes, loans, or other obligations.
For investors and traders the most prominent example occurs when an option contract is assigned, the option writer has an obligation to complete the requirements of the contract.
But there are other types business transactions known as an assignment.
Money is automatically subtracted from a worker's paycheck without consent if they have a history of nonpayment.
For example, a person delinquent on 0 monthly loan payments has a wage assignment deducting the money from their paycheck and sent to the lender.
The person or company to whom you've assigned the deal to is now responsible for taking the deal through to closing.
Of course, this assumes that you've actually assigned the contract to another party. The contract is a legal document, governed by individual state laws, so the seller might have various means of recourse if you don't assign the contract and you don't follow through and close on the property.
For instance, If the writer sold calls then he/she would be obligated to sell stock, and the process is often referred to as having the stock called away.
For puts, the buyer of the option sells stock (puts stock shares) to the writer in the form of a short-sold position.