Assignment of contract is when a buyer under a purchase contract transfers, or assigns, their rights and obligations under that contract to a different buyer, who then closes the purchase, often for a fee paid to the original buyer. A seller may not learn a different party is actually closing unless the contract or the law requires it to be disclosed.
Why it matters
In Tennessee, a buyer who plans to assign your contract to someone else has to tell you that in writing before you sign.
In Tennessee: Tenn. Code Ann. §§ 66-4-401 to 403. This can work differently in another state.
General information, not legal or tax advice.