Not all real estate contracts are assignable. Certain properties, such as those sold by government entities or banks as REOs, often have clauses that prevent assignment.
Assignability clauses are often encountered in real estate contracts, where they allow the transfer of property or leases. Assignment of contract can also be applied to some options and futures contracts.
Assignment of contract is often used in property and contract law and can refer to the transfer of rights, benefits, or property. The benefiting party of the existing contract is called the assignor and the recipient is called the assignee.