Business, Legal & Accounting Glossary
A person to whom a property right is transferred. For example, an assignee may take over a lease from a tenant who wants to permanently move out before the lease expires. The assignee takes control of the property and assumes all the legal rights and responsibilities of the tenant, including payment of rent. However, the original tenant remains legally responsible if the assignee fails to pay the rent.
n. a person to whom property is transferred by sale or gift, particularly real property.
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This glossary post was last updated: 26th April, 2020 | 0 Views.