And Or Assigning Contracts
And or assigns is verbiage that can be added to the purchaser line of a purchase and sale agreement to indicate that the buyer may assign their rights in the contract to another person or entity.
The use of “And or assigns” means that no further acceptance by the seller is needed for the buyer to assign the contract to someone else.
In escrow we often see this in instances where a buyer plans to later assign their interest in the purchase and sale contract over to an LLC or corporation, but perhaps the entity hasn’t been created yet at the inception of the purchase contract.
If “and or assigns” words are not used on the contract then the buyer must have the seller’s written consent to assign the contract to another party or entity.