Posted by Bronchick on October 21, 1998 at 13:02:46:
An assignment is where you sell (assign) your contract to another party (assignee) for cash. He closes in your place directly with the seller.
A double closing is where you take title from the seller then transfer to a new buyer in a simultaneous transaction.
The assignment is faster, cleaner and keeps your name off public records. It also saves you closing costs. However, if the buyer is not sophisticated, he won’t understand the assignment process. If he is sophisticated and unscrupulous (and greedy) he will know what are you paying for the property and try and go directly to the seller to cut you out.
You can find dozens of practical “nuts & bolts” information like this in my “How to Be Your Own Real Estate Lawyer” course available on this site.