Does the assignment of contract guarantee all rights?

[Everett Schulte]

Well, I just finished signing my first deal! I'm going to make a good profit, and I am so thrilled! Question is... Does the assignee assume all rights of the purchase agreement that you made with the original seller? For instance, if I have a paragraph in the purchase agreement that says "the buyer can back out of the contract for any reason if they wish", does the assignee get to assume that right and they now have the possibility to back out whenever they choose? Ideally, I would have the paragraph state that the buyer (me) can back out at anytime before closing, but the assignee is bound to the purchase of the house once they sign. Is that possible? 

Best wishes, 

Everett