I am looking for details regarding the Counter Part Location Properties and Location assignments in general.
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Counterpart locations are virtual locations that helps to manage operations smoothly . For example: Inventory loss, a Virtual location is used as a counterpart for inventory operations to correct stock levels.
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The terms 'counter part location' and 'location assignments' are not terms that OpenERP uses. In order for people to understand your question, I would refer to terms used in OpenERP, or explain the business problem you are having trouble modeling or solving. A great place to start would be to read the documentation "Managing Physical Inventory Structure" at https://doc.openerp.com/book/5/5_14_Stock/5_14_Stock_inv/ and edit your question to provide more detail