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Deed of Assignment: Everything You Need to Know

A deed of assignment refers to a legal document that records the transfer of ownership of a real estate property from one party to another. 3 min read updated on January 01, 2024

Updated October 8,2020:

A deed of assignment refers to a legal document that records the transfer of ownership of a real estate property from one party to another. It states that a specific piece of property will belong to the assignee and no longer belong to the assignor starting from a specified date. In order to be valid, a deed of assignment must contain certain types of information and meet a number of requirements.

What Is an Assignment?

An assignment is similar to an outright transfer, but it is slightly different. It takes place when one of two parties who have entered into a contract decides to transfer all of his or her rights and obligations to a third party and completely remove himself or herself from the contract.

Also called the assignee, the third party effectively replaces the former contracting party and consequently assumes all of his or her rights and obligations. Unless it is stated in the original contract, both parties to the initial contract are typically required to express approval of an assignment before it can occur. When you sell a piece of property, you are making an assignment of it to the buyer through the paperwork you sign at closing.

What Is a Deed of Assignment?

A deed of assignment refers to a legal document that facilitates the legal transfer of ownership of real estate property. It is an important document that must be securely stored at all times, especially in the case of real estate.

In general, this document can be described as a document that is drafted and signed to promise or guarantee the transfer of ownership of a real estate property on a specified date. In other words, it serves as the evidence of the transfer of ownership of the property, with the stipulation that there is a certain timeframe in which actual ownership will begin.

The deed of assignment is the main document between the seller and buyer that proves ownership in favor of the seller. The party who is transferring his or her rights to the property is known as the “assignor,” while the party who is receiving the rights is called the “assignee.”

A deed of assignment is required in many different situations, the most common of which is the transfer of ownership of a property. For example, a developer of a new house has to sign a deed of assignment with a buyer, stating that the house will belong to him or her on a certain date. Nevertheless, the buyer may want to sell the house to someone else in the future, which will also require the signing of a deed of assignment.

This document is necessary because it serves as a temporary title deed in the event that the actual title deed for the house has not been issued. For every piece of property that will be sold before the issuance of a title deed, a deed of assignment will be required.

Requirements for a Deed of Assignment

In order to be legally enforceable, an absolute sale deed must provide a clear description of the property being transferred, such as its address or other information that distinguishes it from other properties. In addition, it must clearly identify the buyer and seller and state the date when the transfer will become legally effective, the purchase price, and other relevant information.

In today's real estate transactions, contracting parties usually use an ancillary real estate sale contract in an attempt to cram all the required information into a deed. Nonetheless, the information found in the contract must be referenced by the deed.

Information to Include in a Deed of Assignment

• Names of parties to the agreement
• Addresses of the parties and how they are binding on the parties' successors, friends, and other people who represent them in any capacity
• History of the property being transferred, from the time it was first acquired to the time it is about to be sold
• Agreed price of the property
• Size and description of the property
• Promises or covenants the parties will undertake to execute the deed
• Signatures of the parties
• Section for the Governors Consent or Commissioner of Oaths to sign and verify the agreement

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Content Approved by UpCounsel

• Define a Deed
• Contract for Deed California
• Contract for Deed in Texas
• Assignment Law
• Deed Contract Agreement
• Assignment Of Contracts
• Legal Assignment
• Deed vs Agreement
• Assignment Legal Definition
• Contract for a Deed

What Is the Difference Between the Deed of Absolute Sale and the Deed of Assignment?

Deeds are generally used to prove a transfer of real estate.

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•   1. Certificate of Title Vs. Deed
•   2. Assignment of Deed of Trust Vs. Deed or Grant Deed
•   3. What Is a Quitclaim Assignment?

The deed of absolute sale, which is used in most real estate purchases, transfers property without any conditions beyond satisfaction of the purchase price. A deed of assignment, by contrast, can be used any time one party wants to transfer contractual rights to another. Deeds of assignment are common between mortgage lenders.

The difference between a deed of sale and a deed of assignment is that the deed of sale is used once and has no conditions other than the purchase price of the property, while the deed of assignment can be used anytime to transfer contractual rights from one party to another.

Absolute Sale Deeds

The deed of absolute sale is used in many real estate sales. A deed is a document that states that one party is transferring his real estate property rights to another. The deed proves the transfer, but, if properly recorded with the county recorder, it serves to give other prospective purchasers notice that all of the seller's rights in the property have now passed on to another party. An "absolute sale" deed is defined by having no conditions attached to the sale except the buyer's payment of the purchase price. When the seller signs and delivers the absolute sale deed, this is generally recognized by law as the moment of sale.

Deed Requirements

To be valid, an absolute sale deed must clearly describe the property being transferred, either by address or other distinguishing information. The deed must also clearly identify the seller and purchaser, the date on which the transfer becomes legally effective and pertinent information such as the purchase price. In modern real estate transactions, the parties often get around trying to cram all of this information into the deed by having an ancillary real estate sales contract. However, the deed must reference the information contained in the contract.

Understanding Assignment

Assignment is slightly different from an outright transfer. An assignment occurs when two parties are in a contractual relationship and one party wants to give all of his contractual rights to a third party and entirely remove himself from the contract. The new party, known as the "assignee," effectively replaces the old contracting party, taking on not only his rights under the contract but his obligations as well. Typically, unless the original contract states otherwise, both parties to the original contract must approve an assignment before it can take place.

Deed of Assignment

The deed of assignment is the document used to transfer the contracting party's rights. The parties may also choose to accomplish assignment via an assignment contract. In real estate, the deed of assignment often shows up in mortgage transactions. Mortgage lenders hold certain rights to property, notably the right to foreclose if the borrower fails to make payments. Lenders frequently wish to sell or purchase rights in a mortgaged property. The deed of assignment transfers or "assigns" the seller's rights in the property to another lender.

• U.S. Legal: Absolute Sale Law and Legal Definition
• U.S. Legal: Assignments
• NOLO: What's the Difference Between a Mortgage Assignment and an Endorsement (Transfer) of the Note?
• The Free Dictionary: Absolute Deed
• Reference: What Is a Deed of Assignment?

Erika Johansen is a lifelong writer with a Master of Fine Arts from the Iowa Writers' Workshop and editorial experience in scholastic publication. She has written articles for various websites.

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Deed of Assignment or Deed of Novation: Key Differences and Legal Implications of Novation and Assignment Contracts

Novation and assignment stand out as pivotal processes for the transfer of contractual rights and obligations. These legal concepts allow a party to the contract to adapt to changing circumstances, ensuring that business arrangements remain relevant and effective. This article explores the nuances of novation and assignment, shedding light on their distinct legal implications, procedures, and practical applications. Whether you’re a business owner navigating the transfer of service contracts, or an individual looking to understand your rights and responsibilities in a contractual relationship, or a key stakeholder in a construction contract, this guide will equip you with the essential knowledge to navigate these complex legal processes.

Table of Contents

• What is a Deed of Novation? 
• What is a Deed of Assignment? 

Key Differences Between Novation and Assignment Deeds

Need a deed of novation or assignment key factors to consider, selecting the right assignment clause for your contract – helping you make the right choice, what is a deed of novation.

Novation is a legal process that allows a new party to a contract to take the place of an original party in a contract, thereby transferring both the responsibilities and benefits under the contract to a third party. In common law, transferring contractual obligations through novation requires the agreement of all original parties involved in the contract, as well as the new party. This is because novation effectively terminates the original contract and establishes a new one.

A novation clause typically specifies that a contract cannot be novated without the written consent of the current parties. The inclusion of such a clause aims to preclude the possibility of novation based on verbal consent or inferred from the actions of a continuing party. Nevertheless, courts will assess the actual events that transpired, and a novation clause may not always be enforceable. It’s possible for a novation clause to allow for future novation by one party acting alone to a party of their choosing. Courts will enforce a novation carried out in this manner if it is sanctioned by the correct interpretation of the original contract.

Novation is frequently encountered in business and contract law, offering a means for parties to transfer their contractual rights and duties to another, which can be useful if the original party cannot meet their obligations or wishes to transfer their contract rights. For novation to occur, there must be unanimous consent for the substitution of the new party for the original one, necessitating a three-way agreement among the original party, the new party, and the remaining contract party. Moreover, the novation agreement must be documented in writing and signed by all involved parties. Understanding novation is essential in the realms of contracts and business dealings, as it provides a way for parties to delegate their contractual rights and responsibilities while freeing themselves from the original agreement.

What is a Deed of Assignment?

A deed of assignment is a legal document that facilitates the transfer of a specific right or benefit from one party (the assignor) to another (the assignee). This process allows the assignee to step into the assignor’s position, taking over both the rights and obligations under the original contract. In construction, this might occur when a main contractor assigns rights under a subcontract to the employer, allowing the employer to enforce specific subcontractor duties directly if the contractor fails.

Key aspects of an assignment include:

• Continuation of the Original Contract: The initial agreement remains valid and enforceable, despite the transfer of rights or benefits.
• Assumption of Rights and Obligations: The assignee assumes the role of the assignor, adopting all associated rights and responsibilities as outlined in the original contract.
• Requirement for Written Form: The assignment must be documented in writing, signed by the assignor, and officially communicated to the obligor (the party obligated under the contract).
• Subject to Terms and Law: The ability to assign rights or benefits is governed by the specific terms of the contract and relevant legal statutes.

At common law, parties generally have the right to assign their contractual rights without needing consent from the other party involved in the contract. However, this does not apply if the rights are inherently personal or if the contract includes an assignment clause that restricts or modifies this general right. Many contracts contain a provision requiring the consent of the other party for an assignment to occur, ensuring that rights are not transferred without the other party’s knowledge.

Once an assignment of rights is made, the assignee gains the right to benefit from the contract and can initiate legal proceedings to enforce these rights. This enforcement can be done either independently or alongside the assignor, depending on whether the assignment is legal or equitable. It’s important to note that while rights under the contract can be assigned, the contractual obligations or burdens cannot be transferred in this manner. Therefore, the assignor remains liable for any obligations under the contract that are not yet fulfilled at the time of the assignment.

Choosing Between Assignment and Novation in a Construction Contract

Choosing between a deed of novation and an assignment agreement depends on the specific circumstances and objectives of the parties involved in a contract. Both options serve to transfer rights and obligations but in fundamentally different ways, each with its own legal implications, risks, and benefits. Understanding these differences and considering various factors can help in making an informed decision that aligns with your goals.

The choice between assignment and novation in a construction project scenario, where, for instance, an employer wishes to engage a subcontractor directly due to loss of confidence in the main contractor, hinges on several factors. These are:

• Nature of the Contract:  The type of contract you’re dealing with (e.g., service, sales) can influence which option is more suitable. For instance, novation might be preferred for service contracts where obligations are personal and specific to the original parties.
• Parties Involved: Consent is a key factor. Novation requires the agreement of all original and new parties, making it a viable option only when such consent is attainable. Assignment might be more feasible if obtaining consent from all parties poses a challenge.
• Complexity of the Transaction: For transactions involving multiple parties and obligations, novation could be more appropriate as it ensures a clean transfer of all rights and obligations. Assignment might leave the original party with ongoing responsibilities.
• Time and Cost: Consider the practical aspects, such as the time and financial cost associated with each option. Novation typically involves more complex legal processes and might be more time-consuming and costly than an assignment.

If the intention is merely to transfer the rights of the subcontractor’s work to the employer without altering the subcontractor’s obligations under a contract, an assignment might suffice. However, if the goal is to completely transfer the main contractor’s contractual role and obligations to the employer or another entity, novation would be necessary, ensuring that all parties consent to this new arrangement and the original contractor is released from their obligations.

The legal interpretations and court decisions highlight the importance of the document’s substance over its label. Even if a document is titled a “Deed of Assignment,” it could function as a novation if it transfers obligations and responsibilities and involves the consent of all parties. The key is to clearly understand and define the objective behind changing the contractual relationships and to use a deed — assignment or novation — that best achieves the desired legal and practical outcomes, ensuring the continuity and successful completion of the construction project.

Understanding the distinction between assignment deeds and novation deeds is crucial for anyone involved in contractual agreements. Novation offers a clean slate by transferring both rights and obligations to a new party, requiring the consent of all involved. Assignment, conversely, allows for the transfer of contractual benefits without altering the original contract’s obligations. Each method serves different strategic purposes, from simplifying transitions to preserving original contractual duties. The choice between novation and assignment hinges on specific legal, financial, and practical considerations unique to each situation. At PBL Law Group, we specialise in providing comprehensive legal advice and support in contract law. Our team is dedicated to helping clients understand their options and make informed decisions that align with their legal and business objectives. Let’s discuss!

Authored By Raea Khan

Director Lawyer, PBL Law Group

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Deed of Assignment (for Intellectual Property)

In the realm of intellectual property, a Deed of Assignment is a formal legal document used to transfer all rights, title, and interest in intellectual property from the assignor (original owner) to the assignee (new owner). This is crucial for the correct transfer of patents, copyrights, trademarks, and other IP rights. The deed typically requires specific legal formalities, sometimes notarization, to ensure it is legally enforceable.

To be legally effective a deed of assignment must contain:

• Title of the Document : It should clearly be labeled as a "Deed of Assignment" to identify the nature of the document.
• Date : The date on which the deed is executed should be clearly mentioned.
• Parties Involved : Full names and addresses of both the assignor (the party transferring the rights) and the assignee (the party receiving the rights). This identifies the parties to the agreement.
• Recitals : This section provides the background of the transaction. It typically includes details about the ownership of the assignor and the intention behind the assignment.
• Definition and Interpretation : Any terms used within the deed that have specific meanings should be clearly defined in this section.
• Description of the Property or Rights : A detailed description of the property or rights being assigned. For intellectual property, this would include details like patent numbers, trademark registrations , or descriptions of the copyrighted material.
• Terms of Assignment : This should include the extent of the rights being transferred, any conditions or limitations on the assignment, and any obligations the assignor or assignee must fulfill as part of the agreement.
• Warranties and Representations : The assignor typically makes certain warranties regarding their ownership of the property and the absence of encumbrances or third-party claims against it.
• Governing Law : The deed should specify which jurisdiction's laws govern the interpretation and enforcement of the agreement.
• Execution and Witnesses : The deed must be signed by both parties, and depending on jurisdictional requirements, it may also need to be witnessed and possibly notarized.
• Schedules or Annexures : If there are detailed lists or descriptions (like a list of patent numbers or property descriptions), these are often attached as schedules to the main body of the deed.

Letter of Assignment (for Trademarks and Patents)

This is a less formal document compared to the Deed of Assignment and is often used to record the assignment of rights or licensing of intellectual property on a temporary or limited basis. While it can outline the terms of the assignment, it may not be sufficient for the full transfer of legal title of IP rights. It's more commonly used in situations like assigning the rights to use a copyrighted work or a trademark license.

For example, company X allows company Y to use their trademark for specific products in a specific country for a specific period.  

At the same time, company X can use a Letter of Assignment to transfer a trademark to someone. In this case, it will be similar to the Deed of Assignment. 

Intellectual Property Sales Agreement

An IP Sales Agreement is a detailed contract that stipulates the terms and conditions of the sale of intellectual property. It covers aspects such as the specific rights being sold, payment terms, warranties regarding the ownership and validity of the IP, and any limitations or conditions on the use of the IP. This document is essential in transactions involving the sale of IP assets.

However, clients usually prefer to keep this document confidential and prepare special deeds of assignment or letter of assignment for different countries.

IP Transfer Declaration

In the context of intellectual property, a Declaration is often used to assert ownership or the originality of an IP asset. For example, inventors may use declarations in patent applications to declare their invention is original, or authors may use it to assert copyright ownership. It's a formal statement, sometimes required by IP offices or courts.

When assigning a trademark, the Declaration can be a valid document to function as a proof of the transfer. For example, a director of company X declares that the company had sold its Intellectual Property to company Y. 

Merger Document

When companies or entities with significant IP assets merge, an IP Merger Document is used. This document outlines how the intellectual property owned by the merging entities will be combined or managed. It includes details about the transfer, integration, or handling of patents, copyrights, trademarks, and any other intellectual property affected by the merger.

In all these cases, the precise drafting of documents is critical to ensure that IP rights are adequately protected and transferred. Legal advice is often necessary to navigate the complexities of intellectual property laws.

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Let's Talk About Real Estate

Deed Of Assignment – Meaning, Uses, & Benefits

One of the biggest mistakes you could make in the real estate industry is to buy a property without collecting a deed of assignment property document . You might as well have just given the person the money. 

The deed of assignment is a very important document in the real estate sector that proves ownership over the property. 

The deed contains crucial details about the real estate transaction that may be relevant in court in case of any issues or problems that may arise.

Without a deed of assignment, you have no valid ownership over a property. 

Needless to say, it is a very important document that every property owner must be familiar with. 

What Is A Deed Of Assignment?

• Components Of A Deed Of Assignment 

Types of interests that can be assigned with a deed of assignment

• What Is The Difference Between A Deed Of Assignment And A Deed Of Conveyance? 
• Significance Or Reasons Of A Deed Of Assignment 

Frequently Asked Questions

A deed of assignment is a legal document that transfers the ownership rights, title, and interests of a property or other asset from one party to another.

The term is often used interchangeably with the term “deed of conveyance,” as there is only a little difference between both documents. 

The deed of assignment is typically used in circumstances where someone wants to transfer the ownership rights of a property to another party, either as a gift or as a sale.

The deed of assignment specifies the property or asset being transferred as well as the parties engaged in the transfer, including their names and addresses.

It also contains details regarding any monetary aspects of the transfer, such as the purchase price and any applicable taxes or fees.

Depending on the regulations of the jurisdiction where the transfer is occurring, the deed of assignment must be signed and dated by both parties in the presence of witnesses or a notary public. 

The deed becomes a binding legal instrument after it is signed, transferring ownership of the item from the original owner to the new owner.

A deed of assignment is frequently used in real estate transactions to transfer ownership of a property from a seller to a buyer.

In this situation, the buyer typically pays the seller the purchase price in exchange for transferring ownership rights. 

The deed will contain details about the property , the purchase price, and any other relevant terms and conditions of the sale.

Components Of A Deed Of Assignment 

For a deed of assignment to be valid, there is certain information that must be present in the paperwork. 

The components of a deed of assignment can vary depending on the jurisdiction and the specific requirements of the transaction.

You would need to find out what components should be in the deed for your country or city.

Also read: 10 Must-Have Important Property Document In Nigeria

The following are common elements that are typically included in a deed of assignment: 

• Parties involved: The deed will identify the parties involved in the transfer, including the present owner and the new owner. The full legal names and primary addresses of both parties will be listed in the document.
• Description of the property: The deed will contain a detailed description of the property or asset being transferred. Depending on the kind of property, this could include the address, legal description, or other identifying information.
• Transfer of ownership: The terms at which the present owner will transfer ownership of the asset to the new owner will be stated in the deed. It will also be stated that the transfer is final and irrevocable. The deed would also contain the specifics of the transaction if it is a sale. It will contain the purchase price and any other financial considerations involved in the transaction. This may include details about any deposits, down payments, or financing arrangements.
• Signatures and notarization: Both parties must sign and date the deed in the presence of witnesses or a notary public. This makes the transfer enforceable and legally binding.
• Legal warranties and representations: The deed may contain warranties or representations from the current owner about the ownership and condition of the property or asset being transferred. This may include statements about the absence of liens or encumbrances or the condition of the property.
• Governing law: The deed may specify the governing law that applies to the transaction. This helps to ensure that the transfer is conducted in accordance with applicable laws and regulations.

As earlier stated, a deed of assignment is a legal document used to transfer a specific interest or right in a property from one party to another. Several types of interests can be assigned with a deed of assignment, some of which are:

1. Leasehold interests

A leasehold interest is a right to use and live in a property for a specified period in exchange for rent. This kind of property interest is different from freehold ownership, which is the complete and long-term ownership of a piece of property.

A leasehold interest can be transferred through a deed of assignment from one tenant to another or from a tenant to a landlord . 

Once the deed is executed and the leasehold interest is transferred to the new tenant, the new tenant will be responsible for fulfilling the terms of the lease, including paying rent and complying with any other conditions or restrictions specified in the lease.

2. Mortgages and other security interests

A mortgage is a loan that is secured by a piece of real estate. When a borrower takes out a mortgage, they use the asset as security for the loan, and the lender takes on a property right in the asset until the debt is fully repaid.

An assignment of mortgage is a procedure that allows a mortgage to be transferred to a different lender. This involves using a deed of assignment to transfer the mortgage’s interest from the lender currently in possession of it (the assignor) to another lender (the assignee).

3. Easements and rights of way

An easement is a right to use a specific portion of another person’s property for a particular purpose, such as a right of way for access to a landlocked property.

This could mean access to use a driveway or pathway that crosses over a neighbor’s property.  

A deed of assignment can also be used to transfer an easement or right of way from one party to another.

The deed will specify the nature and extent of the easement being transferred so there are no misunderstandings between the parties involved. 

4. Intellectual property rights

Intellectual property rights are legal rights that protect creations of the mind, such as inventions, literary and artistic works, and symbols, names, and designs used in commerce.

Types of intellectual property rights include patents, trademarks, copyrights, and trade secrets.

Also read: Real Estate Logo – Designs, Ideas, & Components

A deed of assignment can also be used to transfer intellectual property rights from one party to another. 

Once the deed is executed and any necessary registration or filing requirements are met, the assignee will become the owner of the rights and will have the exclusive right to use, license, or otherwise exploit the intellectual property as they see fit, subject to any limitations or conditions specified in the assignment document.

What Is The Difference Between A Deed Of Assignment And A Deed Of Conveyance? 

A deed of assignment and a deed of conveyance are two very important documents that are common in real estate transactions.

They are often mixed up and this is simply because both are legal documents used to transfer ownership of property or assets from one party to another. 

A deed of assignment is used to transfer the existing rights to a property from one party to another, such as a leasehold interest, a mortgage, or an easement.

It does not transfer the ownership of the property itself, but rather a specific right or interest related to the property.

On the other hand, a deed of conveyance is used to transfer the ownership of a property from one party to another.

It establishes a new title for the buyer and confirms their ownership of the property.

Some differences between the two documents include:

1. Nature of the transfer

The nature of the transaction being carried out will determine which document is needed. A deed of assignment is typically used to transfer ownership of an existing property or asset from one party to another.

In contrast, a deed of conveyance is used to transfer ownership of a new or unregistered property from the seller to the buyer.

2. Legal effect

A deed of assignment is generally used in situations where the seller has a legal and valid title to the property, and is transferring ownership to the buyer.

The deed of assignment confirms the transfer of ownership and ensures that the seller has no further claim to the property.

In contrast, a deed of conveyance is used to create a new title for the buyer and transfer ownership from the seller to the buyer.

3. Registration

The method by which both documents are registered can also be used to distinguish between the two. A deed of conveyance must be registered with the relevant land registry or a government agency to be valid. 

This registration process creates a new title for the buyer and confirms their ownership of the property. While for a deed of assignment, registration may not be required by law but may still be recommended or necessary to protect your interests.

The content of both documents also differs and this can be used to tell them apart from each other. A deed of conveyance typically includes more details about the property being transferred, such as the property’s location , size, boundaries, and any existing encumbrances or restrictions on the property.

A deed of assignment, on the other hand, may focus more on the terms of the transfer, such as the purchase price and the date of transfer.

Significance Or Reasons Of A Deed Of Assignment 

It is impossible to overstate the significance of a deed of assignment. The significance of this deed lies in its ability to protect the rights of both the buyer and seller in a transaction.

1. Transfer Of Ownership

The main significance of the deed of assignment is to serve as evidence of the transfer of ownership of a property or asset from one party to another. It is a legal document that establishes the new owner’s right to possess, use, and dispose of the property or asset. 

The deed covers both the essential conditions as well as the specific terms that the parties to the transaction have agreed upon. 

2. Legal Protection

In the event of any problems or issues over the transfer of property, the deed of assignment gives both parties legal protection.

By signing a deed, both parties acknowledge their understanding of the terms of the transfer and agree to abide by those terms. 

3. Proof Of Ownership

For the new owner, a deed of assignment acts as ownership documentation for the new owner. This can be crucial when dealing with financial institutions, insurance providers, or other organizations that typically require proof of ownership before granting loans , insurance coverage, or providing other services.

4. Clear Title

A deed of assignment can help to establish a clear title for the property or asset being transferred. This is important because it can help to prevent any legal disputes or challenges to ownership in the future.

5. Compliance With Legal Requirements

In many jurisdictions, a deed of assignment is required by law to transfer ownership of certain types of property or assets.

By obtaining a deed of assignment, both parties can ensure that they comply with any legal requirements that may apply.

Who Drafts A Deed Of Assignment? 

Usually, a deed of assignment is drafted by the assignee’s lawyer. It is generally advisable to have a qualified legal professional draft the document to ensure that it is legally valid and binding.

What Is The Benefit Of A Deed Of Assignment?

The primary benefit of the deed is to protect the rights of ownership. Other benefits of the deed include formality purposes, confirming the validity of ownership, and guaranteeing that the best interests of the parties are properly represented. 

In conclusion, a deed of assignment is a very important document in the process of transferring ownership rights in real estate. 

It is used to protect the rights of both the buyer and the seller, and to ensure that the transfer is conducted in accordance with applicable laws and regulations.

And as such, it should be safeguarded and treated with the utmost security. 

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Understanding a deed of assignment for intellectual property

A deed of transfer is used to change the ownership of intellectual property, a common occurrence in business. Explore how and when to use one.

Find out more about intellectual property basics

by   Brette Sember, J.D.

Brette is a former attorney and has been a writer and editor for more than 25 years. She is the author of more than 4...

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Updated on: November 24, 2023 · 3 min read

Understanding intellectual property in business

How to transfer intellectual property rights in business, what to include in a deed of assignment, registering new ownership, restrictions on intellectual property transfers.

Most companies have intellectual property as part of their assets, including software, product design, or copyright to white papers. Buying or selling such property is done using a document called a deed of assignment.

A large part of what a business consists of may be tied to intellectual property . It's easy to see physical property a company owns, such as a building, office furniture, or inventory, but intellectual property can be more challenging to identify.

Most businesses have intellectual property, or works created by human minds or, in some cases, by computers. Some examples of intellectual property include architectural drawings, ad campaigns, company or product names, inventions, and source code.

Examples of when transfers of intellectual property might happen include when a company is buying another company, when you are setting up an LLC and want to transfer your intellectual property into the company, or when a business buys product rights from another company or individual.

A deed of assignment can be done in one transaction, instead of one transaction for each item of intellectual property, by transferring all ownership rights of all intellectual property detailed in the deed. The document is signed by both the buyer and seller. No payment is required for it to be valid.

A deed of assignment must be in writing and should include:

• The names and addresses of the assignor and assignee
• A description of the program or product for which the rights are being transferred
• A statement that all intellectual property rights to the property are being transferred
• Signatures of the parties and the date of the agreement execution

The deed could also include the following sections, where applicable:

• Consideration, or payment, to be made to the original owner.
• Warranties, or promises that the intellectual property rights being assigned don't infringe on anyone else's intellectual property rights . For example, in a deed regarding the transfer of a copyright, this section could state that the copyrighted work is original and not owned by someone else.
• Indemnification, or promise by the seller to reimburse the assignee if there is some problem with title to the property.
• Future assignments. For example, the agreement could be ongoing, so that anything the assignor creates in the future for this product or program is also transferred to the buyer.

Although a deed of assignment transfers ownership in intellectual property , it does not change the registration of the ownership. The assignee is responsible for handling all registration requirements.

For example, if a patent is transferred via a deed of assignment, the new owner must record the change in ownership with the U.S. Patent and Trademark Office. Similarly, the transfer of a copyright is recorded with the U.S. Copyright Office.

Transfers of intellectual property must comply with U.S. laws. One obvious caveat is that you can't transfer property you don't own. Transfers must also comply with antitrust laws, which are set up to prevent one company from completely dominating an industry.

If intellectual property rights are being transferred overseas, the transfer must comply with Export Administration Regulations and the International Traffic in Arms Regulations , which are designed to protect national security and trade.

The deed of assignment can be a crucial part of a business deal or transaction. You can create a deed of assignment yourself, or you can work with an attorney .

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Drafting a Deed of Assignment

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Note: Want to skip the guide and go straight to the free templates? No problem - scroll to the bottom. Also note: This is not legal advice.

Introduction

A Deed of Assignment is a vital legal document used to transfer rights, interests or assets between parties. It is regularly used in business transactions, and often regarding real estate or intellectual property. A well-crafted deed of assignment can protect both sides from potential legal disputes, ensuring that everyone involved understands their obligations and responsibilities.

The Genie AI team has seen many instances where having a valid deed of assignment can make all the difference - without it businesses could be exposed to considerable risk. That’s why we offer free templates and step-by-step guides to help those wishing to draft their own deed.

When creating a Deed of Assignment it is important to take the specific circumstances into account - any changes or additions should be accurately documented and agreed by all involved parties beforehand. Furthermore, it is essential that the terms are clearly written out in an unambiguous way so every party knows exactly what they have signed up for. Beyond protecting both sides’ interests, this type of agreement can also be used for copyright assignments, leases, debt transfers and trusts.

Before signing on the dotted line it’s also critical that executing such documentation is done properly - all parties must sign in the presence of a witness who will also affix their signature and date the document accordingly. Once this process has been completed filings must then be made with any relevant government authorities whenever necessary (especially in cases involving real estate or intellectual property transfers).

In summary, drafting a Deed of Assignment not only safeguards everyone’s best interests but also provides additional benefits depending on its use case - reading through our step-by-step guidance below should provide you with more information on how to access our template library today and start benefitting from its advantages without needing to sign up for an account with Genie AI first!

Definitions (feel free to skip)

Legal Binding: When a legally binding document is used, it means that all parties involved are legally obligated to follow the terms and conditions set forth in the document.

Assignor: The assignor is the person who is transferring rights, interests or assets to someone else.

Assignee: The assignee is the person who is receiving the rights, interests or assets from the assignor.

Witness: A witness is an independent third-party who is present when a document is signed, in order to ensure that the process is completed in a secure and legally binding manner.

Stamp: A stamp is an official seal or mark that is used to verify and authenticate a document.

Tax: A tax is a sum of money that is paid to a government or public authority.

Duty: Duty is an obligation or responsibility assigned to someone.

Defining the Deed of Assignment

What is a deed of assignment and what is its purpose, parties involved, who needs to be involved in the making of a deed of assignment, drafting the deed, determine what kind of deed of assignment needs to be drafted, consider the subject matter to be assigned in the deed, research the legal requirements for the kind of deed to be drafted, draft the deed of assignment in accordance with the legal requirements, executing the deed, check that the parties to the deed are correctly identified, confirm that the deed is correctly signed and dated by all parties, confirm that the deed is witnessed by an independent third party, have the deed of assignment properly executed by all parties, registration, determine whether the deed of assignment needs to be registered, if registration is necessary, confirm the registration procedures, take necessary steps to register the deed of assignment, considerations, consider any applicable tax or stamp duty implications of the deed of assignment, consider any restrictions or limitations on the rights being assigned, consider whether the deed of assignment needs to be registered in any public records, common mistakes, not accurately identifying all of the parties to the deed, not having the deed properly executed by all parties, not having the deed witnessed by an independent third party, not considering any applicable tax or stamp duty implications, not considering any applicable restrictions or limitations on the rights being assigned, record keeping, ensure that the original deed of assignment is securely stored, create a digital copy of the deed and store it in a secure manner, review the deed of assignment to ensure accuracy, confirm that all steps have been completed correctly, seek advice from legal professionals if necessary, get started.

• Establish the parties involved in the Deed of Assignment
• Identify the property or service being assigned
• Specify the terms of the assignment
• Ensure the Deed of Assignment is properly witnessed
• Check that all signatures are valid

When you have completed the steps above, you will have successfully defined the Deed of Assignment and can proceed to the next step.

• A deed of assignment is a legal document that is used to transfer the rights and responsibilities of one party (the assignor) to another party (the assignee)
• It is used to transfer contractual rights and obligations between parties
• It should include information such as the names of the parties, the date of the assignment, and the description of the rights transferred
• You will know that you have completed this step when you have an understanding of what a deed of assignment is and why it is used.
• Identify the party transferring their rights (the assignor) and the party receiving the rights (the assignee)
• Draft the deed in the name of both parties, including full names and contact details
• Ensure the deed is signed by both the assignor and assignee
• Once the deed is signed, the parties should exchange copies of the document

Once the assignor and assignee have been identified and the deed has been drafted and signed, you can check this step off your list and move on to the next step.

• Identify the parties involved in the Deed of Assignment. This would typically include the assignor (the party transferring their rights or interest) and the assignee (the party receiving the rights or interest).
• Ensure that all parties involved have the legal capacity to enter into a contract.
• When all parties have been identified and their legal capacity has been verified, you can check this step off your list and move on to drafting the Deed.
• Read the applicable laws in your jurisdiction to determine the required language and structure of the Deed of Assignment
• Gather the necessary information on the parties, the asset being assigned, and other relevant details
• Draft the Deed of Assignment, taking into account all the necessary details
• Make sure the language is clear and unambiguous
• Have the Deed of Assignment reviewed by a legal professional
• When the Deed of Assignment has been drafted and reviewed, you can move on to the next step.
• Identify the type of assignment that needs to be drafted and the legal requirements that need to be satisfied
• Consider the purpose of the Deed and the rights and obligations of the parties to the Deed
• Determine if the Deed is for an absolute or conditional assignment
• Consider if the Deed should be an express or implied assignment
• Determine if the Deed needs to be in writing or if it can be oral
• Check the applicable laws in your jurisdiction to ensure that you are drafting a valid Deed
• Check if there are any additional requirements that need to be included in the Deed

When you can check this off your list: Once you have identified the type of assignment and the relevant legal requirements, you can move on to considering the subject matter to be assigned in the Deed.

• Identify the subject matter of the Deed of Assignment, such as a patent, trademark, copyright, or other intellectual property
• Assess the value of the subject matter and any associated liabilities
• Understand the relationship between the assignor and assignee
• Have all necessary documents, such as a purchase agreement, to provide more detail about the assignment

Once you have identified the subject matter of the Deed of Assignment, assessed its value, understand the relationship between the assignor and assignee, and gathered any additional documents, you can move onto the next step of researching the legal requirements for the kind of Deed to be drafted.

• Research the relevant legislation, case law, and other materials related to the Deed of Assignment to be drafted
• Consult with a lawyer familiar with the relevant law to understand the requirements
• Take detailed notes on the legal requirements that must be adhered to in the Deed of Assignment
• Once you have all the necessary information, double-check that you understand the requirements before moving on to the next step.
• Prepare the text of the Deed, ensuring that all relevant information regarding the parties, the subject matter, and the consideration is included
• Check to make sure the language conforms with relevant laws and regulations
• Have the Deed reviewed by a solicitor to ensure that it complies with all legal requirements
• Once the Deed has been approved by a solicitor, have the parties sign the document
• Once the Deed has been signed by both parties, make multiple copies and ensure each party has a copy
• This step is complete once the Deed has been signed and each party has a copy of the document.
• Ensure both parties sign the Deed of Assignment in the presence of two witnesses who are over the age of 18 and not parties to the Deed
• Have both parties sign the deed in the presence of two witnesses and have the witnesses sign the deed to attest to witnessing the signature of the parties
• Check that the parties have signed the Deed in the presence of the witnesses by noting the signatures and the dates of signature in the execution clause of the Deed
• Once the Deed has been executed, have the parties date and keep a copy of the Deed in a secure place
• You will know that you have completed this step when the Deed has been properly executed by the parties in the presence of two witnesses.
• Identify all parties to the Deed and verify that their details are correct.
• Ensure that all parties to the Deed are identified in the document and that the details of each party are accurate and up-to-date.
• Check that the names, addresses and contact details of each party are correct.
• Once you have verified that the parties and their details are correctly identified, you can move on to the next step.
• Check that all parties have signed the Deed in the correct place, and that the date of signature is correct
• Ensure that each party has signed the Deed in the presence of an independent witness
• Check that all parties have signed the Deed with their full name and title, if applicable
• Confirm that the date of signature is correct and that all parties have signed on the same date
• Once you have verified that all parties have correctly signed and dated the Deed, you can proceed to the next step.
• Ensure that the Deed is witnessed by an independent third party who is not a party to the Deed.
• Ask the third party to sign the Deed and provide their name, address, occupation and date of signing.
• Check that the third party has signed and dated the Deed.
• Once the above is complete, you can check this step off your list and move on to the next step.
• Obtain signatures from all parties on the deed of assignment, ensuring that each party signs in the presence of a witness
• Have an independent third party witness each party’s signature
• Ensure that all parties have a valid form of identification, such as a driver’s license or passport, available for inspection by the witness
• Ensure that all parties sign the deed of assignment in the presence of the witness
• Obtain the witness’ signature, confirming that all parties signed in the presence of the witness
• You will know this step is completed once all parties have signed the deed of assignment and the witness has signed confirming they were present during the signing.
• Obtain a copy of the executed Deed of Assignment from all parties
• Contact the relevant state or territory office to determine whether the Deed of Assignment needs to be registered
• If registration is required, complete the necessary forms, pay the registration fee, and submit the required documents
• Once the Deed of Assignment is registered, the registrar will issue a certificate of registration
• Check off this step when you have received and reviewed the certificate of registration.
• Research the applicable laws and regulations in the relevant jurisdiction to decide if the Deed of Assignment needs to be registered
• Consult a legal professional if unsure
• When you have the answer, you can move on to the next step.
• Confirm what type of Deed of Assignment requires registration with the relevant government agency or registry.
• Research the registration procedures and the requirements you must meet in order to register the Deed of Assignment.
• Obtain any fees or additional documents that are necessary to complete the registration process.
• Ensure that all parties to the Deed of Assignment understand the registration process and the requirements for completing it.

You can check off this step once you have researched and confirmed the registration procedures for the Deed of Assignment.

• Gather the necessary documents for registration, such as the Deed of Assignment, supporting documents, and the applicable fee
• Visit the registration office to register the Deed of Assignment
• Submit the necessary documents to the registration office
• Pay the applicable fee
• Obtain a copy of the registered Deed of Assignment
• Upon completion of the above steps, you can check this off your list and move on to the next step.
• Review and understand the nature of the rights and obligations being assigned
• Determine if there are any restrictions or limitations in the assignment
• Assess if any approvals are needed from third parties before the assignment is valid
• Confirm that the assignor has the right to assign the interest being transferred
• Check to see if the assignee has the necessary capacity to accept the assignment
• Analyze if the assignment is subject to any applicable laws or regulations
• Determine if any additional documentation is needed to support the assignment
• Once you have considered all of the above, you can proceed with drafting the Deed of Assignment.
• Check with your local taxation authority or a qualified tax professional to see if the Deed of Assignment is subject to any taxes or stamp duty.
• Ensure that the Deed of Assignment includes any required taxes or stamp duty payments.
• Check to see if the tax or stamp duty implications vary by jurisdiction.
• Once you’ve considered the tax or stamp duty implications, you can move on to the next step.
• Identify any restrictions or limitations that could affect the transfer of rights in the Deed of Assignment
• Consider whether there are any legal restrictions that must be observed in the transfer of the rights being assigned
• Research any relevant industry standards or regulations to ensure that the restrictions or limitations on the rights being assigned are compliant
• Ensure that the Deed of Assignment clearly outlines the restrictions or limitations of the rights being assigned
• When all restrictions or limitations on the rights being assigned are taken into consideration, checked for compliance and outlined in the Deed of Assignment, this step is complete.
• Consider whether the Deed of Assignment needs to be registered with any government or public agencies.
• Determine if any registration is required or optional.
• Research the relevant regulations and laws to ensure that the assignments are properly recorded.
• Check any local requirements or restrictions.
• Once you have determined that the Deed of Assignment does or does not need to be registered, you can move on to the next step in the process.

• Read over the Deed of Assignment twice to make sure you’re accurately identifying all of the parties to the Deed. Make sure you include the full names and addresses of the assignor and assignee, as well as any other relevant parties. • Check that the legal description of the subject property is accurate. • Ensure that the consideration (the amount being exchanged for the assignment) is stated clearly and accurately. • Make sure that the names of the initial parties to the Deed are also included in the recitals. • Ensure that the recitals and the express terms of the Deed are consistent with one another. • Make sure that the Deed is signed, notarized, and delivered in accordance with state law.

Once you’ve completed the above steps, you can check off this task and move on to the next step in the guide.

• Identify the assignor and assignee. The assignor is the party transferring their rights and the assignee is the party receiving the rights.
• Check all of the details are correct. This includes the names, addresses and other contact information for both parties.
• Draft the deed to ensure that the assignor and assignee are accurately identified.
• You can check this off your list and move on to the next step once you have confirmed that the assignor and assignee have been accurately identified in the deed.
• Ensure that all parties to the Deed have read, understood and agreed to the terms and conditions of the agreement.
• Have all parties affix their signature to the Deed and the accompanying documents.
• Check that all the signatures are dated and in the presence of a witness.
• When all parties have properly executed the Deed, you can move on to the next step.
• Ensure all parties have signed the Deed in the presence of a witness.
• The witness must be an independent third party who is not a party to the Deed.
• The witness must sign each page of the Deed that contains a party’s signature.
• The witness must also include their full name, address and occupation on the Deed.
• Once all of the above requirements are met, then you can check this off your list and move on to the next step.
• Determine the applicable taxes or stamp duty implications for the Deed of Assignment.
• Research any applicable taxes or stamp duty fees for the Deed of Assignment.
• Calculate the applicable taxes or stamp duty fees for the Deed of Assignment.
• Make sure to include the applicable taxes or stamp duty fees in the Deed of Assignment.

Once you have determined the applicable taxes or stamp duty implications for the Deed of Assignment, and included them in the Deed of Assignment, you can move on to the next step.

• Determine the rights that you are assigning and review any applicable laws or regulations to ensure that the assignment of such rights is permitted.
• Consider any applicable contractual restrictions or limitations on the rights being assigned, such as any applicable confidentiality obligations or restrictions on the transfer of rights.
• Once you have determined that the assignment of the rights is permitted and there are no applicable restrictions or limitations, you can proceed to the next step of recording keeping.
• Create a record of the Deed of Assignment, including the date it was executed, by each party
• Maintain a copy of the Deed of Assignment in a secure place
• Record any additional related documents, such as any security documents, release documents, or other agreements
• When all of the above have been done, you can check this off your list and move on to the next step.
• Obtain a physical copy of the original Deed of Assignment
• Ensure the original Deed is signed by both parties
• Keep the original Deed in a safe and secure place, such as a locked filing cabinet or safe
• Make sure the document is stored in a location that is accessible to both parties
• Ensure that the original Deed is not destroyed or tampered with in any way

You can check this off your list and move on to the next step once the original Deed of Assignment is safely stored in a secure location.

• Scan or take a digital photo of the original Deed of Assignment and save it to a secure location.
• Ensure that the digital copy is readable and clearly displays all of the information contained in the original document.
• Ensure that the digital copy is stored in a secure location, preferably on a cloud-based storage system or other secure server.
• Make sure that only authorized personnel have access to the digital copy of the Deed.
• When finished, you will have created a digital copy of the Deed and stored it in a secure manner.
• Read over the Deed of Assignment to ensure accuracy
• Make sure all details are correct, and all parties are named
• Verify that all signatures are complete and accurate
• Make sure the date of the assignment is correct
• Check that the document is formatted and laid out correctly
• Once you are satisfied with the accuracy of the Deed of Assignment, you can move on to the next step.
• Read through the entire document to make sure all the information is correct
• Double check that the names and details of the parties involved are spelled correctly
• Ensure that all the dates are accurate, and that any and all parties have signed the deed in the right places
• Check that the terms and conditions in the deed are consistent with the agreement between the parties
• When you have verified all the details, you can check this off your list and move on to the next step.
• Check the Deed of Assignment to ensure that all required elements are present, including accurate information and signatures of all parties.
• Verify that any and all attachments to the Deed of Assignment are included and accurate.
• Ensure that all dates, signatures, and other pieces of information are accurate and up-to-date.
• Once you’ve confirmed that all of the steps have been completed correctly, you can move on to the next step.
• Seek professional advice from a lawyer or other legal professional to ensure that the deed of assignment is legally binding and enforceable.
• Request that the legal professional checks that all steps have been completed correctly, and that the deed of assignment meets all requirements under local law.
• Ask the legal professional to provide you with written advice on any changes or revisions that may be necessary to make the deed of assignment valid and enforceable.
• Once the legal professional has confirmed that the deed is legally sound, you can check off this step and proceed with the next one.
• Research legal professionals who are able to provide advice and assistance with the drafting of a deed of assignment
• Contact the legal professionals to discuss the specific requirements and details of the deed of assignment
• Ask the legal professionals if they are able to provide advice and assistance with the deed of assignment
• Receive advice from the legal professionals and make changes to the deed of assignment accordingly
• Once you are satisfied with the changes to the deed of assignment, you can move on to the next step.

Q: Does a Deed of Assignment need to be signed?

Asked by John on April 23rd 2022. A: Yes, a Deed of Assignment needs to be signed by both the assignor and the assignee in order for it to be legally binding. The signatures should be witnessed and dated, and should be in front of an independent witness who is not related to either party. It is also important to include the relevant clauses and provisions in the deed, as these will set out the rights and obligations of each party.

Q: What is the difference between an assignment and a novation?

Asked by Sarah on July 29th 2022. A: An assignment is a transfer of rights or obligations from one party to another, while a novation is a transfer of rights or obligations from one party to another with the consent of all parties involved. An assignment does not necessarily require the consent of all parties, while a novation always requires the consent of all parties. Additionally, an assignment can transfer rights or obligations without necessarily extinguishing any pre-existing agreements, while a novation extinguishes any pre-existing agreements.

Q: Is a Deed of Assignment legally binding in different jurisdictions?

Asked by Tyler on October 17th 2022. A: Yes, a Deed of Assignment can be legally binding in different jurisdictions, though the exact requirements for validity may differ from jurisdiction to jurisdiction. In general, however, a Deed of Assignment needs to be signed by both parties and witnessed by an independent third party in order for it to be legally binding. Additionally, the deed should include all relevant clauses and provisions that are applicable in each jurisdiction.

Q: Are there any tax implications when drafting a Deed of Assignment?

Asked by Emma on January 15th 2022. A: Yes, there are tax implications that need to be taken into account when drafting a Deed of Assignment. Depending on the jurisdiction and specific tax laws, there may be tax implications for both parties if they are transferring rights or obligations under the deed. It is important to seek professional tax advice before entering into any agreement that involves transferring rights or obligations between parties as this could have significant financial implications for all involved.

Q: Do I need legal advice when drafting a Deed of Assignment?

Asked by Jacob on June 5th 2022. A: While it is not necessary to seek legal advice when drafting a Deed of Assignment, it is generally recommended in order to ensure that all relevant legal requirements are satisfied and that all involved parties are aware of their rights and obligations under the deed. It is also important to make sure that all language used in the deed is clear and unambiguous so that it can easily be understood by all parties involved.

Q: How can I ensure that my Deed of Assignment is valid?

Asked by Michael on August 28th 2022. A: In order for your Deed of Assignment to be valid, it must meet certain legal requirements which vary between jurisdictions. Generally speaking, your deed should include all relevant clauses and provisions applicable in your jurisdiction as well as signatures from both parties which should be witnessed by an independent third party who is not related to either party involved. Additionally, any language used within the document should be clear and unambiguous so that it can easily be understood by all involved parties.

Q: What information do I need to provide when drafting a Deed of Assignment?

Asked by Ashley on November 10th 2022. A: When drafting a Deed of Assignment, you will need to provide information about both parties involved such as their names, addresses, contact details and any other relevant information required under applicable laws in your jurisdiction. Additionally, you will need to include any relevant clauses or provisions applicable in your jurisdiction which will set out the rights and obligations of each party under the deed as well as any other information required for the document to be legally binding.

Q: What are common mistakes made when drafting a Deed of Assignment?

Asked by Joshua on February 20th 2022. A: One common mistake made when drafting a Deed of Assignment is failing to include all relevant clauses or provisions applicable in your jurisdiction which set out the rights and obligations of each party involved in the agreement. Additionally, failing to have the document signed by both parties or witnessed by an independent third party can render the document invalid or unenforceable under applicable law in some jurisdictions. Moreover, using ambiguous language within the document can also lead to misunderstandings and disputes further down the line which could be avoided if clear language was used throughout the document instead.

Example dispute

Lawsuit referencing a deed of assignment.

• The plaintiff may raise a lawsuit if they have been wronged by the defendant in a way that is outlined in the deed of assignment.
• For example, the deed of assignment may outline that the defendant is responsible for paying a certain amount of money to the plaintiff, and the defendant has failed to do so.
• The plaintiff may also raise a lawsuit if the defendant has failed to adhere to any other obligations laid out in the deed of assignment.
• The plaintiff would need to prove that the defendant has breached the deed of assignment in order to win the lawsuit.
• If successful, the plaintiff may be able to obtain a judgment in their favor, which may require the defendant to pay the plaintiff the money they are owed.
• In addition, the plaintiff may be able to seek other damages, such as punitive damages, if the breach of the deed of assignment was particularly egregious.
• Depending on the severity of the breach, the plaintiff may also be able to seek an injunction to prevent the defendant from continuing to breach the deed of assignment.
• Settlement of the dispute may also be possible, wherein the defendant agrees to pay a certain amount of money to the plaintiff, or agrees to adhere to the obligations laid out in the deed of assignment.

Templates available (free to use)

Deed Of Assignment For Rent Deposits Occupation Lease Deed Of Assignment Of Benefit Of Claim For The Freehold Or Extended Lease House Under Section 8 Or Section 14 Deed Of Assignment Of Equitable Interest In Residential Land Deed Of Assignment Of Goodwill And Intellectual Property Rights Transfer Of A General Partnership To An Llp Deed Of Assignment Of Property Sale Benefits [Section 42 Deed Of A

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Deed of Assignment and the Notice of Assignment -What is the Difference?

In this article, Richard Gray barrister takes a brief look at the differences between a Deed of Assignment and a Notice of Assignment and the effect of the assignment on the contracting party

At the end of 2020, Elysium Law were instructed to act for a significant number of clients in relation to claims made by a company known as Felicitas Solutions Ltd (an Isle of Man Company) for recovery of loans which had been assigned out of various trust companies following loan planning entered into by various employees/contractors.

Following our detailed response, as to which please see the article on our website written by my colleague Ruby Keeler-Williams , the threatened litigation by way of debt claims seem to disappear. It is important to note that the original loans had been assigned by various Trustees to Felicitas, by reason of which, Felicitas stood in the shoes of the original creditor, which allowed the threatened action to be pursued.

After a period of inertia, Our Clients, as well as others, have been served with demand letters by a new assignee known as West 28 th Street Ltd . Accompanying the demand letters is a Notice of Assignment, by reason of which the Assignee has informed the alleged debtor of the Assignees right to enforce the debt.

Following two conferences we held last week and a number of phone call enquiries which we have received, we have been asked to comment upon the purport and effect of the Notice of Assignment, which the alleged debtors have received. Questions such as what does this mean (relating to the content) but more importantly is the ‘Notice’ valid?

Here I want to look briefly at the differences between the two documents.

There is no need for payment to make the assignment valid and therefore it is normally created by Deed.

 The creation of a legal assignment is governed by Section 136 of the Law of Property Act 1925:

136 Legal assignments of things in action.

(1)Any absolute assignment by writing under the hand of the assignor (not purporting to be by way of charge only) of any debt or other legal thing in action, of which express notice in writing has been given to the debtor, trustee or other person from whom the assignor would have been entitled to claim such debt or thing in action, is effectual in law (subject to equities having priority over the right of the assignee) to pass and transfer from the date of such notice—

(a) the legal right to such debt or thing in action;

(b) all legal and other remedies for the same; and

(c) the power to give a good discharge for the same without the concurrence of the assignor:

Some of the basic requirements for a legal assignment are;

• The assignment must not be subject to conditions.
• The rights to be assigned must not relate to only part of a debt, or other legal chose in action.
• The assignment must be in writing and signed by the assignor.
• The other party or parties to the agreement must be given notice of the assignment.

Notice of assignment

To create a legal assignment, section 136 requires that express notice in writing of the assignment must be given to the other contracting party (the debtor).

Notice must be in writing

Section 136 of the LPA 1925 requires “express notice in writing” to be given to the other original contracting party (or parties).

 Must the notice take any particular form?

The short answer is no. Other than the requirement that it is in writing, there is no prescribed form for the notice of assignment or its contents. However, common sense suggests that the notice must clearly identify the agreement concerned.

Can we  challenge the Notice?

No. You can challenge the validity of the assignment assignment by ‘attacking the Deed, which must conform with Section 136. In this specific case, the Notice sent by West 28 th Street in itself is valid. Clearly, any claims made must be effected by a compliant Deed and it is that which will require detailed consideration before any right to claim under the alleged debt is considered.

Can I demand sight of the assignment agreement

On receiving a notice of assignment, you may seek to satisfy yourself that the assignment has in fact taken place. The Court of Appeal has confirmed that this is a valid concern, but that does not give an automatic right to require sight of the assignment agreement.

In Van Lynn Developments Limited v Pelias Construction Co [1969]1QB 607  Lord  Denning said:

“After receiving the notice, the debtor will be entitled, of course, to require a sight of the assignment so as to be satisfied that it is valid…”

The Court of Appeal subsequently confirmed this  stating the contracting party is entitled to satisfy itself that a valid absolute assignment has taken place, so that it can be confident the assignee can give it a good discharge of its obligations

The important document is the Deed of Assignment, which sets out the rights assigned by the Assignor. The Notice of Assignment is simply a communication that there has been an assignment. The deed is governed by Section 136 of the LP 1925. It should be possible to obtain a copy of the Deed prior to any action taken in respect of it.

For more information on the claims by West 28 th Street or if advice is needed on the drafting of a Deed, then please call us on 0151-328-1968 or visit www.elysium-law.com .

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Deed of assignment | Practical Law

Deed of assignment

Practical law anz standard document w-002-8276  (approx. 19 pages).

Deed of Assignment and Transfer of Rights [Parts and Template]

A Deed of Assignment and Transfer of Rights is a legal document used when a person or a company who originally was a party to a contract (also known as the assignor or transferor) transfers his or its rights under the contract to another party (the assignee or transferee).

Accordingly, when the Deed of Assignment and Transfer of Rights has been drafted on the basis that in the original contract there is no prohibition to or restriction on assignment, and hence signed by both parties, it can be consequently assigned without the other contracting party’s consent.

In this article, I’ll try to dissect a sample Deed of Assignment and Transfer of Rights of a St. Peter Life Plan and provide descriptions of its fundamental elements or parts. As drafting a deed requires abundant caution, presence of mind, and knowledge of property and other allied laws, I highly advise that you seek help from experts and experienced in legal transactions.

Parts of a Deed of Assignment and Transfer of Rights

[1] Title of Deed . As implied above, deeds come in different forms and types. Check if the document and the first section displays the title – Deed of Assignment and Transfer of Rights. Conventionally, the first paragraph runs:

  KNOW ALL MEN BY THESE PRESENTS:

This deed, made and entered made and entered into this 13 rd day of January 2018 at the City of Manila, by and between:

[2] Parties Involved . A Deed of Assignment and Transfer of Rights must contain accurate information about the identities of the assigning and assigned parties. Other information such as age legality, citizenship, and postal address must be included, just as seen below:

Juan De la Cruz, Filipino citizen, of legal age, married to Josefina De la Cruz, and with residence and postal address at 123 Kasiglahan Street, Karangalan Village, Dela Paz, Pasig City, Philippines, hereinafter referred to as the “ASSIGNOR/TRANSFEROR”

Sebastian Maliksi, Filipino citizen, of legal age, single, and with residence and postal address at 456 Kasimanwa Street, Karangalan Village, Dela Paz, Pasig City, Philippines, hereinafter referred to as the “ASSIGNEE/TRANSFEREE”

[3] Contract Details . A Deed of Assignment and Transfer of Rights must contain a detailed description of the contract, hence in the context here – St. Peter Traditional Life Plan (St. Anne) contract and the Life Plan Agreement (LPA) Number:

WHEREAS, the ASSIGNOR/TRANSFEROR is the owner of life / memorial plan contract which is identified as St. Peter Traditional Life Plan (St. Anne), with Life Plan Agreement No. 123456;

[4] Contract Assignment and Transfer Agreement . As one of the most important and critical parts, this specifies the terms and conditions of the agreement. See sample below:

WHEREAS, for and in consideration of the value of the plan and out of accommodation and assistance for the ASSIGNEE/TRANSFEREE, the ASSIGNOR/TRANSFEROR is assigning and transferring all his/her rights and interests over the Life Plan mentioned in the immediately preceding paragraph to the ASSIGNEE/TRANSFEREE;

NOW, therefore for and in consideration of forgoing premises, the parties hereto have agreed on the following terms and conditions, to wit;

THE ASSIGNOR/TRANSFEROR, hereby waives all his / her rights and interests in the subject life plan in favor of the ASSIGNEE/TRANSFEREE. It is understood that when the Life Plan is assigned / availed of, then all obligations of St. Peter Life Plan, Inc. are fulfilled and discharged.

As a consequence of this assignment / transfer of rights, the ASSIGNEE/TRANSFEREE hereby assumes all the obligations and accountabilities of the ASSIGNOR/TRANSFEROR to St. Peter Life Plan, Inc. in connection with the life plan contract which it issued to the latter.

The ASSIGNEE/TRANSFEREE obligates and / or undertakes to comply with and abide by the requirements which St. Peter Life Plan Inc. may impose in connection with the purchase, possession, and use of the said Life Plan particularly the requirement that it should be fully paid before the memorial service could be availed of pursuant to the Life Plan.

[5] Execution . Once the Deed of Assignment and Transfer of Rights is drafted, the parties involved shall execute it by affixing their signatures. Other than the assigning and assigned parties, witnesses should also sign all the pages of the document. In addition, the deed shall be acknowledged and notarized by a legal practitioner.

IN WITNESS WHEREOF the parties have hereunto set their hands on the date and place first above written.

[  Assignor/Transferor]                           [Assignee/Transferee]

SIGNED IN THE PRESENCE OF:

[Witness]                                                    [Witness]

Disclaimer: Although much effort has been exerted in the creation of this article, the author disclaims any legal expertise and does not guarantee the accuracy and legitimacy of any or all of the information. Hence, it is advised that you consult with professionals such as insurance brokers and lawyers before engaging in legal transactions.    

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Deed of Assignment | Assignor | Assignee

Assign your property to another with a "deed of assignment".

Transfer your property to another person

Last updated on 16 November 2023

1. What is a Deed of Assignment? 

A Deed of Assignment is a contract where the owner (the “assignor”) transfers ownership over property to another person (the “assignee”) by way of assignment. The assignee steps into the shoes of the assignor and assumes all the rights and obligations to the property.

2. When do you need a Deed of Assignment?

A Deed of Assignment is used when the owner wants to transfer ownership (and the rights and obligations) over property to another person.

3. What information do you need to create the Deed of Assignment?

To create your Deed of Assignment you’ll need the following minimum information:

• The type of assignor (e.g. individual or business) as well as name and details (e.g. nationality and address).
• The type of assignee (e.g. individual or business) as well as name and details (e.g. nationality and address).
• Brief description of the property to be assigned.

4.  How much is the document?

The document costs PHP 400 for a one-time purchase. Once purchased you have unlimited use and revisions of this type of document.

You can also avail of Premium subscription at PHP 1,000 and get (a) unlimited use of our growing  library  of documents (from affidavits to contracts); and (b) unlimited use of our “ Ask an Attorney ” service, which lets you consult an expert lawyer anytime for any legal concern you have.

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Difference of Transfer of Rights vs. Deed of Assignment

Deed of assignment (doa).

A Deed of Assignment is a legal document in which one party (assignor) formally assigns specific rights, interests, or responsibilities to another person (assignee). DOAs are often used in a variety of contexts, including real estate sales, contractual rights assignments, debt assignments, intellectual property transfers, and more.

A DOA normally necessitates a formal contract outlining the terms and conditions of the assignment, including the persons involved, the rights being transferred, any compensation (money or value exchanged), and other pertinent elements. Depending on the nature of the rights being assigned, a DOA may require notarization or registration with the proper government body in order to be legally enforceable.

TRANSFER OF RIGHTS 

A Transfer of Rights is a wider term that incorporates many methods of transferring rights from one party to another. It can include assignments, conveyances, endorsements, and other types of rights transfers. Transfer of Rights can be utilized in a variety of circumstances, including contracts, real estate transactions, inheritance, and legal settlements.

The formalization of a Transfer of Rights can differ depending on the circumstances and the type of rights being transferred. Contracts, deeds, endorsements, and court orders are examples of legal papers. The legal requirements for a Transfer of Rights are determined by the nature of the transaction and the rights being transferred. Some transactions may need to be notarized or registered, while others may not.

Difference between deed of Assignment and Transfer of Rights

In summary, a Deed of Assignment is a sort of legal document that is often used for various transactions to transfer specific rights, interests, or responsibilities from one party to another. 

Transfer of Rights , on the other hand, is a broader notion that incorporates several techniques of transferring rights and can be applied in a wide range of legal and financial scenarios. 

DOAs and rights transfers may both require legal procedures to assure their legitimacy and enforceability.

Difference between Deed of Sale and Deed of Assignment

A deed of sale is a contract entered into by the parties where the property shall be transferred by the seller to the buyer subject upon the payment of the purchase price. What is being transferred during the sale is not just the property itself, but the ownership, possession, usage, and rights to the property therein. While a deed of sale is evidence of the transfer of the property from the seller to the buyer, the deed of sale also has another purpose. 

It also serves as a notice to those who wish to buy the property that the ownership and rights to the property have now gone from the original owner to the current owner of the property. 

When the sale is deemed as absolute, it means that there are no other conditions to the sale, only the payment of the purchase price indicated in the deed of sale.  

A deed of assignment , on the other hand, is a contract entered into by parties, wherein by way of assignment, the assignor transfers property ownership to the assignee. In assignment, the rights of the assignor are being transferred to the assignee. The obligations of the assignor are likewise being transferred to the assignee. In effect, the assignor no longer is a part of the original contract as he or she is being replaced by the assignee. 

Note that for the assignment to be valid, there must be an agreement or consent by the original parties to the contract that an assignment shall be taking place.  

What happens when one Transfers Rights? 

When one transfers rights , one does not necessarily totally relinquish all of his rights over the property being transferred to another. 

When there are concerns with the completeness or clarity of a property’s title, this can be used. In such instances, a DOA can assist with addressing and resolving these concerns by formally transferring any transferable rights or interests.

For example, if the title is indistinct. If there are ambiguities, disagreements, or conflicting claims regarding a property’s ownership or rights, a DOA may be used to transfer any legal, clear, and indisputable rights to another party. This can help to clarify ownership and possibly settle title concerns.

Another example is when a DOA can be used to transfer any existing rights that are backed by available documentation when some required documents for a complete property title are missing or unavailable.

If a property has multiple co-owners or partial owners, a DOA can be used to transfer the interests of the other co-owners to the desired owner(s). Another situation is that when the existing title documentation contains errors or inconsistencies, a DOA can be used to fix these issues by transferring the correct and exact rights to the appropriate parties.

When someone transfers rights to another party, they do not necessarily relinquish all rights to the property or subject matter being transferred. The amount of the transfer and the precise rights involved can vary greatly depending on the wording of the transfer agreement and the parties’ intentions.

Many times when rights are transferred, the transferor (the party transferring the rights) retains some rights or interests while handing particular rights to the transferee (the party receiving the rights). This provides for more flexible arrangements that may be adjusted to both parties’ requirements and aims.

The rights, ownership, and possession of the property depends upon what kind of transfer of rights was done. There are instances when one transfers rights wherein the usage and possession of the property shall be with the other, however the owner shall retain the ownership of the property. Some of the ways where one may transfer rights are through will, gifts, donation, sale, and deed. 

A transfer through deed requires formalities indicated in an instrument, stipulating the necessary information and signatories therein.        

Need further information and assistance regarding the difference of transfer or rights and deed of sale or deed of assignment in the Philippines?  Talk to our team at FILEDOCSPHIL to know more about the requirements and process. Call us today at (+632) 8478 5826 or send an email to [email protected] for more information.

+2348099223322

[email protected]

SUMMARY OF DIFFERENCE BETWEEN CONTRACT OF SALE AND DEED OF ASSIGNMENT

Contract of sale and deed of assignment are both documents used in real estate-related transactions in Nigeria. Although they are both used in property transactions the difference between both documents can be derived from their distinctive features and the role they each individually play in the acquisition of title to landed properties in Nigeria.

Generally, there are five stages involved in the process of acquisition of land in Nigeria, which range from the pre-contract stage to the post-completion stage. The contract of sale is executed at the second stage of a land transaction; it is evidenced in writing and is not mandated to be under seal. It is a preliminary land document executed in the transfer of ownership in the land to another from the seller to the buyer. A contract of sale takes effect after it has been exchanged between parties and it contains not only the basic requirements but goes further to include detailed terms, consideration, and future obligations of what the parties have agreed in respect of the land transaction. Some of the provisions of a contract of sale are:

• Full details of the parties – (name and address).
• Particulars of the property to be transacted (location, survey plan, etc).
• Particulars of witnesses.
• Purchase price of the property.
• Payment of deposit, to whom it is to be paid, and in what capacity.
• Balance and interest on unpaid purchase sum where the payment is to be paid in installments.
• The capacity of the vendor.
• Risk and insurance.
• Possession before completion
• Completion date of the transaction.
• Provision for fixtures and fittings.
• Specific terms, risks, etc.

Where a contract of sale has been executed between parties, an equitable right of the title is passed to the buyer as the vendor still retains legal title to the land and holds the same in trust for the buyer. A vendor cannot transact with the land contrary to the agreement in the contract and no party can rescind the contract without being held liable for a breach of contract.

Features of a Contract of Sale

• In a contract of sale, the vendor is committed to the transaction and the purchaser has sufficient time to investigate the title before the final completion of the transaction.
• The death of either party to the transaction does not terminate the contract as personal representatives can proceed with the contract of sale.
• A contract of sale prevents last-minute withdrawal as withdrawal would amount to a breach of the contract.
• A contract of sale protects the equitable interest of the purchaser
• It crystallizes the position of the parties as terms have been expressly agreed upon.
• The vendor cannot unilaterally and subsequently increase the purchase price as the price has already been fixed in the contract.
• Payment of lesser stamp duties.

Deed of Assignment is the legal instrument executed between a buyer and seller upon the negotiation and completion phase of a sale of land transaction, subject to perfection. It is usually demanded by the buyer of the real property at the conclusion of the property transaction as the final legal document that transfers the interest of title in a land without any conditions attached, beyond the payment of the consideration price of the property. In a deed of assignment, the nomenclature of parties changes from Vendor to Assignor and Buyer to Assignee. Upon the execution of a deed of assignment between parties, there is a permanent transfer of legal title and ownership to land from the assignor to the assignee for a consideration paid and accepted by the assignor.

Deed of assignment is required to be evidenced in writing; to be signed, sealed, and delivered by parties to the transaction. A deed of assignment is said to have been delivered when interest has passed to the Assignee and the interest can be passed with or without a physical handover.

Another major difference between a contract of sale and deed is that under a deed of assignment, the title of land acquired is required to be perfected upon payment of the full consideration and execution of the deed. The perfection of title involves the assignee taken the required steps to register the deed of assignment at the appropriate Land Registry. The process for the perfection of a deed of assignment involves the following three steps;

• Obtaining Governors Consent.
• Stamping of the deed of assignment, and
• Registration of the deed of assignment.

Finally, in a contract of sale, the buyer only acquires equitable interest in the property while the seller retains the legal interest in trust for the buyer. In the deed of assignment, the assignee acquires legal interest in the property and it can serve as a good root of title to subsequent buyers while the interest of the assignor on the same property is completely extinguished.

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DEED OF ASSIGNMENT AND TRANSFER OF RIGHTS

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Deed of Assignment and its Importance in Land Transactions

Buying a property or piece of land should be a great moment of joy. But that great moment of joy can get turned on its head, to be followed by sorrow and regret. This can easily happen without proper due diligence. A lot of Nigerians have fell victim due to laxity in due diligence when transacting real estate.

When a property or piece of land is purchased or transferred from one owner to another, there are some important documents the new owner must obtain from the individual transferring the land. One of these documents is referred to as a Deed of Assignment and it is the most important legal document you need to get for your land. It is akin to getting a receipt from a retailer after purchasing a valuable item.

What is a Deed of Assignment?

By definition, a Deed of Assignment is simply a contract or an agreement between the seller of a piece of land and the buyer showing details and evidence that all title, rights, and interest of ownership of the land has been transferred to the buyer.

In legal terms, a Deed of Assignment is an agreement where an assignor declares a promise that from the assignment date or any date stated within the contract, the assignor allocates the entirety of its stake in that land or property to the assignee.

By these definitions, it is easy to understand why a Deed of Assignment has such importance in real estate transactions. It is considered a must for all transactions of transfer of ownership of land.

In Nigeria, it is believed that 6 out of 10 people have been victims to property fraudsters that pretend to be owners of a piece of land. They proceed to show off the land to numerous prospective buyers who would often accept a receipt as a proof of transfer of ownership.

So, in plain terms, a Deed of Assignment can be likened to the legal equivalent of a receipt for goods purchased at a store or the particulars of a newly bought vehicle. With the Deed of Assignment document, the bearer has all legal rights to the transferred property and can use it as he or she deem fit.

For a Deed of Assignment to be legally binding, it needs to clearly identify the seller and the buyer, and it must also contain the following information:

- Date of transfer of ownership

- Addresses of the seller and buyer and how they are binding to the successors, friends and other people who represent the seller and buyer in any capacity

- Price of purchase of property

- Detailed description of property, including the size of the property

- A history of transfer of ownership of property, from the date it was first acquired to the time it is to be sold to the new owner

- Covenants or promises that the buyer and seller will undertake in order to execute the deed

- A section for the Commissioner of Oaths or Governors Consent to authenticate and sign the agreement

- Signature of the seller and buyer

As a legally binding document in real estate transactions, a Deed of Assignment is often recorded in the local land registry as a proof of transfer of the property to the new owner. The format of a Deed of Assignment is made up of a cover page that show the identities of the buyer and seller as well as a description of the land; a second page that show the date of the transfer, names and location of buyer and seller, and a history of how the seller came into possession of the land; a third page that show the description and cost of the land, a survey plan number including the date and name of surveyor, and the promises that both buyer and seller would abide after the transaction is completed; and a last page that display signatures of the buyer and seller as well as signatures of witnesses to the transaction.

Because most property buyers are not familiar with the documents that are required to be prepared and transferred to them by land sellers, it is advisable for property buyers to always get the services of a lawyer in order to protect their interest during the course of property transactions.

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Tanny   --> 12 December 2016

Sale deed versus deed of assignment

While buying a resale property in a co-operative housing society, I have differing opinion on whether a "sale deed" is appropriate of a "deed of assignment" is appropriate. I consulted several people from legal profession and opinion seems to be divided with some saying Sale Deed is mandatory, some saying Deed of Assignment is ok and some even suggesting rather absurdly - "you tell us what you want and we will do that for you".

My question is - I am looking for specific guidance of whether I register my agreement with a Sale Deed or with a Deed of Assignment. Please can you guide.

 10 Replies

Ms.Usha Kapoor (CEO)     --> 13 December 2016

First draft  asale deed and thendraft  adeed of Assignment and register both of them.If you appreciate this answer please give me all my profile likes.

Kishor Mehta (CEO)     --> 13 December 2016

Kumar Doab (FIN)     --> 13 December 2016

Agreed with Mr. Kishore Mehta.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     --> 13 December 2016

In real property transactions, a  deed of assignment  is a legal document that transfers the interest of the owner of that interest to the person to whom it is assigned, the assignee. When ownership is transferred, the  deed of assignment  shows the new legal owner of the property.

An "absolute sale" deed is defined by having no conditions attached to the sale except the buyer's payment of the purchase price. When the seller signs and delivers the absolute sale deed, this is generally recognized by law as the moment of sale.

Tanny   --> 13 December 2016

Thank you for explaining the difference between a Sale Deed and a Deed of Assignment. However could you explain in my case which is the one I would go for?

rajeev sharma (Advocate Ex senior manager law )     --> 13 December 2016

please ask reseller what document the builder has executed in his favi\our .if it is sale deed then dont compromise get sale deed executed in your favour

even the seller has a deed of assignment from his previous purchase. In that case will a sale deed or a deed of assignment be appropriate?

Adv. K.S.A.Narasimha Rao ([email protected] )     --> 13 December 2016

Dear Tanny,

Basing on the rights possessed by your prospective seller, the nominclature of the document depends on.

If your Prospective Seller is having only right of possession in respect of the property, then he can only make a deed of Assignment. But if your Seller is having absolute powers to sell the flat, then you can use nominclature as "Sale Deed".

Kindly clarufy if the deed of assignment be cancelled by assignor.

Aseem Koradia   --> 15 December 2016

The name of document is immaterial. The content of the document will remain the same. interpretation will be from the content of the document.

Aseem Koradia

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Deed of Assignment of Debt – Everything You Need to Know

Scott Nelson

Debt Expert

Scott Nelson is a renowned debt expert who supports people in debt with debt management and debt solution resources.

Janine Marsh

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Janine is a financial expert who supports individuals with debt management, cost-saving resources, and navigating parking tickets.

Total amount of debt?

For free & impartial money advice you can visit MoneyHelper . We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

For free & impartial money advice you can visit MoneyHelper . We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

Are you facing a ‘deed of assignment of debt’? Are you worried about a debt collector knocking on your door?

You’re in the right place. Each month, over 170,000 people visit our site looking for guidance on debt issues, just like this one. 

In this article, we’ll explain:

•  What a ‘deed of assignment’ is
•  What it means for your debts
•  Different types of assignment
•  Why companies sell their debts
•  Ways to handle your debt situation

We know how scary it can be when debt collectors get involved; some of our team have faced similar situations. We’re here to help you understand your situation and make the best choices.

There are several debt solutions in the UK, choosing the right one for you could write off some of your unaffordable debt , but the wrong one may be expensive and drawn out.

Answer below to get started.

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This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

Deed of Assignment of Debt – the basics

Being in debt is confusing enough as it is. And it can get even more complicated when you get a letter through the door from a company you may never have heard of demanding (often in quite a strongly-worded way) that you make your payments to them instead.

What’s going on, you might ask yourself?

At the end of the day, the creditor will want the money that you owe back.

However, sometimes when an account falls into arrears , they won’t have the capabilities or resources to claim it back . This is when the original company you owe money might ‘ assign’ your debt . 

What is a Deed of Assignment of Debt?

This is notice that tells you that you now owe a debt collection agency or another collection service the money you originally owed to the creditor .

Instead of paying the company you might have originally owed money to, you now owe a third party company. 

A deed of assignment of debt is a legal documen t alerting you of the transfer of ownership of your debt to another person. The right to receive payment from the debt you owe is transferred over to this new party as well.

How a debt solution could help

Some debt solutions can:

• Stop nasty calls from creditors
• Freeze interest and charges
• Reduce your monthly payments

A few debt solutions can even  result in writing off some of your debt.

Here’s an example:

Monthly debt repayments

£429 reduction in monthly payments

If you want to  learn what debt solutions are available to you,  click the button below to get started.

What does it mean?

A deed of assignment of debt is used to transfer or sell the right to recover a debt .

Without a deed of assignment of debt, the two companies are not able to do this – you need a written transfer document. 

Once the transfer document, or deed of assignment of debt, has been signed by the assignee (the party transferring the debt) and the party receiving the debt ( assignor ), they must give notice to the debtor (the person that owes the company the sum of money).

Notice must be given within 7 days of assigning the debt. Unless someone gives notice to the debtor, then the new owner of the debt can’t enforce the debt by suing in court.

Is there more than one type of assignment? 

Confusingly, there are actually two different sorts of assignment that a creditor can make. These are Legal and Equitable.

Both types of assignment fall under the Law of Property Act 1925 , and both require the creditor to inform you of the change in writing – this is known as a notice of assignment of debt .

1. Legal Assignment

Legal assignment of debt gives the company who are purchasing the debt the power to enforce it .

Basically it means that you make payments to this company instead of the original creditor, and they can send you letters and make calls to your home.

2. Equitable

If a debt is an equitable assignment, only the amount you owe is transferred , and the original creditor will still retain the original rights and responsibilities .

The purchasing company will not be able to enforce the debt either.

Thousands have already tackled their debt

Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.

I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.

Reviews shown are for The Debt Advice Service.

Why do companies sell their debts?

A deed of assignment of debt can be a real headache, as you now have another layer of money owed. You will probably rightly ask yourself – why? And how can they sell it?

It may seem strange and confusing, but it’s actually completely legal for them to sell your debt . When you sign a credit agreement, there is almost always a clause in fine print that states that the original creditor has the power to assign their rights to a third party.

As you have signed this agreement, they don’t actually need to ask for your permission to assign your debt.

This also means that you cannot dispute it or make a complaint about it either. The only exception to this rule is if you have given evidence of mental health issues .

» TAKE ACTION NOW:  Fill out the short debt form

What are the next steps?

So that’s the basics about a Deed of Assignment of Debt. But what does this mean for you? 

If your creditor passes one of your debts onto a third party company or debt collection agency, it will be officially noted that this new company is now responsible for collection .

You will be able to see this change on your credit report , and any defaults will also be registered in their name too. 

While it certainly adds another layer of confusion to proceedings and you may be unsure of what’s going on when you find out about a deed of assignment of debt, it can occasionally be a bit of a blessing in disguise. 

You may find it much easier dealing with the new company, as they could be more flexible when it comes to discussing interest and additional charges.

There is also the likelihood that these companies actually specialise in collecting debts , and so know how to approach you as the customer with more tact and delicacy than the original creditor.

Is there something missing? We’re all ears and eager to improve. Send us a message and let us know how we can make our article more useful for you.

You can email us directly at [email protected] to share your feedback.

• Abuja Properties
• Asaba Properties
• Land for Sale
• Properties for Sale
• Real Estate Terms

What is the Difference Between a Deed of Assignment and a Contract of Sale in Nigeria?

In essence, while a Contract of Sale sets the stage for a property transaction, outlining terms and conditions, the Deed of Assignment is the ultimate legal instrument that effectuates the transfer of ownership. 

Both the Deed of Assignment and Contract of Sale are vital documents in the realm of real estate investment.

They play significant roles in property dealings, outlining the rights and responsibilities of the parties involved.

Let’s delve into the key differences between these two legal instruments.

Contract of Sale Versus Deed of Assignment 

The contract of sale and the deed of assignment are crucial legal documents in Nigerian property transactions.

They each serve distinct roles in the acquisition of land titles. 

In land acquisition, the process typically involves five stages.

The second stage involves the execution of the contract of sale.

This written document, though not required to be sealed, serves as a preliminary agreement between the buyer and seller.

The document outlines fundamental conditions, specific terms, payment details, and obligations related to the real estate transaction.

A contract of sale includes key information such as the parties’ details, property particulars, and witnesses.

It also includes the purchase price, deposit, payment terms, vendor’s capacity, risk and insurance.

Other information includes possession terms, completion date, and other specific clauses.

Once both parties sign the contract, the buyer gains an equitable right to the title, even though the legal title remains with the seller.

Any action inconsistent with the contract terms is not allowed.

Thus, termination without proper cause incurs liability for breach of contract.

Nature of the Documents

Contract of Sale : This initial agreement outlines the terms and conditions between the seller and the buyer. 

It establishes the intention to transfer property ownership but does not effect the actual transfer.

Deed of Assignment : This document, on the other hand, is the legal instrument that facilitates the transfer of ownership from the seller to the buyer. It formalizes the conveyance of the property.

2. Legal Status:

Contract of Sale is a preliminary agreement, creating an obligation for both parties to fulfill certain conditions before the transfer of ownership occurs. 

Until you meet all the conditions, the property’s legal ownership remains with the seller.

Deed of Assignment : This document finalizes the transfer of legal ownership. Once executed, the buyer becomes the rightful owner of the property.

3. Execution Timing

Contract of Sale : precedes the Deed of Assignment and serves as a precursor to the actual transfer of ownership. It sets the framework for the transaction.

Deed of Assignment : it is executed after the conditions specified in the Contract of Sale are fulfilled, it completes the transfer of ownership.

4. Registration Requirement:

Contract of Sale : Generally, a Contract of Sale is not registrable. It acts as evidence of the agreement between the parties.

Deed of Assignment : This document, however, is registrable. Registration provides public notice of the change in ownership and protects the buyer’s interest.

5. Transfer of Rights:

Contract of Sale : It confers equitable rights on the buyer, signifying the intention to transfer ownership in the future.

Deed of Assignment : The actual transfer of legal ownership occurs through the execution of this document.

6. Conditions Precedent:

Contract of Sale : It often includes conditions such as payment of the purchase price, inspection of the property, and other prerequisites for the transfer of ownership.

Deed of Assignment : It is executed after the fulfillment of conditions outlined in the Contract of Sale.

7. Enforceability:

Contract of Sale : Breach of the contract can result in legal consequences. However, it primarily deals with the intention to transfer rather than the actual transfer.

Deed of Assignment : Breach of this document can lead to legal actions, and it directly pertains to the actual transfer of property.

• Follow This Guideline to Own a Property in Abuja If You Live Abroad
• How to Easily Avoid Land Scams in Abuja
• What are the Fastest Developing Areas for Real Estate Investment in Abuja?

Conclusion:

In essence, while a Contract of Sale sets the stage for a property transaction, outlining terms and conditions, the Deed of Assignment is the ultimate legal instrument that effectuates the transfer of ownership. 

To ensure a seamless and legally secure real estate experience in Nigeria, it’s important you know about these differences.

Whether you’re a buyer or a seller, seek professional legal advice throughout your transactions. Our team of experts can guide you.

To invest in our Abuja real estate offer, Kyami Pavilion Estate, please, call +2348132794689 or send a WhatsApp message to  +2348132794689 .

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Top things to know about Copilot+ PCs from Microsoft Surface, available today at Microsoft.com

• Microsoft Store Team

Available today, the all-new Copilot+ PCs from Microsoft Surface – Surface Laptop and Surface Pro – are thin, light and beautiful devices that help you do more of what you love. Whether it’s starting a new creative project, connecting with friends and family or pursuing a new business venture, these devices are designed to support your journey.

The new Surface Laptop and Surface Pro are Copilot+ PCs, which are the fastest, most intelligent Windows PCs on the market. They are available in four color options at an incredible value, beginning at $999 Estimated Retail Price (ERP) USD on Microsoft.com or at a Microsoft Experience Center .

Exclusively on Microsoft.com, customers can purchase Copilot+ PCs from Microsoft Surface with 64GB memory (RAM) configurations which offer more performance and multi-tasking:

• Surface Laptop (7 th Edition) , starting at $2,399.99 ERP USD in Black with a 13.8-inch Display, Snapdragon® X Elite (12 Core) Processor and 1TB SSD Storage.
• Surface Laptop (7 th Edition) , starting at $2,499.99 ERP in Black with a 15-inch Display, Snapdragon® X Elite (12 Core) Processor and 1TB SSD Storage.
• Surface Pro Essentials Bundle , starting at $1,144 ERP, get the most out of your Surface Pro with this bundle, saving on a Microsoft 365 subscription and Microsoft Complete Protection Plan. Plus, when purchasing the Essential Bundle, customers can take advantage of 20% off accessories including the new Surface Pro Flex Keyboard.

Read on for everything you need to know about the new Copilot+ PCs from Microsoft Surface.

Our three favorite things about the new Copilot+ PCs from Microsoft Surface: 1 – Designed for your everyday work and play

• Power through your day without a worry. The new Surface Laptop and Surface Pro are more powerful than ever with Snapdragon X Series Processors, providing faster performance and all-day battery life with a powerful Neural Processing Unit (NPU) for all-new AI experiences.
• Sleek design and colors that match your aesthetic. Thoughtfully designed with your everyday in mind, the thin, lightweight and ultraportable devices feature premium finishes. They come in four stunning colors – perfect for any style: classic Black, timeless Platinum, bold Sapphire, and the new and refreshing Dune [i] .
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• Everyday AI companion with the Copilot key. The Copilot app is just a click away with the Copilot key – one of the newest additions to Windows 11 keyboards on Copilot+ PCs.

2 – Exclusive AI experiences designed to empower creativity and productivity  

• Express your creativity with Cocreator [iii] . Whether a seasoned artist or new to design, Cocreator simplifies image creation and photo editing with easy text prompts and natural inking using a Slim Pen [iv] on Surface Pro or touch on Surface Laptop. Exclusive to Copilot+ PCs, Cocreator lets you bring your ideas to life, and it works alongside you to iteratively update the image in real time. Cocreator is available in Paint – the app you’ve grown to know and love.
• No matter where you are, Live Captions keeps you better connected [v] . Available on Windows, Live Captions can quickly translate any live or prerecorded audio into English – and in real time. Connecting with friends, family and colleagues just got easier, and you’ll never miss a beat when watching your favorite international movies or TV shows.
• New and enhanced audio and video effects bring new meaning to ”camera ready.” Both device cameras are powered by new features to Windows Studio Effects. Powered by an industry-leading NPU, they help improve lighting, ensure you appear clear and crisp on video, reduce background noise and offer creative filters so you can express yourself on camera. Built to automatically improve video calls, it’s like having a studio ring light and microphone right on your Windows PC! And the Surface Pro’s ultrawide field-of-view camera keeps you, or the whole family, in focus, even as you move around your space.
• Recall (preview) coming soon: For the solo-preneur who has too many working files and emails to maintain organization, Recall helps you quickly find things you have seen on your PC, keeping all documents, images, websites, instant messages, emails and apps right at your fingertips. This experience comes with built-in privacy and security controls.

Learn how to unlock the best of the new AI-powered features on your Copilot+ PC .

3 – The all-new Surface Pro Flex Keyboard [vi] unlocks new levels of flexibility  

Alongside the new Surface Pro, we are introducing the Surface Pro Flex Keyboard , unlocking powerful new levels of flexibility to effortlessly adapt to your work and play routines. Ready to attach to your Pro for the ultimate laptop set-up or detach for more flexibility and to support your creative workflows. It is built with extra carbon fiber layers for stability and has a larger, customizable haptic touchpad. With integrated pen storage, your Slim Pen is secure, charged and ready to go. Accessibility remains core to our approach, so we designed the new Surface Pro Flex Keyboard with a bold keyset option to reduce eye strain and assist people with low vision.

Discover, learn and buy with Microsoft Store

Shopping at Microsoft Store is all about ease and convenience. Whether the new Copilot+ PCs from Microsoft Surface, Copilot Pro, Xbox consoles and games, apps, movies and TV shows, we’ve got you covered. Don’t miss our top deals on your favorite TV shows like Rick & Morty: Seasons 1-7, Buffy The Vampire Slayer Complete Series, Sons of Anarchy: The Complete Box Set and so much more – available for up to 50% off for a limited time .

• Flexible payment options : Find a payment plan that works for you with options like PayPal Pay Later and Citizens Pay Line of Credit [vii] . It’s budgeting made easy.
• Online Trade-in Program : For a limited time, buy a new Copilot+ PC from Microsoft Surface and get extra cash back when you trade in an eligible device.
• Free and fast shipping with 60-day returns : Get your items quickly with 2–3-day shipping at no extra cost or minimum purchase required and enjoy the flexibility of 60-day returns on almost any physical product.
• 60-day price protection : Shop with confidence knowing you have 60 days of price protection from your delivery date. If the price drops or you find a lower price elsewhere, we’ll honor a one-time price adjustment.

You can also bet on Microsoft Store offering lots of great deals throughout the upcoming back-to-school season. Be sure to keep an eye on the deals page !

Available alongside Microsoft Surface today, are brand new Copilot+ PCs from the biggest brands: Acer , ASUS , Dell , HP , Lenovo and Samsung . Learn more from major PC manufacturers or visit leading retailers, including Best Buy .

[i] Colors available on selected models only. Available colors, sizes, finishes and processors may vary by store, market and configuration. 

[ii] HDR requires HDR content and enabling HDR in device settings.

[iii] Microsoft account required.

[iv] Surface Slim Pen sold separately.

[v] Currently supports translation for video and audio subtitles into English from 40+ languages. See  https://aka.ms/copilotpluspcs . 

[vi] Surface Pro Flex Keyboard sold separately.

[vii] With approval of Citizens Pay Line of Credit at 0% APR and 12- or 18-month term. Subject to individual credit approval. See the Citizens Pay Line of Credit Agreement  for full terms and conditions. Citizens Pay Line of Credit Account offered by Citizens Bank, N.A. ​