assignment deed means

Assignment of Deed

Table of contents, assignment of deed of trust.

An assignment of deed is used to show the deed of a property changing from one party to another, such as when a sale is made. It is used as the written proof to show who has rightful ownership of the property. When someone is purchasing property and decides to sell it before they have paid it off, an assignment of deed form would be used to transfer the rights and everything associated with the property over to the new owner.

When a debtor transfers real estate to a creditor, the  Assignment of Deed  is the legal document used to record this transfer. This happens when a lawsuit is filed on a property owner for a default in payment and the court’s rule in favor of the creditor; this is one example of when the deed of assignment would be put in to use. It’s used to show that the property is being transferred from the ownership of the defendant and given to the plaintiff that won the case and awarded the property.

It’s important to understand what these documents mean as they pertain to public property records as well as  personal background checks  into an individual. This could be exactly the type of information you need to help you gain a better understanding on someone or his or her history. It could also be in your own public background information if someone knows where to look for it.

Public records will always contain the history of who owns real property and the details on that property as it exchanges hands or ownership is passed. Anyone who knows how can access basic information about a deed or its assignments.

When a property owner uses an assignment of deed of trust, they are assigning ownership of the property to someone else and this is a very important document that should be kept in a safe and secure place. There are also public records kept on these types of documents and you should be able to request a copy – sometimes at a fee – should you need one.

The  Assignment of Deed  will also specify the rights the other person will receive along with the deed. As property transfers ownership like this, a recital is usually included as well which shows how many people and the identities of who has owned the property before. This allows you to see how many times the property has transferred hands over the course of its history.

Now that you know more about this particular property document, you will understand it when you use it. Whether you need it for your property or you are searching the  property records  of someone else for some reason, this information will be very beneficial to you.

We know that these types of legal matters can be confusing to the average person and that’s why we strive to make it easier to understand by giving you the basics here. Assignment of deed of trust documents do not have to confuse you anymore.

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 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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DEED OF ASSIGNMENT: EVERYTHING YOU NEED TO KNOW.

A Deed of Assignment refers to a legal document in which an assignor states his willingness to assign the ownership of his property to the assignee. The Deed of Assignment is required to effect a transfer of property and to show the legal right to possess it. It is always a subject of debate whether Deed of Assignment is a contract; a Deed of Assignment is actually a contract where the owner (the “assignor”) transfers ownership over certain property to another person (the “assignee”) by way of assignment. As a result of the assignment, the assignee steps into the shoes of the assignor and assumes all the rights and obligations pertaining to the property.

In Nigeria, a Deed of Assignment is one of the legal documents that transfer authentic legal ownership in a property. There are several other documents like a deed of gifts, Assent, etc. However, this article focuses on the deed of assignment.

It is the written proof of ownership that stipulates the kind of rights or interests being transferred to the buyer which is a legal interest.

Read Also: DIFFERENCE BETWEEN TRANSFER OF PROPERTY THROUGH WILLS AND DEED OF GIFT

CONTENTS OF A DEED OF ASSIGNMENT

Content of a Deed of Assignment matters a lot to the transaction and special skill is needed for a hitch-free transaction. The contents of a deed of assignment can be divided into 3 namely; the introductory part, the second (usually the operative part), and the concluding part.

• THE INTRODUCTORY PART: This part enumerates the preliminary matters such as the commencement date, parties in the transaction, and recitals. The parties mentioned in the deed must be legal persons which can consist of natural persons and entities with corporate personality, the name, address, and status of the parties must be included. The proper descriptions of the parties are the assignor (seller) and assignee (buyer). The Recitals give the material facts constituting the background to the current transaction in chronological order.
• THE SECOND PART (USUALLY THE OPERATIVE PART): This is the part where the interest or title in the property is actually transferred from the assignor to the assignee. It is more like the engine room of the deed of assignment. The operative part usually starts with testatum and it provides for other important clauses such as the consideration (price) of the property, the accepted receipt by the assignor, the description of the property, and the terms and conditions of the transaction.
• The testimonium : this shows that all the parties are involved in the execution of the deed.
• Execution : this means signing. The capacity of the parties (either individual, corporate bodies, illiterates) is of great essence in the mode of execution.  It is important to note that the type of parties involved determines how they will sign. Example 2 directors or a director/secretary will sign if a company is involved. In the same way, if an association, couple, individual, illiterate, family land (omonile), firm, unregistered association, etc. is involved the format of signature would be different.
• Attestation : this refers to the witnessing of the execution of the deed by witnesses.

For a Deed of Assignment to be effective, it must include a column for the Governor of the state or a representative of the Government where the property is, to sign/consent to the transaction. By virtue of Sec. 22 of the Land Use Act, and Sec. 10 Land Instrument Registration Law, the Governor must consent to the transaction.

Do you have any further questions? feel free to call Ibejulekkilawyer on 08034869295 or send a mail to [email protected] and we shall respond accordingly.

Disclaimer: The above is for information purposes only and should not be construed as legal advice. Ibejulekkilawyer.com (blog) shall not be liable to any person(s) for any damage or liability arising whatsoever following the reliance of the information contained herein. Consult us or your legal practitioner for legal advice.

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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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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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What is a Deed of Assignment?

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Did you just Google what is a deed of assignment is? Fresher law students and students pursuing a program that has no connection to any legal jargon might mistake it for an action that one deliberately performs to achieve nirvana. Yes, it is 'indeed' an action performed intentionally by a person but made legal. To be precise, it is a document of transferring property ownership. Read forth to learn more about it.

A deed is a signed legal document containing all the legal statutes, laws, and agreement clauses for transferring a property or financial assets from previous owners to a new one. Such a document is required to transfer property, tenancies, mortgages, wills, power of attorney, and a partnership agreement.

Did you know that Australia's different states and territories have distinct legislation that entails specific requirements? To execute a deed in Australia, you need to heed the state laws.

For example, suppose a person is selling their property. In that case, the new buyers and the previous owners will sign a deed that contains a detailed list of assets, liabilities and legal monetary exchange. Both parties sign a deed agreeing to the clauses of ownership transfer, and the previous owner holds no.

Who Signs the Deed of Assignment?

Let's move on to the processes in such an agreement process. The deed has to be executed before the concerned parties can sign it; it is a legal process under which both parties discuss and agree/disagree to the clauses and conditions in the agreement and formally accept the final document. When a party formally accepts a document, they have bound the terms of the document.

A deed is considered a valid legal document only when registered under the local court law; the deed has to be notarized and delivered to the new owner. The process of signing a deed is the most important, and both parties have to be present while signing, or a pre-informed stand-in can be there.

There are over 10.6 million residences in Australia, total cost estimated at 1.8 trillion Australian dollars. - Australian Bureau of Statistics

In most cases, the original/previous owner signs the deed to transfer ownership. But in a partnership agreement or a mortgage transfer, both parties must sign the deed of agreement. A physical handwritten signature is required, and an e-generated signature is not valid.

Often, a nominee witnesses the exchange of signatures as part of the legal formalities. Generally, the nominees are not required to sign the deed, but it majorly depends on the legal requirement of the state/country. The nominee signing the document must not be related to either of the parties. A family member, an employee or the representative attorney cannot sign the deed.

Lastly, a real-estate deed takes effect when the deed is delivered to the new owner a physical or a constructive delivery, i.e. handing over the house keys or assets. Constructive delivery is not official or legal transfer, but concerned parties often do it by mutual agreement.

Learn how to acknowledge any source of information using the APA 7th style .

Delivering a deed through electronic mediums is also a feasible option, but both parties must hand over a physical copy of the signed document to the coordinator. The legal coordinator monitors the exchange and helps in legal registration and notarisation.

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What is the Difference Between Transfer and Assignment?

In the previous two sections, we discussed 'what is a deed of assignment?' and the process of signing, executing and delivering a deed. But, let me elaborate on the differences between transferring and assignment of the deed. Both these might be synonyms, yet in legal terminology, assignment means a complete transfer of property or asset ownership from one person to another. In contrast, transfer means appointing an asset or property to another person to control while the ownership belongs to the original owner.

A deed of agreement is the modernized version of a charter, which helps ownership and transfer rights used in ancient Europe.

A deed of assignment and a memorandum of transfer are two distinct documents for respective purposes. Land ownership can be assigned to a new owner through a deed, and a transfer of assets is done through signing a memorandum of transfer. Meanwhile, a licence is a legal document that doesn't permit infringement; the legal governing bodies decide if the assignment can be revoked or if a transfer is possible.

For example, a business or an insurance policy is transferred to a person when the original owner is unavailable to fulfil their duties due to ailment or sudden demise. The original owner assigns the business assets, or insurance policy returns to a new owner through their will (often after the demise) or legal transfer.

Conclusion: What is a Deed of Assignment, and How is it Useful in Real Life?

Legal transfers and assignments are among the most common and extensively exchanged legal transactions. People buy/sell properties every day, and businesses seeking to expand sign legal partnership agreements frequently. It is a very basic yet detailed legal document that many students learn about at high school and later develop their knowledge through university academia.

The most common legal implication of a deed you will ever witness is the legal battle for a property that occurs generally. Many of you must've witnessed it, or one might be currently in action within your extended family. When the property owner passes away without defining a will, then the next generation successors of a business or the potential owners of the property can challenge each other in court.

A deed of partnership is a legal agreement between two business partners when establishing a legal business partnership. It states the shared assets and liabilities, profit/loss ratio and the revenue shares to be distributed among both partners. A business deed of agreement is often signed by two collaborating businesses or when a bigger organization takes over a smaller business.

The exchange process dates back to 6000 BC in the Mesopotamian tribes, known as the barter system.

Lastly, the transfer of insurance policy also requires a deed of agreement; it is signed by the assignor (original policyholder) who wants to share the profits of an insurance policy with an assignee (family member or the new policyholder). Such agreements occur due to the sudden demise of the assignor or some specific conditions.

There are other implications of a deed of agreement, and often it is an oral agreement between two parties that they can legalize in the future. The exchange of assets has been in practice since the barter currency system. The ancient humans had fewer resources, so the chances of getting your money swindled were less, but technological advancement has resulted in various ways of getting conned. A legal document is required to legalize an agreement of assignment under the state court and secure both parties' legal rights.

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LIVING TRUST

What is an assignment of trust deed.

By Tom Streissguth

• What Is a Corporate Assignment of Deed of Trust?

If you own a home, you may have signed a trust deed that gives the mortgage lender a claim on the property. A default on the loan gives the lender the legal authority to foreclose on the loan and take possession of the house. An assignment of a trust deed conveys that claim to another party.

Considerations

Lenders have the right to sell their home loans. This can happen once or several times over the long life of a mortgage. The usual customers for mortgages are banks and other companies that are seeking safe and stable investment returns. This "secondary" market for mortgages is quite active, and a lender has plenty of opportunity to sell a mortgage and turn a profit. Read More: What Is a Corporate Assignment of Deed of Trust?

When a lender sells the loan, it assigns the trust deed to the buyer. “Assignment” means to convey a claim or a right to another party, known as the “assignee.” This is done by creating another legal document — the assignment of trust deed — and having it signed by both buyer and seller. The trust deed, and other documents associated with the loan, become the property of the buyer.

The assignment of trust deed is a short, usually single-page document. The body text gives the names of the deed buyer and the property owner, the date of the original trust deed, and the legal description of the property for which the original deed was executed. It may also give the terms of the deed sale. The seller signs and dates the document, and has it notarized. The buyer then has the assignment of trust deed recorded with the registrar of the county where the property is located.

A borrower has no legal right to block or negotiate the terms of an assignment of trust deed. The assignment does not affect the terms of the loan. The monthly payments remain the same, although the borrower will have to send them to a new address. The new owner of the trust deed becomes the lender and collects all mortgage payments, sometimes on its own and sometimes through a servicing company. If a default occurs, the latest assignee has the right to foreclose and repossess the home.

• US Legal: Assignment of Trust Deed
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Founder/president of the innovative reference publisher The Archive LLC, Tom Streissguth has been a self-employed business owner, independent bookseller and freelance author in the school/library market. Holding a bachelor's degree from Yale, Streissguth has published more than 100 works of history, biography, current affairs and geography for young readers.

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Assignment is a legal term whereby an individual, the “assignor,” transfers rights, property, or other benefits to another known as the “ assignee .”   This concept is used in both contract and property law.  The term can refer to either the act of transfer or the rights /property/benefits being transferred.

Contract Law   

Under contract law, assignment of a contract is both: (1) an assignment of rights; and (2) a delegation of duties , in the absence of evidence otherwise.  For example, if A contracts with B to teach B guitar for $50, A can assign this contract to C.  That is, this assignment is both: (1) an assignment of A’s rights under the contract to the $50; and (2) a delegation of A’s duty to teach guitar to C.  In this example, A is both the “assignor” and the “delegee” who d elegates the duties to another (C), C is known as the “ obligor ” who must perform the obligations to the assignee , and B is the “ assignee ” who is owed duties and is liable to the “ obligor ”.

(1) Assignment of Rights/Duties Under Contract Law

There are a few notable rules regarding assignments under contract law.  First, if an individual has not yet secured the contract to perform duties to another, he/she cannot assign his/her future right to an assignee .  That is, if A has not yet contracted with B to teach B guitar, A cannot assign his/her rights to C.  Second, rights cannot be assigned when they materially change the obligor ’s duty and rights.  Third, the obligor can sue the assignee directly if the assignee does not pay him/her.  Following the previous example, this means that C ( obligor ) can sue B ( assignee ) if C teaches guitar to B, but B does not pay C $50 in return.

            (2) Delegation of Duties

If the promised performance requires a rare genius or skill, then the delegee cannot delegate it to the obligor.  It can only be delegated if the promised performance is more commonplace.  Further, an obligee can sue if the assignee does not perform.  However, the delegee is secondarily liable unless there has been an express release of the delegee.  That is, if B does want C to teach guitar but C refuses to, then B can sue C.  If C still refuses to perform, then B can compel A to fulfill the duties under secondary liability.

Lastly, a related concept is novation , which is when a new obligor substitutes and releases an old obligor.  If novation occurs, then the original obligor’s duties are wiped out. However, novation requires an original obligee’s consent .  

Property Law

Under property law, assignment typically arises in landlord-tenant situations.  For example, A might be renting from landlord B but wants to another party (C) to take over the property.   In this scenario, A might be able to choose between assigning and subleasing the property to C.  If assigning , A would be giving C the entire balance of the term, with no reversion to anyone whereas if subleasing , A would be giving C for a limited period of the remaining term.  Significantly, under assignment C would have privity of estate with the landlord while under a sublease, C would not. 

[Last updated in May of 2020 by the Wex Definitions Team ]

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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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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/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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Understanding an assignment and assumption agreement

Need to assign your rights and duties under a contract? Learn more about the basics of an assignment and assumption agreement.

updated October 17, 2023 · 3min read

The assignment and assumption agreement

The basics of assignment and assumption, filling in the assignment and assumption agreement.

While every business should try its best to meet its contractual obligations, changes in circumstance can happen that could necessitate transferring your rights and duties under a contract to another party who would be better able to meet those obligations.

If you find yourself in such a situation, and your contract provides for the possibility of assignment, an assignment and assumption agreement can be a good option for preserving your relationship with the party you initially contracted with, while at the same time enabling you to pass on your contractual rights and duties to a third party.

An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party's rights and obligations to a third party who was not originally a party to the contract. The party making the assignment is called the assignor, while the third party accepting the assignment is known as the assignee.

In order for an assignment and assumption agreement to be valid, the following criteria need to be met:

• The initial contract must provide for the possibility of assignment by one of the initial contracting parties.
• The assignor must agree to assign their rights and duties under the contract to the assignee.
• The assignee must agree to accept, or "assume," those contractual rights and duties.
• The other party to the initial contract must consent to the transfer of rights and obligations to the assignee.

A standard assignment and assumption contract is often a good starting point if you need to enter into an assignment and assumption agreement. However, for more complex situations, such as an assignment and amendment agreement in which several of the initial contract terms will be modified, or where only some, but not all, rights and duties will be assigned, it's a good idea to retain the services of an attorney who can help you draft an agreement that will meet all your needs.

When you're ready to enter into an assignment and assumption agreement, it's a good idea to have a firm grasp of the basics of assignment:

• First, carefully read and understand the assignment and assumption provision in the initial contract. Contracts vary widely in their language on this topic, and each contract will have specific criteria that must be met in order for a valid assignment of rights to take place.
• All parties to the agreement should carefully review the document to make sure they each know what they're agreeing to, and to help ensure that all important terms and conditions have been addressed in the agreement.
• Until the agreement is signed by all the parties involved, the assignor will still be obligated for all responsibilities stated in the initial contract. If you are the assignor, you need to ensure that you continue with business as usual until the assignment and assumption agreement has been properly executed.

Unless you're dealing with a complex assignment situation, working with a template often is a good way to begin drafting an assignment and assumption agreement that will meet your needs. Generally speaking, your agreement should include the following information:

• Identification of the existing agreement, including details such as the date it was signed and the parties involved, and the parties' rights to assign under this initial agreement
• The effective date of the assignment and assumption agreement
• Identification of the party making the assignment (the assignor), and a statement of their desire to assign their rights under the initial contract
• Identification of the third party accepting the assignment (the assignee), and a statement of their acceptance of the assignment
• Identification of the other initial party to the contract, and a statement of their consent to the assignment and assumption agreement
• A section stating that the initial contract is continued; meaning, that, other than the change to the parties involved, all terms and conditions in the original contract stay the same

In addition to these sections that are specific to an assignment and assumption agreement, your contract should also include standard contract language, such as clauses about indemnification, future amendments, and governing law.

Sometimes circumstances change, and as a business owner you may find yourself needing to assign your rights and duties under a contract to another party. A properly drafted assignment and assumption agreement can help you make the transfer smoothly while, at the same time, preserving the cordiality of your initial business relationship under the original contract.

by   Belle Wong, J.D.

Belle Wong, is a freelance writer specializing in small business, personal finance, banking, and tech/SAAS. She ...

Read more...

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What is a Deed of Assignment and the Foolish Risk your taking for not having a Deed of Assignment for your Land

By omonilelawyer | july 15, 2017 | 41,924 | 39.

A deed of Assignment is one of the most important documents YOU MUST HAVE when you conclude a Land Transaction. In fact it baffles me that 6 out of 10 people I know who have bought lands in the past have no deed of assignment . They are always the first to complain that Omonile has defrauded them but they have no proof to show the property has been sold to them other than a receipt.

It’s funny that everyone has the title documents to their car showing who the seller was and how it was transferred from the Seller of that car to you the new owner but when it comes to landed properties which are 10 times more valuable than cars, we fail to ask for this one simple important document that can prove ownership of that land. What then is this all important deed of Assignment I am alluding to? This can be found from the following definitions below:

A deed of Assignment is an Agreement between the Seller of a Land or Property and a Buyer of that Land or property showing evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to that the Seller that has just bought land.

The Deed of Assignment acts a main document between the buyer and seller to show proof of ownership in favour of the seller . The person or Seller who transfers his rights or interests in that property is usually called the Assignor and the person who receives such right or interest from the Seller is called the Assignee.

A Deed of Assignment therefore is an Agreement where an assignor states his promise that from the date of the assignment or any date stipulated therein, the assignor assigns his ownership in that Land to the assignee. The deed contains very pertinent information for a real estate transaction. For one, it spells out the date when the ownership of the property transfers from one owner to the other. The deed also gives a specific description of the property that is included in the transfer of ownership.

Signing a Deed of Assignment and having that Deed is your number 1 evidence against another person that is trying to claim ownership of that same land too. If you have a land and no deed yet, i feel sorry for you! Better consult your Lawyer to go draft one for you now to save yourself future problems

In most situations, when the Deed of Assignment has been exchanged between both parties, it has to be recorded in the land registry to show legal proof that the land has exchanged hands and the public should be aware of the transaction. Such recorded Deed of Assignment come in the form of either a Governor’s consent or registered conveyance.

The Deed of Assignment spells out the key issues in the transaction between the Seller and the Buyer so that there won’t be any confusion or assumption after the property has been transferred to the new owner . Such Key issues include:

1. The Parties’ to the Agreement e.g between Mr A and Mrs K

2. The addresses of both parties and how it is binding on their successors, friends, colleagues and those representing them in any capacity.

3. The history of the land in question how it was first obtained down to the moment its about to be sold including and documents it previously had till this date

4. The agreed cost of the land and the willingness of the Seller to finally accept that price paid for the land

5. The description and size of the land to be transferred.

6. The covenants or promises both parties choose to undertake to perfect the transfer of the document

7. The signature of the parties to the Assignment and Witnesses to the Transaction

8. Finally the section for the Commissioner of Oaths or Governors Consent to sign and validate the agreement.

These are the important features of a Deed of Assignment and must be included in all Documents for it to be valid. Don’t listen to any Omonile who tells you he doesn’t or the family doesn’t sign a deed of assignment and that it is only a receipt you need. He is only looking for a way to resell your land to another person and to use receipt as a ploy to prevent you from establishing true ownership of your land.

Always consult a property lawyer before you buy a land to help prepare a deed of assignment. It will be your greatest mistake if you don’t have one. Below is a sample deed of assignment and how it looks so that you don’t fall victim of land swindlers

SAMPLE DEED OF ASSIGNMENT

The Cover of the Deed of Assignment must show the parties to the transaction and the description of the land sold

The first page of the Deed of Assignment must contain the parties to the transaction and the brief history of how the land became the Sellers property

The third page must contain the description of the land to be sold, the surveyor that did it, the cost of the land, the acceptance of the cost of the land and the promises both parties will make to themselves to abide with after the deal has been sealed.

The last page must show the signatures of the parties and the witnesses to that transaction and finally below , the section for the commissioner of oaths to endorse or the Governor to assent his consent to this transaction

Always consult a property lawyer before entering a legal contract.

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39 comments.

owolabi animashaun

how much is it to obtain governor consent of 3plots of land at okegbegun phase 2.,winner church along laspotech road ikorodu? or if there is C OF O Availiable? thanks

Barr. Matthew Ottah

I need the square meters of the survey plan so that I can fathom out N estimate of what it would cost. Cheers

I have a parcel of Land i had alredy built a 3-Bedroom Bungalow on at Magada behind MFM Prayer City. I only have a Signed Agreement from the One I bought it from. I have paid to the Omonile but yet to get a receipt from them. I have not done a survey yet. Kindly advice.

babatunde Ogunnowo

good morning. what is the difference bewteen a deed of sublease and a deed of assignment? which is preferable 2. what are the cost implications for processing any tyeo of deed. thanks. keep up the good work

Sir, I have plot at ogun state and for the deed of assignment, the land owners said I will pay 100K for them to get it done that there are four signatories to it. The issue now is that the said amount is too much. Pls I need your input on this. Thank You

Matthew Ottah

You need to negotiate with them to reduce the price

Please Mr Ottah can you send your number so I can call to ask for help?

My numbers are everywhere on the site. Cheers

sir,this deed…who is resposible to issusing it,i.e is it part of the document the omonile will give you when you have paid for the land or the buyer contracts a lawyer to draw it up after payment and takes to family(olori ebi) to sign their portions.

Your very correct sir. Both options are the right way to go about it.

how do you know a false land

I wanted to buy a land from one of this estate, I was told the estate has a Global C of O from Ogun state government and that upon payment I will be issued a Deed of Assignment. There after I can do the survey. My questions are: 1. I was told since the Estate has Global C of O, I might not necessarily need individual C of O. 2. What other documents do I need to process apart from the survey. You sincere advice will be appreciated. Thanks

sir, thank you very much sir for your advise, all what u said above is true even i presently find myself in dat situation, i bought just half plot of land from a family representative at abeokuta in which i only collected receipt from them without the deed of assigmnet and i started work on the land, im even through with the foundation about to start the main building. Sir, i will be very glad and happy if you can put me through on what are d next steps to take, though i have printed out all the deed of assignment you pasted up for me to rewrite and give them to sign.

Thanks you very much sir

Hi, I bought a land from a relative of which the land have a c of o under my Anty family name, my question is; 1. Do I have to do personal c of o on my name. 2. is’t secure under my Anty family name. I need an advice, and I will be looking forward to hear back from you because I don’t know what to do before is too late…thanks!

Good evening barrister, Pls must I first so a survey before I do a deed. We Purchased a land and we have just a receipt. Thank you

please is it legal for a non lawyer to prepare a deed of assignment? Thanks.

Please explain to me the difference between Deed of Assignment and Deed of Agreement. I am getting different interpretation and it is confusing. When I buy a family land, which one should I prepare for the family to sign?

They are the same thing sir and perform the same function.

Could you please tell me the importance of that red seal in a deed? What is its significance? How important is it? Thanks

Its of no serious importance in modern day execution of documents. As long as the parties have signed or attested to the documents with their signatures or personal thumbprint, the document is as good as been executed properly. People who use it are mostly Customary Land Families to show how important their signatures are

Giulia Devey

I have a deed of assignment which is signed but the property has an outstanding mortgage on the property. I have been paying this, however it fell into arrears and now the assignor is claiming against me for receiving adverse credit. This person did not take their name off the mortgage therefore would I be liable for her claim in court?

Yes you would because you have chosen to continue paying the outstanding mortgage. Your lawyer should have advised you on the perils of continuing the mortgage payment in your name

Pls. must a land have C of O before Governor conscent can be acquired if purchased from the owner? What happen when the land doesnot have C of O? can the buyer seek to get C of O in place of Governors conscent

Please can a commissioner for oath of Lagos State endorse the dead while the land is situated in ogun state

Can a deed of assignment be prepared for land that does not have C of O yet but which Allocation paper or R of O is ready?

name withheld

my friend bought a property an does not know how much to pay his attorney, the attorney are asking for 500k 180, and claimed they have to bribe some people to get them to follow the deed of assignment , is it a fraud of are the lawyers just trying to be a fraudulent?? thanks and have a good day

Good day Sir, I found this site and info therein helpful. Is it possible for a the seller to issue a 2 Deed of assignment to different person on the sme land.

What is the functional different between C of O and deed of assignment

Two people bought a plot of land. The seller bought it from another person. What documents must the new buyers get? Must each survey his own portion before the agreement?

omonile lawyer, pls i have power of attorney and deed of partition for a piece of land in abuja (4 of us bought and shared the land), do i still need deed of assignment?

Sir, I want you to send a soft copy of deed of assignment to my email. How much would it cost? [email protected]

Good day sir. I bought a plot of land, have a signed deed of assignment. But resently, d surveyor called me that there is need to create a road at my (land) back i.e a plot will b inbetween two roads and that i should shift my pillar and the corner piece. Now, i need ur advice on what to do sir. Thanks. N.B He is d one who sold d land, measured, pegged and put d pillar.

l can get in touch with the company l signed deed of assignment with 4 times no reply to me

Gabriel Joseph

To be honest with you this is really helpful. Thanks

how do I submit my deed of assignment for record purpose

pls sir,I bought a land with power of attorney from estate management.Am I entitle to omonile receipt and deed of assignment?

i have a land which was purchased from the estate developers but i lost all documents to it by an act of God. what can i do

please sir, can u help us with a sample of the shedule page so that i ccan coinfirm that the schedule page of the deed of assignment for my land is made in the right form

Ola Abiodun

I bought a land in my name and wife’s name. I have now built a property on this land and all the paper works including CofO and the plan have our names both. The land and the property was solely bought and built with my money. I understand we both have claim because her name is on the documents.

What do I need to do to take her name off the the property, both the land and the building? Can you also please advise the likely cost?

I look forward to hearing from you

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Deed of Assignment and Covenant definition

Examples of deed of assignment and covenant in a sentence.

TDC understands that TDCAB offer a confidential service to their clients.

Provides that, on and from the Operative Date, the Joint Venturers release the State and the PEPA Minister from any obligation, liability or claim relating to the acknowledgement and agreement set out in clause 6 the Deed of Assignment and Covenant 1999.

Related to Deed of Assignment and Covenant

Deed of Assignment means the deed of assignment of the Shareholder Loan in the agreed form set out in Schedule 6 (Deed of Assignment) to be entered into between the Seller and the Buyer upon Completion.

Lender Assignment Agreement means a Lender Assignment Agreement substantially in the form of Exhibit D hereto.

Collateral Assignment Agreement has the meaning set forth in Section 9.05.

Notice of Assignment is defined in Section 12.3.2.

IP Assignment Agreement means the Intellectual Property Assignment agreement set forth as Exhibit D hereto.

Deed of Covenant means the deed of covenant, dated the date hereof, executed by the Issuer in respect of Global Notes issued pursuant to the Agency Agreement, as such deed may be amended or supplemented from time to time;

Qualified assignment agreement means an agreement providing for a qualified assignment within the meaning of section 130 of the United States Internal Revenue Code, United States Code Title 26, as amended from time to time;

Form of Assignment and Transfer means the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A.

Deed of Accession means a deed executed by, inter alios, Funding, the Security Trustee and the Note Trustee and any New Funding Secured Creditor in the form set out in Schedule 2 to the Funding Deed of Charge or any other form of deed as agreed between the parties;

Assignment / job means the work to be performed by the Consultant pursuant to the Contract.

Collateral Assignment means, with respect to any Contracts, the original instrument of collateral assignment of such Contracts by the Company, as Seller, to the Collateral Agent, substantially in the form included in Exhibit A hereto.

Addendum and Assignment Agreement The Addendum and Assignment Agreement, dated as of January 31, 1995, between MLCC and the Master Servicer.

Rental agreement means any agreement or lease, written or oral, which establishes or modifies the terms, conditions, rules, or any other provisions concerning the use and occupancy of residential premises by one of the parties.

Trademark Assignment Agreement has the meaning set forth in Section 2.5(b).

Charterparty Assignment means, in relation to a Ship, an assignment of the rights of the Borrower who is the owner of that Ship under the Charter relative thereto executed or to be executed by that Borrower in favour of the Security Trustee in the Agreed Form;

Assignment and Conveyance Agreement As defined in Subsection 6.01.

Intellectual Property Assignment Agreement has the meaning set forth in Section 7.2(c)(viii).

Supplemental Agreement means any contract modification which is accomplished by the mutual action of the parties.

Assignment and Conveyance An assignment and conveyance of the Mortgage Loans purchased on a Closing Date in the form annexed hereto as Exhibit 4.

Loan Assignment has the meaning set forth in the Purchase and Sale Agreement.

Accession Agreement means an Accession Agreement substantially in the form of Annex I to the Guaranty.

Assignment of Proprietary Lease With respect to a Cooperative Loan, the assignment of the related Cooperative Lease from the Mortgagor to the originator of the Cooperative Loan.

IP Assignment a collateral assignment or security agreement pursuant to which an Obligor grants a Lien on its Intellectual Property to Agent, as security for its Obligations. IRS: the United States Internal Revenue Service.

General Assignment means, in respect of each Vessel, the deed of assignment of its earnings, insurances and requisition compensation executed or to be executed by the relevant Owner in favour of the Security Trustee in such form as the Agent and the Majority Lenders may require in their sole discretion and in the plural means both of them;

Security Joinder Agreement means each Security Joinder Agreement, substantially in the form thereof attached to the Security Agreement, executed and delivered by a Guarantor or any other Person to the Administrative Agent pursuant to Section 6.12 or otherwise.

Patent Assignment Agreement has the meaning set forth in Section 2.4(b)(iii).

Property Legal Consultants

What is Deed of Assignment for Flat?

A Deed of Assignment for flat is a very important document in the process of transfer of flat property ownership. This document legally transfers ownership from the assignor to the assignee. But what exactly is an assignor and assignee, and what are the important points to include in a deed of assignment?

Important Points

Meaning of Assignor and Assignee

An assignor is a person who currently owns the flat property and is transferring its ownership to another person. The assignee is the person who is receiving the flat property ownership. The deed of assignment for flat is the document that legally transfers property ownership from the assignor to the assignee.

Meaning of Deed of Assignment for flat

The Deed of Assignment for flat is a legal instrument that formalizes the transfer of flat property ownership from the Assignor (owner)  to the Assignee (purchaser). The document acts as evidence of the transfer of flat property ownership and is used to protect the rights and interests of both parties.

Some Key Points in the Deed of Assignment

When creating a deed of assignment for flat, it is important to include several key points to ensure that the transfer of flat ownership is legally binding and properly documented. Here are some examples of important points to include:

Description of the flat/property

The deed of assignment for flat should include a detailed description of the property being transferred. This can include information such as the address, size, and any unique features of the property.

Flat/Property construction details

It is also important to include information about the construction of the flat property, such as the name of the constructor and details about the plan approval, commencement and completion certificates, etc.

Information of the Society

The deed of assignment for flat should include information about the society, like, the society name, and its registration number. 

Prior transaction history of the property

The deed of assignment for flat should include information about any prior transactions that happened on the flat property. This can include information about how the existing owner has received the ownership and all the references about previous transactions.

Consideration amount and payment details

The deed of assignment for flat should include information about the consideration amount (i.e. the amount of money being paid for the property), the mode of payment, and any details about the payment schedule.

Acknowledgment of payment

The Deed of Assignment for flat should also include a clause where the Assignor gives an acknowledgment that he/she has received the agreed consideration amount from the Assignee. This will help in avoiding any disputes in the future regarding the payment made for the property. It is essential to ensure that the consideration amount has been received in full and that the Assignor has no further claims to the property.

Assurances and indemnification by the assignor

One of the most critical aspects of a Deed of Assignment for flat is the assurances and indemnification provided by the Assignor to the Assignee. The Assignor must assure the Assignee that the property being transferred is free from any encumbrances or legal issues. The Assignor’s assurance declares that the property is not subject to any liens, leases, mortgages, or other agreements that may impact the transfer of the property. Moreover, the Assignor must confirm that the property is not the subject of any court litigation, and they hold the title of the property free and clear. This assurance guarantees that the property being transferred has a clean title, and there are no legal disputes attached to it.

Assurance of no payment dues

The Assignor must assure the Assignee that there are no outstanding dues or pending payments towards any electricity charges, piped gas connection charges, Society maintenance charges, property taxes, and other charges, all taxes and dues in the respect of the property as of the date of execution of the Deed of Assignment for flat. The Assignor should further declare that in case any dues or taxes remain unpaid till the date of execution of the Deed, he/she will pay the same without any objection or dispute.

Assignor’s promise to co-operate with assignee

The assignor should promise to co-operate with the assignee in the future if any documents need to be signed or if any other actions are required to transfer ownership of the flat property. For example – cooperation for enrolling the Assignee’s name as owners of the property in all Government records, society records, Property Tax & M.S.E.B., etc. as & when be required.

Governing law in case of any dispute

The deed of assignment for flat should specify the governing law that will be used in case of any disputes between the assignor and the assignee.

Execution in the presence of witnesses

Finally, the deed of assignment for flat should be signed (executed) by both the Assignor and the Assignee in the presence of witnesses. This ensures that the transfer of ownership is legally binding.

Registration and Stamp Duty

After the Deed of Assignment for flat has been signed by both the parties (assignor and assignee), it must be registered in the sub-registration office. In Maharashtra, the stamp duty for registration is calculated based on the consideration price or the government valuation of the property, whichever is higher. This is an important step to ensure that the transfer of ownership is legally recognized and that the rights and interests of both parties are protected. Proper registration of the Deed of Assignment will also prevent any future disputes or legal complications.

The deed of assignment for flat plays a vital role in transferring the ownership of a property. The document is a legally binding agreement that protects the interests of both the Assignor and the Assignee. It is important to include the above-mentioned important points. Additionally, registering the deed of assignment in the sub-registration office and paying the applicable stamp duty is mandatory.

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