Deed of Assignment
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A Deed of Assignment is an instrument of transfer which is used in real estate transactions to transfer legal title or the ownership of a land or building from the title holder (called the assignor) to another called the assignee , usually for a consideration (money or money's worth).
The conveyance is done in writing, signed, sealed and delivered by the parties to the transaction. This is a very important document that should be delivered to the purchaser after the conclusion of the sale of any real property .
This document is different from the Contract of Sale because although it is a vital document in real property sale and purchase transactions, the contract of sale alone does not convey legal interest in real estate. On the other hand, a registered deed of assignment not only transfers legal interest in real property but also serves as the assignee's root of title .
According to the Land Use Act, all state and federal lands are vested in the governor of each state and the federal government respectively, who hold the lands as trustees for Nigerians. Consequently, a person who acquires ownership of land in Nigeria is granted a certain term of years (usually 99 years) and is not referred to as the owner but the holder of a term of years and can assign the remainder of such term to another under a deed of assignment.
Note that if a person gifts another a real property, a Deed of Gift should be executed for this purpose.
How to use this document
The document should outline the names and addresses of the parties , a detailed description of the property being conveyed, the origin of the property , covenants and representations of the assignor .
After completing this document, the parties should sign the document. If either of the parties is an individual, the individual should sign the document and the document must be attested by one witness who will put their name, occupation, address and signature.
If either of the parties is a company, the common seal of the company should be affixed on the document and either two directors or one director and one company secretary should sign the document.
After the documents have been properly executed, either of the parties (particularly the assignee) should take steps to register the property at the Ministry of Lands if the property is within the purview of the state government and the Federal Ministry of Housing and Urban Development if the property is within the purview of the federal government or located in the federal capital territory, Abuja.
The Assignor should deliver at least three or four signed copies of this document to the Assignee for registration at the requisite lands registry. The Assignor can also keep a signed copy of this document for their record.
The Land Use Act 1978 applies to this document. The Property and Conveyancing Law of 1989 , Lagos State Registration of Titles Law, 2004 and the Registration of Titles laws of various states are also applicable to this document.
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A guide to help you: How to Acquire Real Property in Nigeria
Other names for the document: Deed of Assignment for Contract, Deed of Assignment for Land, Deed of Agreement for Land, Deed of Assignment of Real Property, Deed of Assignment for Agreement
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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.
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.
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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FREE 10+ Deed of Assignment of Contract Samples in PDF
A Deed of Assignment is a legal document that is used in real estate transactions to transfer legal title or ownership of land or buildings from the titleholder (known as the assignor) to another (known as the assignee), usually for a fee. The parties to the transaction execute the conveyance in writing, signing, sealing, and delivering it. This is a very important document that should be delivered to the buyer after the sale of any real property is completed. This document differs from the Contract of Sale in that, while it is an important document in real estate sales and purchases, the contract of sale does not convey legal interest in real estate on its own.
Deed Of Assignment Of Contract
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When a person or company who was originally a party to a contract (Assignor) transfers his or her rights under the contract to another party, this is known as an assignment of contract (Assignee). A party to a contract may later want to assign their contractual rights to a third party for a variety of reasons, such as a change in circumstances. This Deed of Assignment – Assignment of Contract template can be used to transfer the benefit, right, and title of a variety of commercial contracts. It allows the Assignor to assign a contract to another party, the Assignee. Please keep in mind that in order to assign a contract, it must not contain any provisions that prevent or restrict assignment.
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Any contract that is exclusive to the original contracting parties or explicitly forbids assignment can only be designated with the consent of the other contracting party (Counterparty). If the contract prohibits assignment or demands the consent of the other party to the contract before it can be assigned, the Assignor must obtain the Counterparty’s consent before executing the Deed of Assignment.
This Deed of Assignment – Assignment of Contract was written with the assumption that there is no prohibition or restriction on assignment in the original contract. As a result, where the original contract allows for assignment, it can be assigned without the consent of the other contracting party. It is recommended that you create a Statutory Assignment.
The main difference between the two is that in an Equitable Assignment, the Assignee cannot sue the other party to the original contract in their own name. As a result, the Assignee must join the Assignor as a party to the action if they want to enforce the assigned rights against the other party to the original contract.
How to Use the Document?
The document should include the parties’ names and addresses, a detailed description of the property being conveyed, the property’s origin, and the assignor’s covenants and representations.
The parties should sign the document after it has been completed. If one of the parties is an individual, the document must be signed by the individual and attested by one witness who will put their name, occupation, address, and signature on the document.
If one of the parties is a corporation, the document should bear the corporation’s common seal and be signed by two directors or one director and one company secretary.
After the documents have been implemented correctly, either party (particularly the assignee) should take steps to register the property with the state ministry of lands if it is within the state government’s purview, and the federal ministry of housing and urban development if it is within the federal government’s purview. At least three or four signed copies of this document should be delivered to the Assignee for registration at the appropriate land registry by the Assignor. A signed copy of this document can also be kept for the Assignor’s records.
When do you need a deed of assignment?
When the owner wishes to transfer the property’s ownership (along with its rights and obligations) to another person, a Deed of Assignment is used. The deed is usually carried out as part of (or in addition to) another contract. If this is the case, however, the assignment is only permitted if the original contract permits it and if the other party to the original contract agrees to it.
What information do you need to create a deed of assignment?
You’ll need the following information to create your Deed of Assignment:
- The assignor’s name and details (such as nationality and address), as well as the type of assignor (individual or business);
- The type of assignee (individual or business), as well as the assignee’s name and other information (such as nationality and address); and
- Describe the property to be assigned in a few words.
If you want to see more samples and formats, check out some deed of assignments of contract samples and templates provided in the article for your reference.
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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
 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:
 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”
 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;
 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.
 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:
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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