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
If you need help understanding, drafting, or signing a deed of assignment, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
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Understanding a deed of assignment for intellectual property
A deed of transfer is used to change the ownership of intellectual property, a common occurrence in business. Explore how and when to use one.
updated November 24, 2023 · 3min read
Understanding intellectual property in business
How to transfer intellectual property rights in business, what to include in a deed of assignment, registering new ownership, restrictions on intellectual property transfers.
Most companies have intellectual property as part of their assets, including software, product design, or copyright to white papers. Buying or selling such property is done using a document called a deed of assignment.
A large part of what a business consists of may be tied to intellectual property . It's easy to see physical property a company owns, such as a building, office furniture, or inventory, but intellectual property can be more challenging to identify.
Most businesses have intellectual property, or works created by human minds or, in some cases, by computers. Some examples of intellectual property include architectural drawings, ad campaigns, company or product names, inventions, and source code.
Examples of when transfers of intellectual property might happen include when a company is buying another company, when you are setting up an LLC and want to transfer your intellectual property into the company, or when a business buys product rights from another company or individual.
A deed of assignment can be done in one transaction, instead of one transaction for each item of intellectual property, by transferring all ownership rights of all intellectual property detailed in the deed. The document is signed by both the buyer and seller. No payment is required for it to be valid.
A deed of assignment must be in writing and should include:
- The names and addresses of the assignor and assignee
- A description of the program or product for which the rights are being transferred
- A statement that all intellectual property rights to the property are being transferred
- Signatures of the parties and the date of the agreement execution
The deed could also include the following sections, where applicable:
- Consideration, or payment, to be made to the original owner.
- Warranties, or promises that the intellectual property rights being assigned don't infringe on anyone else's intellectual property rights . For example, in a deed regarding the transfer of a copyright, this section could state that the copyrighted work is original and not owned by someone else.
- Indemnification, or promise by the seller to reimburse the assignee if there is some problem with title to the property.
- Future assignments. For example, the agreement could be ongoing, so that anything the assignor creates in the future for this product or program is also transferred to the buyer.
Although a deed of assignment transfers ownership in intellectual property , it does not change the registration of the ownership. The assignee is responsible for handling all registration requirements.
For example, if a patent is transferred via a deed of assignment, the new owner must record the change in ownership with the U.S. Patent and Trademark Office. Similarly, the transfer of a copyright is recorded with the U.S. Copyright Office.
Transfers of intellectual property must comply with U.S. laws. One obvious caveat is that you can't transfer property you don't own. Transfers must also comply with antitrust laws, which are set up to prevent one company from completely dominating an industry.
If intellectual property rights are being transferred overseas, the transfer must comply with Export Administration Regulations and the International Traffic in Arms Regulations , which are designed to protect national security and trade.
The deed of assignment can be a crucial part of a business deal or transaction. You can create a deed of assignment yourself, or you can work with an attorney .
by Brette Sember, J.D.
Brette Sember, J.D., practiced law in New York, including divorce, mediation, family law, adoption, probate and estat...
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1800 820 083
Deed of Assignment: Transferring Ownership Of Your IP
Are you a business owner looking to securely transfer ownership of your valuable intellectual assets? In the world of intellectual property (IP), its vital to know what a deed of assignment is and how its used.
On this page, we’ll discuss the definition of a deed of assignment of IP, explore the key benefits of having one drafted, and talk about its essential legal requirements.
Need a tailored deed of assignment drafted?
Contact Progressive Legal for expert IP legal advice.
What is a deed of assignment of IP?
A deed of assignment, often referred to as a rights agreement or IP transfer agreement, is a contractual agreement used to transfer ownership of specific intellectual property from one party to another. This is a permanent transfer and the assignor won’t have any more rights to its intellectual property.
At Progressive Legal, we emphasise the importance of legal advice in drafting the deed to safeguard your business interests.
What’s the difference between IP assignment and IP licensing?
Understanding the nuanced difference between IP Assignment and IP Licensing is crucial for business owners navigating the intellectual property sphere. While IP Licensing allows temporary usage while maintaining ownership, IP Assignment signifies an irrevocable and permanent transfer of IP.
Who are the key parties to a deed of assignment?
In this legal transaction, the party transferring the intellectual property interest is known as the assignor, while the recipient assumes the role of the assignee. This straightforward process ensures clarity and accountability throughout the assignment.
What is the scope of transferable assets in a deed of assignment of IP?
The deed of assignment is a flexible legal instrument, enabling the transfer of diverse intellectual property assets such as domain name rights , trademark rights , patent rights , inventions, business names, copyrights , and source code.
Click here for more insights into deeds of assignment of trade marks.
What are the benefits of a deed of assignment?
Eliminate ambiguity regarding intellectual property ownership through a transparent and unequivocal transfer process.
Unlike temporary licensing, a deed of assignment ensures a lasting and irrevocable transfer, providing long-term security for the assignee.
Clearly defining the scope of transferred assets helps mitigate the risk of disputes over ownership, protecting both the assignor and the assignee.
A well-drafted deed enhances the business’s value by solidifying ownership of key intellectual assets, making it more attractive to investors or potential buyers.
The deed provides a legally binding framework, offering protection to both parties and reducing the likelihood of legal challenges related to intellectual property ownership.
What are the key legal requirements of a deed of assignment?
Proper identification of parties.
Clearly identify the assignor and assignee to avoid any confusion about the entities involved in the transfer.
Detailed Description of Intellectual Property
Provide a comprehensive description of the intellectual property being transferred to eliminate any room for ambiguity.
Clearly state the consideration or payment for the transfer of intellectual property to make the agreement legally binding.
Warranty of Ownership
The assignor should warrant that they are the rightful owner of the intellectual property being transferred, providing assurances to the assignee.
Ensure that the deed of assignment complies with all legal formalities, including the requirements of relevant intellectual property laws , to uphold its validity.
Non-Compete Clause (if applicable)
Include a non-compete clause if necessary, specifying any limitations on the assignor’s ability to compete in the same industry after the transfer.
How much does a deed of assignment of IP cost?
At Progressive Legal, transparency in legal matters is paramount. Our fixed fee for a tailored Deed of Assignment of IP is $750 + GST .
Why choose Progressive Legal for your deed of assignment?
With our expertise in IP law, we ensure that your deed of assignment is meticulously drafted to meet your specific needs. Our commitment to transparency and a fixed fee structure sets us apart, offering you a seamless experience in navigating the complexities of intellectual property transactions.
A deed of assignment facilitates the smooth transfer of intellectual property and fortifies the foundation of your enterprise. As your dedicated legal partners, our IP lawyers at Progressive Legal ensures that this critical process is not only legally sound but also strategically aligned with your business goals.
Take the first step towards securing your intellectual assets. Contact Progressive Legal today for expert guidance on Deed of Assignment and safeguard the valuable foundation of your business.
Contact us by giving us a call on 1800 820 083 or request our advice today.
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Deed of Assignment | Assignor | Assignee
Assign your property to another with a "deed of assignment".
Transfer your property to another person
Last updated on 16 November 2023
1. What is a Deed of Assignment?
A Deed of Assignment is a contract where the owner (the “assignor”) transfers ownership over property to another person (the “assignee”) by way of assignment. The assignee steps into the shoes of the assignor and assumes all the rights and obligations to the property.
2. When do you need a Deed of Assignment?
A Deed of Assignment is used when the owner wants to transfer ownership (and the rights and obligations) over property to another person.
3. What information do you need to create the Deed of Assignment?
To create your Deed of Assignment you’ll need the following minimum information:
- The type of assignor (e.g. individual or business) as well as name and details (e.g. nationality and address).
- The type of assignee (e.g. individual or business) as well as name and details (e.g. nationality and address).
- Brief description of the property to be assigned.
4. How much is the document?
The document costs PHP 400 for a one-time purchase. Once purchased you have unlimited use and revisions of this type of document.
You can also avail of Premium subscription at PHP 1,000 and get (a) unlimited use of our growing library of documents (from affidavits to contracts); and (b) unlimited use of our “ Ask an Attorney ” service, which lets you consult an expert lawyer anytime for any legal concern you have.
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Different Types of Deeds of Assignment
Home > Uncategorized > Different Types of Deeds of Assignment
- April 19, 2023
When parties enter into a contract, it is common for them to agree to assign their rights and obligations to another party. This is where a deed of assignment comes in. It is a legal document that transfers one party's rights and obligations to another party. However, there are different types of deeds of assignment, and each type has a specific purpose. In this article, we will discuss the most common types of deeds of assignment and help you choose the appropriate one for your needs. So, whether you're a business owner, a contractor, or a homeowner, read on to learn about the different types of deeds of assignment.
Table of Contents
Common types of deeds of assignment, absolute assignment.
An absolute assignment is a transfer of ownership rights and benefits from one party to another. It is often used to transfer payment rights for work done from the contractor to the sub-contractor.
Conditional assignment, collateral assignment.
A collateral assignment is a transfer of ownership of a property or asset as collateral for a debt or obligation. In construction, it is common to secure payment for a project using property or other assets as collateral.
These types of deeds of assignment have specific legal implications and requirements, which is why it is important to seek professional advice before entering into any agreement. By choosing the right type of deed of assignment, the construction industry can protect its interests and ensure that their rights are upheld.
Featured Content: What is a Deed of Assignment?
Choosing the right type of assignment, factors to consider.
- The purpose of the assignment: Is it to transfer ownership or simply to transfer rights to receive payment?
- The nature of the assignment: Is it absolute, partial, conditional, or collateral?
- The type of contract being assigned: Is it a simple contract or a complex one with multiple parties and obligations?
- The risks involved: Are there any potential liabilities or uncertainties associated with the assignment?
Related Content: Benefits of a Deed of Assignment
Given the complexity of contract law and the importance of getting it right, it’s recommended to seek the assistance of a legal professional when choosing and drafting a deed of assignment. A construction lawyer or solicitor can help ensure that the assignment is legally binding and properly executed, minimising the risk of disputes or legal challenges down the line.
Related Content: Step-by-Step Guide to Drafting Deed of Assignment
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In the dynamic world of the Australian construction industry, developers and civil contractors often find themselves facing multifaceted challenges. Whether embarking on large-scale projects, infrastructure developments, or residential construction, the complexity of the construction industry can sometimes give rise to disputes, particularly in the realms of quality, cost, and contractual obligations. When such disputes arise, engaging a Civil Engineer becomes more than just a prudent decision; it is a strategic imperative.
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⛪ Deed of assignment
A deed of assignment is a legal document that transfers the rights and obligations of one party to another. In most cases, a deed of assignment is used to transfer property or interests in property from one person to another.
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