Deed of Assignments

2008-03-14 12:23:57

( Legal )



What is a Deed of Assignment?

A Deed of Assignment is a legal document which allows you to transfer ownership and rights to any of your personal properties to another person. Personal properties that can be reassigned are real estate, investment plans and even business invoices.

When you execute a Deed of Assignment, you are freeing yourself of an item, including all the problems and issues connected to it. It's almost like a Deed of Sale document. Unlike a tax deed sale or other similar transactions, an exchange of payment may not necessarily occur in executing a Deed of Assignment. A typical example of non-payment transfers is when you are giving away the property as a gift or donation.

What is Involved in a Deed of Assignment?

There are always four things that need to be present in a Deed of Assignment. The first is the assignor, or the party who wants to transfer the ownership and rights. The second is the assignee, who will be the new owner of the property. The third is the property to be assigned, which must be specified in detail. In the case of real property, the exact address and title description must be stated in the deed. The fourth component is the consideration, which states whether the assignment is executed as a donation or if it's for a sum of money.

How do You Prepare a Deed of Assignment?

You need to supply details of the assignor, assignee, property and consideration in your deed.

Aside from the four components, you also need to provide the date of the assignment, and where the deed will be executed.

Once you have completed the document, you and the other party need to sign it and have it notarized. You need to show the notary the original deed as well as other supporting documents such as land title, policy, or investment certificate. Once the deed is notarized, it becomes legal and binding.

There are sample deeds that you can view online. For a small fee, you can also download a blank copy which you can easily fill out with the details of the assignment. While optional, you may also want to consult a lawyer regarding the proper wording and execution of the Deed of Assignment.


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