DEED OF ASSIGNMENT
A deed of assignment is basically an agreement between two entities of two parties.
one person who supposedly or who owns the land.
and the other one who is purchasing the land for value from the other person.
It is a sort of evidence showing that the person selling has transferred or sold his rights and his interest in the land to the other person.
Deeds of Assignment are popular in our industry because it captures the contractual obligations.
It also captures the legal proof of the assigning of a properly described piece or parcel of land in a particular location.
The document will contain the names and addresses of the parties, a recital of the history of the property.
The history of the property explains how the property exchanged hands until it gets to its present owners.
In a deed of assignment, the person that is selling is known as the assignor.
And the person that is buying is known as the assignee.
A deed of assignment must have a consideration of some sort.
The consideration can be any amount and it can be zero but it must have consideration of some sort.
Consideration is what value the seller is taking to give the buyer the land.
It may be for rendering services that are not even tangible.
These documents normally have so many clauses like an indemnity clause.
Which would state that if anything happens and the seller does not give proper title, free of encumbrances, free of trouble and stress to the buyer.
Then the buyer is entitled to collect his money back in full from the seller and so on.
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.
