Deed of Assignment

A deed of assignment is a legal document that is used in the assigning of interest in real estate and land property. The deed of assignment is a very important document that should be kept in a save place at all times, particularly in the case of real estate. The deed of assignment is a legal instrument with a probative value which signifies an agreement or pact binding on the parties who have entered into it. The deed of assignment, in other words, is a document employed where a holder of a term of years in property assigns his interest to another usually for a consideration.

There are diverse circumstances whereby a deed of assignment may be needed, though the most common usage is in the transfer of ownership in regards to property. An example may be when a developer of a new house signs a deed of assignment to a purchaser. Although, the purchaser may decide to sell the house to another person, which will also require a deed of assignment. This is necessary because the actual title deed of the house is most likely not to have been issued, and the deed of assignment essentially acts as a temporary title deed until the Consent of the Governor is had and obtained or a Certificate of Occupancy as the case may require pursuant to the Land Use Act. Any time that a property is to be sold before a title deed is issued, a deed of assignment will be needed. Lastly, a deed of assignment is also used in the creation of legal mortgage by assignment.