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Things you need to know about Deed of Assignment.

Last updated on 8 January 2024

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.

If you will assign immovable property (e.g. land, house) then use this Deed of Assignment for Immovable Property instead.

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.

Related Documents.

Activities that involve a Deed of Assignment sometimes use the following documents. You may be interested in them:

Deed of Assignment for Immovable Property

Assign your rights to immovable property (e.g. house, land) to another person

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DEED OF ASSIGNMENT: EVERYTHING YOU NEED TO KNOW.

A Deed of Assignment refers to a legal document in which an assignor states his willingness to assign the ownership of his property to the assignee. The Deed of Assignment is required to effect a transfer of property and to show the legal right to possess it. It is always a subject of debate whether Deed of Assignment is a contract; a Deed of Assignment is actually a contract where the owner (the “assignor”) transfers ownership over certain property to another person (the “assignee”) by way of assignment. As a result of the assignment, the assignee steps into the shoes of the assignor and assumes all the rights and obligations pertaining to the property.

In Nigeria, a Deed of Assignment is one of the legal documents that transfer authentic legal ownership in a property. There are several other documents like a deed of gifts, Assent, etc. However, this article focuses on the deed of assignment.

It is the written proof of ownership that stipulates the kind of rights or interests being transferred to the buyer which is a legal interest.

Read Also: DIFFERENCE BETWEEN TRANSFER OF PROPERTY THROUGH WILLS AND DEED OF GIFT

CONTENTS OF A DEED OF ASSIGNMENT

Content of a Deed of Assignment matters a lot to the transaction and special skill is needed for a hitch-free transaction. The contents of a deed of assignment can be divided into 3 namely; the introductory part, the second (usually the operative part), and the concluding part.

• THE INTRODUCTORY PART: This part enumerates the preliminary matters such as the commencement date, parties in the transaction, and recitals. The parties mentioned in the deed must be legal persons which can consist of natural persons and entities with corporate personality, the name, address, and status of the parties must be included. The proper descriptions of the parties are the assignor (seller) and assignee (buyer). The Recitals give the material facts constituting the background to the current transaction in chronological order.
• THE SECOND PART (USUALLY THE OPERATIVE PART): This is the part where the interest or title in the property is actually transferred from the assignor to the assignee. It is more like the engine room of the deed of assignment. The operative part usually starts with testatum and it provides for other important clauses such as the consideration (price) of the property, the accepted receipt by the assignor, the description of the property, and the terms and conditions of the transaction.
• The testimonium : this shows that all the parties are involved in the execution of the deed.
• Execution : this means signing. The capacity of the parties (either individual, corporate bodies, illiterates) is of great essence in the mode of execution.  It is important to note that the type of parties involved determines how they will sign. Example 2 directors or a director/secretary will sign if a company is involved. In the same way, if an association, couple, individual, illiterate, family land (omonile), firm, unregistered association, etc. is involved the format of signature would be different.
• Attestation : this refers to the witnessing of the execution of the deed by witnesses.

For a Deed of Assignment to be effective, it must include a column for the Governor of the state or a representative of the Government where the property is, to sign/consent to the transaction. By virtue of Sec. 22 of the Land Use Act, and Sec. 10 Land Instrument Registration Law, the Governor must consent to the transaction.

Do you have any further questions? feel free to call Ibejulekkilawyer on 08034869295 or send a mail to [email protected] and we shall respond accordingly.

Disclaimer: The above is for information purposes only and should not be construed as legal advice. Ibejulekkilawyer.com (blog) shall not be liable to any person(s) for any damage or liability arising whatsoever following the reliance of the information contained herein. Consult us or your legal practitioner for legal advice.

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You just finished talking to a buyer of your house and lot in Quezon City, so you need to draft a deed of sale. You are glad that, after intense negotiation, you have finally agreed on the contract price. 

How do you then draft a deed of sale to ensure all the terms and conditions you agree to are reflected in the contract? 

This guide will walk you through drafting a deed of sale. 

DISCLAIMER : This article has been written for general informational purposes only and is not legal advice or a substitute for legal counsel. You should contact your attorney to obtain advice with respect to any particular issue or problem. The use of the information contained herein does not create an attorney-client relationship between the author and the user/reader.

Table of Contents

Free downloadable/editable deed of sale sample templates.

To save you the hassle of writing a deed of sale  from scratch, you may download the following samples and edit the contents using the above guide:

1. Deed of Absolute Sale of Real Property

2. contract to sell real property, 3. deed of absolute sale of a motor vehicle, 4. deed of sale with pacto de retro, what is a deed of sale.

Under Article 1458 of the New Civil Code of the Philippines 3 , a deed of sale or a contract of sale is a document executed when one of the contracting parties (called the seller) obligates himself to transfer the ownership and to deliver a determinate thing (e.g., house and lot or motor vehicle), and the other (called the buyer) to pay the price certain in money or its equivalent. 

A contract of sale may be absolute or conditional. 

Deed of Absolute Sale vs. Deed of Conditional Sale vs. Contract To Sell: What’s the Difference?

1. deed of absolute sale.

The Supreme Court, in one case 4 provides that a contract of sale is absolute when :

• The title to the property passes to the buyer upon delivery of the property sold. Delivery is either actual (when the item is given to the buyer) or constructive (i.e., executing a Deed of Absolute Sale in the case of real property). 
• The contract has no statement or condition that the property title remains with the seller until full payment of the purchase price. 
• No provision in the contract gives the seller the right to cancel the contract unilaterally (meaning without the buyer’s consent) when the buyer fails to pay within the agreed period.

2. Deed of Conditional Sale and Contract to Sell

A conditional sale occurs when there is a condition in the contract of sale, and ownership of the property will only pass to the buyer upon fulfilling the condition. 

On the other hand, in the contract to sell 5 , the prospective seller binds himself to sell the property exclusively to the prospective buyer upon fulfilling the conditions agreed upon, e.g., the full payment of the contract price. In a contract to sell, the agreement is about the promise to sell.

The ownership in both conditional sale and contract to sell remains with the seller and does not pass to the buyer. 

However, in a deed of conditional sale (also known as a contract of conditional sale), the ownership is automatically transferred to the buyer when the condition is fulfilled. For example, you are the buyer, and the condition is the full payment of the contract price. Once you have fully paid the contract price, the ownership of the property is automatically transferred to you by operation of law without any further action to be done by the seller. 

It is not the same in a contract to sell. Ownership is not automatically transferred even if the buyer fulfills the obligation, and the property may have already been delivered. The prospective seller still has to transfer the title to the prospective buyer by executing a deed of absolute sale because the agreement in the contract to sell is only a promise to sell and not yet a sale of the property.

Please note that if the contract contains a clause that the seller shall execute a Deed of Absolute Sale only after full payment of the purchase price, it is a contract to sell.

Is there a need to execute a Deed of Absolute Sale in a Deed of Conditional Sale?

Although jurisprudence says ownership is automatically transferred to the buyer by operation of law without any further action to be done by the seller, in practice, a Deed of Absolute Sale still has to be executed because one of the requirements in the Register of Deeds for the transfer of title of the real property is a Deed of Absolute Sale. This also confirms the buyer has fulfilled the condition.

Deed of Absolute Sale vs. Contract of Sale With Pacto De Retro : What’s the Difference?

Property ownership transfer is absolute without conditions in the Deed of Absolute Sale. In a contract of sale with pacto de retro,  the buyer gives the seller the right to repurchase the property within the agreed timeline. 

If you execute a pacto de retro sale , the ownership of the property is immediately transferred to the vendee a retro (the buyer). However, since the seller a retro is given the option to buy back the property, the ownership reverts to the seller when the latter exercises this right.

The parties can fix the date when the seller should repurchase the property, but the period should not be more than ten years from signing the contract. The default is four years from signing the document if the period is not stated. 

How To Draft a Deed of Absolute Sale: 3 Steps

For this guide, we will be using the sale of real property as a sample, as it is the most common type of transaction.

1. Prepare the document

A Deed of Absolute Sale should contain the following parts:

• Title of the document . If it is an absolute sale, it should be titled as such
• Name of the seller ,  a statement that the latter is of legal age, civil status, citizenship, and residence address. 
• Name of the buyer ,  a statement that the latter is of legal age, civil status, citizenship, and residence address. 
• The identification  of the real property , its address, and the technical description (can be found on the title of the property) 
• The consideration or the purchase price .
• Warranty of the seller 
• The signature of the parties
• Signature of the witnesses
• Acknowledgment before a notary public

2. Print at least 3-5 copies of the document

• One copy goes to the notary public
• One or two copies go to the seller
• One or two copies go to the buyer

3. Go to a notary public to have your document notarized

Don’t forget to bring valid IDs, as the notary will have to verify the identities of the parties.

Tips and Warnings

• In drafting a contract of sale, it is crucial to ascertain the real intention of the parties. Several cases have been decided by the Supreme Court whereby an agreement titled a Deed of Conditional Sale was ruled to be a Contract to Sell due to the clauses in the contract. This is because it is not the title of the contract that will prevail but the express terms and conditions that will determine whether you entered into an absolute contract of sale, conditional contract of sale, or a contract to sell. 

Frequently Asked Questions

1. should a deed of sale of real property be notarized.

Yes. A sale deed of real property should be notarized per the requirements under Article 1358 of the New Civil Code, which provides that any contract that creates, transmits, modifies, or extinguishes rights over the real property should be in a public document. 

The notarization of a private document converts it into a public record.

2. How much is the cost for the notarization of a Deed of Sale in the Philippines?

The cost varies depending on the location or the IBP (Integrated Bar of the Philippines) Chapter to which the notary public belongs. The going rate is around 1% of the contract price. In IBP Cebu Chapter 6 , the standard rate seems to be 2% of the actual amount of the contract but not less than Php 1,500 whichever is higher. On the other hand, in Dumaguete 7 , the standard rate is a minimum of Php 2,000 or 3% of the property’s fair market value, whichever is higher.

3. Who pays for the notarization of a Deed of Sale ?

Depending on both parties’ agreement during the negotiation process, it could be the seller or the buyer.

4. How can I sign the Deed of Sale in the Philippines if I am abroad?

You may appoint a person based in the Philippines to sign the Deed of Sale on your behalf by executing a Special Power of Attorney in favor of your agent in the Philippines.

5. Does a Deed of Sale have an expiration date?

A Deed of Sale has no expiration date per se, but it can be extinguished (canceled or nullified) by the same causes as all other obligations.

For example, in a Deed of Conditional Sale, the contract may be extinguished due to the non-payment of the contract price or breach of other obligations.

In a Deed of Sale with Pacto de Retro , the sale is extinguished by the redemption of the seller of the property sold.

6. What is the difference between a Deed of Sale and a Deed of Donation ?

In donation, the transfer of property is gratuitous (meaning for free), usually because of the donor’s love and affection for the donee or due to the good service of the latter. There is always a consideration in the sale: money or its equivalent. 

Both transfers require payment of fees and taxes. In addition to transfer tax, documentary stamp tax, among others, a donation is subject to donor’s tax of  6% computed based on the total gifts over Php 250,000 exempt in a calendar year (effective 01 January 2018 based on RA 10963 or the TRAIN Law). 

On the other hand, a sale is subject to an outright capital gains tax of 6% of the total contract price or the fair market value of the property, whichever is higher, which must be paid to the BIR within 30 days from the date of signing the Deed of Sale.

A deed of sale and a deed of donation are both modes of transferring property ownership. However, the rules on donation are governed by Title III, while Title VI of Book III of the New Civil Code of the Philippines governs a sale.

7. What is an Open Deed of Sale ? Is it valid?

An open deed of sale is just like a regular deed of sale, but the buyer’s name and other contract details, such as the price and the date of signing, are left blank or open.

This practice is common in selling second-hand motor vehicles or in a dealership where the dealer’s possession of the vehicle is temporary until the dealer finally finds a buyer.  This scheme is done purportedly to avoid going through the rigorous process of transferring ownership of the vehicle and paying the transfer fees/taxes. 

The Open Deed of Sale, on its face, is not a valid form of contract as there is no meeting of the minds between the buyer and the seller appearing on the document.

This practice is also risky for both parties. Under the law, the owner of a motor vehicle is the person whose name appears on the Certificate of Registration (CR) issued by the Land Transportation Office (LTO); hence, even if you have already sold the motor vehicle, if your name still appears on the CR, you remain responsible for it. If the motor vehicle injures a person or property, the victim will go after you, even if you are not driving the vehicle.

The same is true if you are the buyer. It will be hard to find out if the car has been involved in a crime, was carnapped, or is collateral of a loan without your knowledge. 

It is best to avoid executing an open deed of sale; otherwise, you risk exposing yourself to the above-mentioned untoward scenarios.

• IBP Cebu releases minimum attorney fees table. (2020). Retrieved 6 October 2020, from https://abogado.com.ph/ibp-cebu-releases-minimum-attorney-fees-table/
• Dumaguete Lawyer - IBP Rates. (2020). Retrieved 6 October 2020, from http://www.dumaguetelawyer.com/rates/
• Republic Act No. 386: Civil Code of the Philippines (1949) .
• Sps Ramos vs. Sps Heruela , G.R. No. 145330, October 14, 2005.
• Ventura et al vs. Heirs of Spouses Endaya , G.R. No. 190016, October 2, 2013
• Dumaguete Lawyer – IBP Rates. (2020). Retrieved 6 October 2020, from http://www.dumaguetelawyer.com/rates/

Written by Atty. Kareen Lucero

in Juander How , Legal Matters

Atty. Kareen Lucero

Kareen Lucero is a lawyer previously doing litigation before working for different agencies in the government and for a multinational corporation. She has traveled to 52+ countries including a 3-month solo backpacking in South East Asia and more than 1 year of solo traveling across four continents in the world. As part of giving back, she is passionate about sharing her knowledge of law and travel. She is currently doing consulting work for a government agency. For inquiries, you may reach her via Facebook Messenger (https://m.me/kareen.lucero.77) or email ( [email protected] ).

Browse all articles written by Atty. Kareen Lucero

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Realspeak: assignment, deed.

Posted date: September 11, 2020

RealSpeak is a series of informative blog posts that aims to broaden the knowledge of its readers – particularly the general public – regarding real estate matters.

ASSIGNMENT, DEED

In real estate, you will often hear the term “Deed of Assignment.” What does it mean, and what are the circumstances for it to arise? Let’s take a look at the legal definition of assignment and deed:

Assignment –  The transfer of property or right and obligations over it in favor of another (The one who assigns or transfers a property is called ASSIGNOR while those to whom the property is assigned are called ASSIGNS or ASSIGNEE S). 1

Deed – A written instrument which, when properly executed and delivered, conveys title. 2

Basically, a Deed of Assignment is a document that states the transfer of property or rights and obligations from one person to another. The persons may be natural (individual) or legal (e.g. a private or public organization) persons.

To illustrate, a good example is when an individual (assignor) – who has bought a condominium unit during preselling period (prior to construction) – decides to sell the property prior to the completion of the building and turnover of the unit. Usually, there is a balance that needs to be paid during turnover. If the balance has not yet been paid and the individual finds a new buyer for the property, the obligation to pay the turnover balance will be transferred (assigned) to the new buyer (assignee). The developer of the condominium – if they allow such a process – will then produce the Deed of Assignment as proof of the transfer of ownership and obligation to pay.

You may ask: What’s the reason for selling prior to turnover? The individual bought the property to live in it, right?

The great thing about real estate property is you can buy it not just for residence, but also for investment. During preselling period, buyers are given a discount to acquire the properties that have yet to be constructed. During the course of construction, the value of the properties also appreciate. Often, when an individual decides to sell prior to turnover, s/he will be able to sell it at a price where s/he can recover all the costs paid prior to turnover AND earn from the sale as well due to value appreciation. That is one way of how real estate acquisition becomes a form of investment.

Interested in trying it out? Don’t hesitate to let us know, as we will assist you in finding the right real estate investment for you! We are accredited with several developers with preselling projects that you may find enticing to invest in!

1 Urban institute of Real Estate and Construction, Comprehensive Notes and Reviewer, Terminology: C-1

The information contained in this site is provided for informational purposes only, and should not be construed as legal advice on any subject matter. You should not act or refrain from acting on the basis of any content included in this site without seeking legal or other professional advice.

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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

[1] 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:

[2] 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”

[3] 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;

[4] 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.

[5] 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:

[Witness]                                                    [Witness]

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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The Philippines, an archipelago in Southeast Asia, boasts a rich tapestry of culture, history, and legal traditions. Within its legal landscape, the process of transferring property is of paramount importance, and central to this process is the "Deed of Conveyance." This document plays a crucial role in ensuring secure and legal transactions involving real property.

What is a Deed of Conveyance?

In its essence, a Deed of Conveyance is a legal document used to transfer the title of real property from one person (the seller or donor) to another (the buyer or donee). It signifies the intent of the owner to convey the property and indicates that the transfer has been made willingly.

Types of Deed of Conveyance in the Philippines:

Deed of Absolute Sale : This is the most common type used when a property is sold, and ownership is transferred for a certain price. Upon payment, the seller conveys the property rights to the buyer without any conditions.

Deed of Donation : In this type, a property is given as a gift. The donor willingly transfers the property to the donee without expecting any monetary compensation in return.

Deed of Assignment : This is used for transferring rights, title, or interest in a particular property, often relating to mortgages.

Deed of Exchange : Here, properties are exchanged between two parties.

Essential Elements For a Deed of Conveyance to be valid, it must contain:

- Names and details of the parties involved (both the transferee and the transferor). - The legal description of the property being conveyed. - The consideration (which could be monetary or otherwise). - An assertion that the transferor has the legal right to convey the property. - The signatures of the parties involved.

Legal Processes and Requirements: After the Deed of Conveyance is executed, several steps need to be followed:

Notarization: This gives the document public trust. A notary public certifies that the parties appearing before them are the ones they claim to be and have executed the deed willingly.

Payment of Taxes: Before registering the sale with the Registry of Deeds, certain taxes, like the capital gains tax and documentary stamp tax, need to be settled.

Transfer of Title: The buyer must present the Deed of Conveyance to the local Registry of Deeds to apply for a new land title under their name.

Registration with the Local Government: After acquiring the new title, the buyer should register with the local assessor's office for tax declarations.

The Deed of Conveyance is an essential instrument in the Philippines, safeguarding the rights and interests of parties in real property transactions. It ensures clarity, legitimacy, and protection for both the buyer and seller. As with any legal process, it's crucial to understand the intricacies and seek legal counsel when engaging in property transfers to ensure that rights are protected and obligations are clearly defined.

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Tuesday, July 14, 2020

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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 on January 01, 2024

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

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Content Approved by UpCounsel

• Define a Deed
• Contract for Deed California
• Contract for Deed in Texas
• Assignment Law
• Deed Contract Agreement
• Assignment Of Contracts
• Legal Assignment
• Deed vs Agreement
• Assignment Legal Definition
• Contract for a Deed

Philippine Legal Forms

Deed of assignment of shares of stock sample.

Philippine Legal Forms Tags: Deed of Assignment , Deed of Assignment of Shares of Stock , Deed of Assignment Sample

Deed of Assignment of Stock Subscription

Choose whether the seller is an individual person, partnership, or corporation. The seller is the one transferring the shares.

Select " Corporation " if the employer is registered as a corporation whether stock or non-stock, or one-person corporation, or any other type of corporation with the Securities and Exchange Commission.

Select " Partnership " if the employer is a partnership that may be registered with the Securities and Exchange Commission.

Select " Individual person " if the employer is a natural person such as a sole proprietorship.

DEED OF ASSIGNMENT

KNOW ALL MEN BY THESE PRESENTS:

________ , of legal age, Filipino , residing at ________ hereinafter referred to as the ASSIGNOR

________ , of legal age, Filipino , residing at ________ , hereinafter referred to as the ASSIGNEE

WITNESSETH:

WHEREAS, ________ is a corporation organized and existing under and by virtue of the laws of the Philippines with principal address at ________ ;

WHEREAS, the ASSIGNOR is the legal and beneficial owner and holder of Stock Certificate No. ________ (the "Stock Certificate") representing ________ ( ________ ) Shares (the "Shares"), with a par value of ________ (Php________) per share, of ________ ;

WHEREAS, the ASSIGNOR has fully paid their total subscription of ________ (Php________);

WHEREAS, the ASSIGNOR desires to assign and convey ________ ( ________ ) Shares (the "Conveyed Shares") to the ASSIGNEE;

WHEREAS, the ASSIGNEE is willing to accept ASSIGNOR's aforementioned shares;

NOW, THEREFORE, for and in consideration of the foregoing premises and the sum of ________ (Php________), the receipt of which is hereby acknowledged by the ASSIGNOR in full, the ASSIGNOR hereby absolutely cedes, transfers, and conveys all the rights and title to and in the aforementioned ________ ( ________ ) Shares of ________ in favor of the ASSIGNEE and the ASSSIGNEE hereby accepts the same.

ASSIGNOR shall indorse, if necessary, and deliver all available documents necessary for the registration of the Shares in the name of the ASSIGNEE upon the signing of this Agreement. All other documents shall be delivered with any necessary indorsements within Five (5) Days from their availability.

ASSIGNOR shall file and pay the Documentary Stamp Tax ("DST") within Five (5) Days after the the close of the month when the Shares were transferred. For purposes of this Agreement, the Shares shall be considered transferred upon the indorsement of the Stock Certificate.

The ASSIGNOR hereby represents and warrants that:

1. the ASSIGNOR is the sole legal and beneficial owner of the Conveyed Shares;

2. 252 82282225 555528 88 2522 525 88255 22 522 525 588 885828, 88228, 8555228, 525 228528552828; 525

3. the ASSIGNOR has the full power and authority to assign, sell, cede, transfer, and convey the Conveyed Shares

IN WITNESS WHEREOF, we have hereunto set our hands this ____________________, in the City/Municipality of ____________________, Province of ____________________, Republic of the Philippines.

________ Assignor TIN - ________

________ Assignee TIN - ________

Signed in the presence of:

____________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES ) PROVINCE OF ________________________ ) CITY OR MUNICIPALITY OF ________________________ )S.S.

BEFORE ME, a Notary Public, for and in the CITY OR MUNICIPALITY OF ________________________, ________________________, this _______ day of ________________________, 20______, personally appeared the following persons:

1. ________ , with the following competent proof of identification: Driver's License with number ________ which expires on ________

2. ________ , with the following competent proof of identification: Driver's License with number ________ which expires on ________

all known to me 525 22 22 22282 22 82 252 8522 2258228 852 25285225 252 225222822 8225 22 8888222222 822828252822 22 _________ 25228, 828855822 2588 2522 85252 252 882228825222222 88 8582222, 525 2522 582228825225 22 22 2552 252 8522 88 25285 2522 525 828522552 582 525 5225.

WITNESS MY HAND AND SEAL on the day and place first written above.

Doc No. ________; Page No. ________; Book No. ________; Series of ________.

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Suggestions

Trending topics, approximately 30 percent of sailors remain in same area following new billet assignment, cnp says.

Three in 10 sailors did not have to move due to their new billet assignments, the head of naval personnel said Wednesday.

As a result of changes to billet assignments, such as the detailing marketplace assignment policy , sailors are able to stay in the same geographic area longer, Chief of Naval Personnel Vice Adm. Richard Cheeseman said Wednesday during a Navy Memorial talk. The detailing marketplace assignment policy is the Navy’s billet-based advancement program that aims to give sailors more control over their promotions and next assignments.

While 30 percent does not come across as particularly high, Cheeseman said it is for the sea service. Retired Rear Adm. Frank Thorp, president of the U.S. Navy Memorial, said he remembered during his service that the rate was less than 1 percent. When people got new assignments, they expected to move.

Consistent geographic location is one way the Navy is working to retain sailors. Cheeseman noted that the service is on track to meet its goals for retention. For some sailors, especially those with families, the chance to stay in the same location can be enough of an incentive to keep them in the service.

Selected reenlistment bonuses are another tactic, he said. In some cases, the Navy has done so well at retention that it does not need to offer retention bonuses for some billets, he said.

“But you got to figure out where to take risk. Can we have some really critical skills that we’re going to need now and going forward? So how do we incentivize those folks correctly?” Cheeseman asked rhetorically.

But while the Navy can retain sailors, getting them in the door is a different issue, Cheeseman said.

It’s unlikely that the Navy will meet its recruiting mission, which set a goal of 40,600 sailors for Fiscal Year 2024, Cheeseman said. The Navy’s goal is higher than its one in Fiscal Year 2023, which the service also missed.

But the Navy saw more contracts in FY 2023 than in FY 2022 despite meeting its goal in FY 2022. In order to meet its recruiting goals, the Navy drained its delayed entry program – the group of people who sign contracts but are not immediately sent to bootcamp, Cheeseman said.

Without the buffer provided by the delayed entry program, the service needs to bring in more people to meet its goal, the personnel chief said.

While the Navy is likely to miss its recruitment goal, the service is slowly closing the gap. Earlier in the year, the service estimated it would miss the mark by 6,700 sailors. Now, it’s at 6,200.

How many sailors the Navy will be short is still unclear, Cheeseman said, but recruiters are working every day to close the gap.

Heather Mongilio

Heather Mongilio is a reporter with USNI News. She has a master’s degree in science journalism and has covered local courts, crime, health, military affairs and the Naval Academy. Follow @hmongilio

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