deed of assignment policy

Deed of Assignment (for Intellectual Property)

In the realm of intellectual property, a Deed of Assignment is a formal legal document used to transfer all rights, title, and interest in intellectual property from the assignor (original owner) to the assignee (new owner). This is crucial for the correct transfer of patents, copyrights, trademarks, and other IP rights. The deed typically requires specific legal formalities, sometimes notarization, to ensure it is legally enforceable.

To be legally effective a deed of assignment must contain:

Title of the Document : It should clearly be labeled as a "Deed of Assignment" to identify the nature of the document.
Date : The date on which the deed is executed should be clearly mentioned.
Parties Involved : Full names and addresses of both the assignor (the party transferring the rights) and the assignee (the party receiving the rights). This identifies the parties to the agreement.
Recitals : This section provides the background of the transaction. It typically includes details about the ownership of the assignor and the intention behind the assignment.
Definition and Interpretation : Any terms used within the deed that have specific meanings should be clearly defined in this section.
Description of the Property or Rights : A detailed description of the property or rights being assigned. For intellectual property, this would include details like patent numbers, trademark registrations , or descriptions of the copyrighted material.
Terms of Assignment : This should include the extent of the rights being transferred, any conditions or limitations on the assignment, and any obligations the assignor or assignee must fulfill as part of the agreement.
Warranties and Representations : The assignor typically makes certain warranties regarding their ownership of the property and the absence of encumbrances or third-party claims against it.
Governing Law : The deed should specify which jurisdiction's laws govern the interpretation and enforcement of the agreement.
Execution and Witnesses : The deed must be signed by both parties, and depending on jurisdictional requirements, it may also need to be witnessed and possibly notarized.
Schedules or Annexures : If there are detailed lists or descriptions (like a list of patent numbers or property descriptions), these are often attached as schedules to the main body of the deed.

Letter of Assignment (for Trademarks and Patents)

This is a less formal document compared to the Deed of Assignment and is often used to record the assignment of rights or licensing of intellectual property on a temporary or limited basis. While it can outline the terms of the assignment, it may not be sufficient for the full transfer of legal title of IP rights. It's more commonly used in situations like assigning the rights to use a copyrighted work or a trademark license.

For example, company X allows company Y to use their trademark for specific products in a specific country for a specific period.

At the same time, company X can use a Letter of Assignment to transfer a trademark to someone. In this case, it will be similar to the Deed of Assignment.

Intellectual Property Sales Agreement

An IP Sales Agreement is a detailed contract that stipulates the terms and conditions of the sale of intellectual property. It covers aspects such as the specific rights being sold, payment terms, warranties regarding the ownership and validity of the IP, and any limitations or conditions on the use of the IP. This document is essential in transactions involving the sale of IP assets.

However, clients usually prefer to keep this document confidential and prepare special deeds of assignment or letter of assignment for different countries.

IP Transfer Declaration

In the context of intellectual property, a Declaration is often used to assert ownership or the originality of an IP asset. For example, inventors may use declarations in patent applications to declare their invention is original, or authors may use it to assert copyright ownership. It's a formal statement, sometimes required by IP offices or courts.

When assigning a trademark, the Declaration can be a valid document to function as a proof of the transfer. For example, a director of company X declares that the company had sold its Intellectual Property to company Y.

Merger Document

When companies or entities with significant IP assets merge, an IP Merger Document is used. This document outlines how the intellectual property owned by the merging entities will be combined or managed. It includes details about the transfer, integration, or handling of patents, copyrights, trademarks, and any other intellectual property affected by the merger.

In all these cases, the precise drafting of documents is critical to ensure that IP rights are adequately protected and transferred. Legal advice is often necessary to navigate the complexities of intellectual property laws.

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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

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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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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.

Find out more about intellectual property basics

by Brette Sember, J.D.

Brette is a former attorney and has been a writer and editor for more than 25 years. She is the author of more than 4...

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.

Illustrations and graphics surrounding the words "Intellectual Property"

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 .

Assignment of Deed

Table of contents, assignment of deed of trust.

An assignment of deed is used to show the deed of a property changing from one party to another, such as when a sale is made. It is used as the written proof to show who has rightful ownership of the property. When someone is purchasing property and decides to sell it before they have paid it off, an assignment of deed form would be used to transfer the rights and everything associated with the property over to the new owner.

When a debtor transfers real estate to a creditor, the Assignment of Deed is the legal document used to record this transfer. This happens when a lawsuit is filed on a property owner for a default in payment and the court’s rule in favor of the creditor; this is one example of when the deed of assignment would be put in to use. It’s used to show that the property is being transferred from the ownership of the defendant and given to the plaintiff that won the case and awarded the property.

It’s important to understand what these documents mean as they pertain to public property records as well as personal background checks into an individual. This could be exactly the type of information you need to help you gain a better understanding on someone or his or her history. It could also be in your own public background information if someone knows where to look for it.

Public records will always contain the history of who owns real property and the details on that property as it exchanges hands or ownership is passed. Anyone who knows how can access basic information about a deed or its assignments.

When a property owner uses an assignment of deed of trust, they are assigning ownership of the property to someone else and this is a very important document that should be kept in a safe and secure place. There are also public records kept on these types of documents and you should be able to request a copy – sometimes at a fee – should you need one.

The Assignment of Deed will also specify the rights the other person will receive along with the deed. As property transfers ownership like this, a recital is usually included as well which shows how many people and the identities of who has owned the property before. This allows you to see how many times the property has transferred hands over the course of its history.

Now that you know more about this particular property document, you will understand it when you use it. Whether you need it for your property or you are searching the property records of someone else for some reason, this information will be very beneficial to you.

We know that these types of legal matters can be confusing to the average person and that’s why we strive to make it easier to understand by giving you the basics here. Assignment of deed of trust documents do not have to confuse you anymore.

Drafting a Deed of Assignment

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Note: Want to skip the guide and go straight to the free templates? No problem - scroll to the bottom. Also note: This is not legal advice.

Introduction

A Deed of Assignment is a vital legal document used to transfer rights, interests or assets between parties. It is regularly used in business transactions, and often regarding real estate or intellectual property. A well-crafted deed of assignment can protect both sides from potential legal disputes, ensuring that everyone involved understands their obligations and responsibilities.

The Genie AI team has seen many instances where having a valid deed of assignment can make all the difference - without it businesses could be exposed to considerable risk. That’s why we offer free templates and step-by-step guides to help those wishing to draft their own deed.

When creating a Deed of Assignment it is important to take the specific circumstances into account - any changes or additions should be accurately documented and agreed by all involved parties beforehand. Furthermore, it is essential that the terms are clearly written out in an unambiguous way so every party knows exactly what they have signed up for. Beyond protecting both sides’ interests, this type of agreement can also be used for copyright assignments, leases, debt transfers and trusts.

Before signing on the dotted line it’s also critical that executing such documentation is done properly - all parties must sign in the presence of a witness who will also affix their signature and date the document accordingly. Once this process has been completed filings must then be made with any relevant government authorities whenever necessary (especially in cases involving real estate or intellectual property transfers).

In summary, drafting a Deed of Assignment not only safeguards everyone’s best interests but also provides additional benefits depending on its use case - reading through our step-by-step guidance below should provide you with more information on how to access our template library today and start benefitting from its advantages without needing to sign up for an account with Genie AI first!

Definitions (feel free to skip)

Legal Binding: When a legally binding document is used, it means that all parties involved are legally obligated to follow the terms and conditions set forth in the document.

Assignor: The assignor is the person who is transferring rights, interests or assets to someone else.

Assignee: The assignee is the person who is receiving the rights, interests or assets from the assignor.

Witness: A witness is an independent third-party who is present when a document is signed, in order to ensure that the process is completed in a secure and legally binding manner.

Stamp: A stamp is an official seal or mark that is used to verify and authenticate a document.

Tax: A tax is a sum of money that is paid to a government or public authority.

Duty: Duty is an obligation or responsibility assigned to someone.

Defining the Deed of Assignment

What is a deed of assignment and what is its purpose, parties involved, who needs to be involved in the making of a deed of assignment, drafting the deed, determine what kind of deed of assignment needs to be drafted, consider the subject matter to be assigned in the deed, research the legal requirements for the kind of deed to be drafted, draft the deed of assignment in accordance with the legal requirements, executing the deed, check that the parties to the deed are correctly identified, confirm that the deed is correctly signed and dated by all parties, confirm that the deed is witnessed by an independent third party, have the deed of assignment properly executed by all parties, registration, determine whether the deed of assignment needs to be registered, if registration is necessary, confirm the registration procedures, take necessary steps to register the deed of assignment, considerations, consider any applicable tax or stamp duty implications of the deed of assignment, consider any restrictions or limitations on the rights being assigned, consider whether the deed of assignment needs to be registered in any public records, common mistakes, not accurately identifying all of the parties to the deed, not having the deed properly executed by all parties, not having the deed witnessed by an independent third party, not considering any applicable tax or stamp duty implications, not considering any applicable restrictions or limitations on the rights being assigned, record keeping, ensure that the original deed of assignment is securely stored, create a digital copy of the deed and store it in a secure manner, review the deed of assignment to ensure accuracy, confirm that all steps have been completed correctly, seek advice from legal professionals if necessary, get started.

Establish the parties involved in the Deed of Assignment
Identify the property or service being assigned
Specify the terms of the assignment
Ensure the Deed of Assignment is properly witnessed
Check that all signatures are valid

When you have completed the steps above, you will have successfully defined the Deed of Assignment and can proceed to the next step.

A deed of assignment is a legal document that is used to transfer the rights and responsibilities of one party (the assignor) to another party (the assignee)
It is used to transfer contractual rights and obligations between parties
It should include information such as the names of the parties, the date of the assignment, and the description of the rights transferred
You will know that you have completed this step when you have an understanding of what a deed of assignment is and why it is used.
Identify the party transferring their rights (the assignor) and the party receiving the rights (the assignee)
Draft the deed in the name of both parties, including full names and contact details
Ensure the deed is signed by both the assignor and assignee
Once the deed is signed, the parties should exchange copies of the document

Once the assignor and assignee have been identified and the deed has been drafted and signed, you can check this step off your list and move on to the next step.

Identify the parties involved in the Deed of Assignment. This would typically include the assignor (the party transferring their rights or interest) and the assignee (the party receiving the rights or interest).
Ensure that all parties involved have the legal capacity to enter into a contract.
When all parties have been identified and their legal capacity has been verified, you can check this step off your list and move on to drafting the Deed.
Read the applicable laws in your jurisdiction to determine the required language and structure of the Deed of Assignment
Gather the necessary information on the parties, the asset being assigned, and other relevant details
Draft the Deed of Assignment, taking into account all the necessary details
Make sure the language is clear and unambiguous
Have the Deed of Assignment reviewed by a legal professional
When the Deed of Assignment has been drafted and reviewed, you can move on to the next step.
Identify the type of assignment that needs to be drafted and the legal requirements that need to be satisfied
Consider the purpose of the Deed and the rights and obligations of the parties to the Deed
Determine if the Deed is for an absolute or conditional assignment
Consider if the Deed should be an express or implied assignment
Determine if the Deed needs to be in writing or if it can be oral
Check the applicable laws in your jurisdiction to ensure that you are drafting a valid Deed
Check if there are any additional requirements that need to be included in the Deed

When you can check this off your list: Once you have identified the type of assignment and the relevant legal requirements, you can move on to considering the subject matter to be assigned in the Deed.

Identify the subject matter of the Deed of Assignment, such as a patent, trademark, copyright, or other intellectual property
Assess the value of the subject matter and any associated liabilities
Understand the relationship between the assignor and assignee
Have all necessary documents, such as a purchase agreement, to provide more detail about the assignment

Once you have identified the subject matter of the Deed of Assignment, assessed its value, understand the relationship between the assignor and assignee, and gathered any additional documents, you can move onto the next step of researching the legal requirements for the kind of Deed to be drafted.

Research the relevant legislation, case law, and other materials related to the Deed of Assignment to be drafted
Consult with a lawyer familiar with the relevant law to understand the requirements
Take detailed notes on the legal requirements that must be adhered to in the Deed of Assignment
Once you have all the necessary information, double-check that you understand the requirements before moving on to the next step.
Prepare the text of the Deed, ensuring that all relevant information regarding the parties, the subject matter, and the consideration is included
Check to make sure the language conforms with relevant laws and regulations
Have the Deed reviewed by a solicitor to ensure that it complies with all legal requirements
Once the Deed has been approved by a solicitor, have the parties sign the document
Once the Deed has been signed by both parties, make multiple copies and ensure each party has a copy
This step is complete once the Deed has been signed and each party has a copy of the document.
Ensure both parties sign the Deed of Assignment in the presence of two witnesses who are over the age of 18 and not parties to the Deed
Have both parties sign the deed in the presence of two witnesses and have the witnesses sign the deed to attest to witnessing the signature of the parties
Check that the parties have signed the Deed in the presence of the witnesses by noting the signatures and the dates of signature in the execution clause of the Deed
Once the Deed has been executed, have the parties date and keep a copy of the Deed in a secure place
You will know that you have completed this step when the Deed has been properly executed by the parties in the presence of two witnesses.
Identify all parties to the Deed and verify that their details are correct.
Ensure that all parties to the Deed are identified in the document and that the details of each party are accurate and up-to-date.
Check that the names, addresses and contact details of each party are correct.
Once you have verified that the parties and their details are correctly identified, you can move on to the next step.
Check that all parties have signed the Deed in the correct place, and that the date of signature is correct
Ensure that each party has signed the Deed in the presence of an independent witness
Check that all parties have signed the Deed with their full name and title, if applicable
Confirm that the date of signature is correct and that all parties have signed on the same date
Once you have verified that all parties have correctly signed and dated the Deed, you can proceed to the next step.
Ensure that the Deed is witnessed by an independent third party who is not a party to the Deed.
Ask the third party to sign the Deed and provide their name, address, occupation and date of signing.
Check that the third party has signed and dated the Deed.
Once the above is complete, you can check this step off your list and move on to the next step.
Obtain signatures from all parties on the deed of assignment, ensuring that each party signs in the presence of a witness
Have an independent third party witness each party’s signature
Ensure that all parties have a valid form of identification, such as a driver’s license or passport, available for inspection by the witness
Ensure that all parties sign the deed of assignment in the presence of the witness
Obtain the witness’ signature, confirming that all parties signed in the presence of the witness
You will know this step is completed once all parties have signed the deed of assignment and the witness has signed confirming they were present during the signing.
Obtain a copy of the executed Deed of Assignment from all parties
Contact the relevant state or territory office to determine whether the Deed of Assignment needs to be registered
If registration is required, complete the necessary forms, pay the registration fee, and submit the required documents
Once the Deed of Assignment is registered, the registrar will issue a certificate of registration
Check off this step when you have received and reviewed the certificate of registration.
Research the applicable laws and regulations in the relevant jurisdiction to decide if the Deed of Assignment needs to be registered
Consult a legal professional if unsure
When you have the answer, you can move on to the next step.
Confirm what type of Deed of Assignment requires registration with the relevant government agency or registry.
Research the registration procedures and the requirements you must meet in order to register the Deed of Assignment.
Obtain any fees or additional documents that are necessary to complete the registration process.
Ensure that all parties to the Deed of Assignment understand the registration process and the requirements for completing it.

You can check off this step once you have researched and confirmed the registration procedures for the Deed of Assignment.

Gather the necessary documents for registration, such as the Deed of Assignment, supporting documents, and the applicable fee
Visit the registration office to register the Deed of Assignment
Submit the necessary documents to the registration office
Pay the applicable fee
Obtain a copy of the registered Deed of Assignment
Upon completion of the above steps, you can check this off your list and move on to the next step.
Review and understand the nature of the rights and obligations being assigned
Determine if there are any restrictions or limitations in the assignment
Assess if any approvals are needed from third parties before the assignment is valid
Confirm that the assignor has the right to assign the interest being transferred
Check to see if the assignee has the necessary capacity to accept the assignment
Analyze if the assignment is subject to any applicable laws or regulations
Determine if any additional documentation is needed to support the assignment
Once you have considered all of the above, you can proceed with drafting the Deed of Assignment.
Check with your local taxation authority or a qualified tax professional to see if the Deed of Assignment is subject to any taxes or stamp duty.
Ensure that the Deed of Assignment includes any required taxes or stamp duty payments.
Check to see if the tax or stamp duty implications vary by jurisdiction.
Once you’ve considered the tax or stamp duty implications, you can move on to the next step.
Identify any restrictions or limitations that could affect the transfer of rights in the Deed of Assignment
Consider whether there are any legal restrictions that must be observed in the transfer of the rights being assigned
Research any relevant industry standards or regulations to ensure that the restrictions or limitations on the rights being assigned are compliant
Ensure that the Deed of Assignment clearly outlines the restrictions or limitations of the rights being assigned
When all restrictions or limitations on the rights being assigned are taken into consideration, checked for compliance and outlined in the Deed of Assignment, this step is complete.
Consider whether the Deed of Assignment needs to be registered with any government or public agencies.
Determine if any registration is required or optional.
Research the relevant regulations and laws to ensure that the assignments are properly recorded.
Check any local requirements or restrictions.
Once you have determined that the Deed of Assignment does or does not need to be registered, you can move on to the next step in the process.

• Read over the Deed of Assignment twice to make sure you’re accurately identifying all of the parties to the Deed. Make sure you include the full names and addresses of the assignor and assignee, as well as any other relevant parties. • Check that the legal description of the subject property is accurate. • Ensure that the consideration (the amount being exchanged for the assignment) is stated clearly and accurately. • Make sure that the names of the initial parties to the Deed are also included in the recitals. • Ensure that the recitals and the express terms of the Deed are consistent with one another. • Make sure that the Deed is signed, notarized, and delivered in accordance with state law.

Once you’ve completed the above steps, you can check off this task and move on to the next step in the guide.

Identify the assignor and assignee. The assignor is the party transferring their rights and the assignee is the party receiving the rights.
Check all of the details are correct. This includes the names, addresses and other contact information for both parties.
Draft the deed to ensure that the assignor and assignee are accurately identified.
You can check this off your list and move on to the next step once you have confirmed that the assignor and assignee have been accurately identified in the deed.
Ensure that all parties to the Deed have read, understood and agreed to the terms and conditions of the agreement.
Have all parties affix their signature to the Deed and the accompanying documents.
Check that all the signatures are dated and in the presence of a witness.
When all parties have properly executed the Deed, you can move on to the next step.
Ensure all parties have signed the Deed in the presence of a witness.
The witness must be an independent third party who is not a party to the Deed.
The witness must sign each page of the Deed that contains a party’s signature.
The witness must also include their full name, address and occupation on the Deed.
Once all of the above requirements are met, then you can check this off your list and move on to the next step.
Determine the applicable taxes or stamp duty implications for the Deed of Assignment.
Research any applicable taxes or stamp duty fees for the Deed of Assignment.
Calculate the applicable taxes or stamp duty fees for the Deed of Assignment.
Make sure to include the applicable taxes or stamp duty fees in the Deed of Assignment.

Once you have determined the applicable taxes or stamp duty implications for the Deed of Assignment, and included them in the Deed of Assignment, you can move on to the next step.

Determine the rights that you are assigning and review any applicable laws or regulations to ensure that the assignment of such rights is permitted.
Consider any applicable contractual restrictions or limitations on the rights being assigned, such as any applicable confidentiality obligations or restrictions on the transfer of rights.
Once you have determined that the assignment of the rights is permitted and there are no applicable restrictions or limitations, you can proceed to the next step of recording keeping.
Create a record of the Deed of Assignment, including the date it was executed, by each party
Maintain a copy of the Deed of Assignment in a secure place
Record any additional related documents, such as any security documents, release documents, or other agreements
When all of the above have been done, you can check this off your list and move on to the next step.
Obtain a physical copy of the original Deed of Assignment
Ensure the original Deed is signed by both parties
Keep the original Deed in a safe and secure place, such as a locked filing cabinet or safe
Make sure the document is stored in a location that is accessible to both parties
Ensure that the original Deed is not destroyed or tampered with in any way

You can check this off your list and move on to the next step once the original Deed of Assignment is safely stored in a secure location.

Scan or take a digital photo of the original Deed of Assignment and save it to a secure location.
Ensure that the digital copy is readable and clearly displays all of the information contained in the original document.
Ensure that the digital copy is stored in a secure location, preferably on a cloud-based storage system or other secure server.
Make sure that only authorized personnel have access to the digital copy of the Deed.
When finished, you will have created a digital copy of the Deed and stored it in a secure manner.
Read over the Deed of Assignment to ensure accuracy
Make sure all details are correct, and all parties are named
Verify that all signatures are complete and accurate
Make sure the date of the assignment is correct
Check that the document is formatted and laid out correctly
Once you are satisfied with the accuracy of the Deed of Assignment, you can move on to the next step.
Read through the entire document to make sure all the information is correct
Double check that the names and details of the parties involved are spelled correctly
Ensure that all the dates are accurate, and that any and all parties have signed the deed in the right places
Check that the terms and conditions in the deed are consistent with the agreement between the parties
When you have verified all the details, you can check this off your list and move on to the next step.
Check the Deed of Assignment to ensure that all required elements are present, including accurate information and signatures of all parties.
Verify that any and all attachments to the Deed of Assignment are included and accurate.
Ensure that all dates, signatures, and other pieces of information are accurate and up-to-date.
Once you’ve confirmed that all of the steps have been completed correctly, you can move on to the next step.
Seek professional advice from a lawyer or other legal professional to ensure that the deed of assignment is legally binding and enforceable.
Request that the legal professional checks that all steps have been completed correctly, and that the deed of assignment meets all requirements under local law.
Ask the legal professional to provide you with written advice on any changes or revisions that may be necessary to make the deed of assignment valid and enforceable.
Once the legal professional has confirmed that the deed is legally sound, you can check off this step and proceed with the next one.
Research legal professionals who are able to provide advice and assistance with the drafting of a deed of assignment
Contact the legal professionals to discuss the specific requirements and details of the deed of assignment
Ask the legal professionals if they are able to provide advice and assistance with the deed of assignment
Receive advice from the legal professionals and make changes to the deed of assignment accordingly
Once you are satisfied with the changes to the deed of assignment, you can move on to the next step.

Q: Does a Deed of Assignment need to be signed?

Asked by John on April 23rd 2022. A: Yes, a Deed of Assignment needs to be signed by both the assignor and the assignee in order for it to be legally binding. The signatures should be witnessed and dated, and should be in front of an independent witness who is not related to either party. It is also important to include the relevant clauses and provisions in the deed, as these will set out the rights and obligations of each party.

Q: What is the difference between an assignment and a novation?

Asked by Sarah on July 29th 2022. A: An assignment is a transfer of rights or obligations from one party to another, while a novation is a transfer of rights or obligations from one party to another with the consent of all parties involved. An assignment does not necessarily require the consent of all parties, while a novation always requires the consent of all parties. Additionally, an assignment can transfer rights or obligations without necessarily extinguishing any pre-existing agreements, while a novation extinguishes any pre-existing agreements.

Q: Is a Deed of Assignment legally binding in different jurisdictions?

Asked by Tyler on October 17th 2022. A: Yes, a Deed of Assignment can be legally binding in different jurisdictions, though the exact requirements for validity may differ from jurisdiction to jurisdiction. In general, however, a Deed of Assignment needs to be signed by both parties and witnessed by an independent third party in order for it to be legally binding. Additionally, the deed should include all relevant clauses and provisions that are applicable in each jurisdiction.

Q: Are there any tax implications when drafting a Deed of Assignment?

Asked by Emma on January 15th 2022. A: Yes, there are tax implications that need to be taken into account when drafting a Deed of Assignment. Depending on the jurisdiction and specific tax laws, there may be tax implications for both parties if they are transferring rights or obligations under the deed. It is important to seek professional tax advice before entering into any agreement that involves transferring rights or obligations between parties as this could have significant financial implications for all involved.

Q: Do I need legal advice when drafting a Deed of Assignment?

Asked by Jacob on June 5th 2022. A: While it is not necessary to seek legal advice when drafting a Deed of Assignment, it is generally recommended in order to ensure that all relevant legal requirements are satisfied and that all involved parties are aware of their rights and obligations under the deed. It is also important to make sure that all language used in the deed is clear and unambiguous so that it can easily be understood by all parties involved.

Q: How can I ensure that my Deed of Assignment is valid?

Asked by Michael on August 28th 2022. A: In order for your Deed of Assignment to be valid, it must meet certain legal requirements which vary between jurisdictions. Generally speaking, your deed should include all relevant clauses and provisions applicable in your jurisdiction as well as signatures from both parties which should be witnessed by an independent third party who is not related to either party involved. Additionally, any language used within the document should be clear and unambiguous so that it can easily be understood by all involved parties.

Q: What information do I need to provide when drafting a Deed of Assignment?

Asked by Ashley on November 10th 2022. A: When drafting a Deed of Assignment, you will need to provide information about both parties involved such as their names, addresses, contact details and any other relevant information required under applicable laws in your jurisdiction. Additionally, you will need to include any relevant clauses or provisions applicable in your jurisdiction which will set out the rights and obligations of each party under the deed as well as any other information required for the document to be legally binding.

Q: What are common mistakes made when drafting a Deed of Assignment?

Asked by Joshua on February 20th 2022. A: One common mistake made when drafting a Deed of Assignment is failing to include all relevant clauses or provisions applicable in your jurisdiction which set out the rights and obligations of each party involved in the agreement. Additionally, failing to have the document signed by both parties or witnessed by an independent third party can render the document invalid or unenforceable under applicable law in some jurisdictions. Moreover, using ambiguous language within the document can also lead to misunderstandings and disputes further down the line which could be avoided if clear language was used throughout the document instead.

Example dispute

Lawsuit referencing a deed of assignment.

The plaintiff may raise a lawsuit if they have been wronged by the defendant in a way that is outlined in the deed of assignment.
For example, the deed of assignment may outline that the defendant is responsible for paying a certain amount of money to the plaintiff, and the defendant has failed to do so.
The plaintiff may also raise a lawsuit if the defendant has failed to adhere to any other obligations laid out in the deed of assignment.
The plaintiff would need to prove that the defendant has breached the deed of assignment in order to win the lawsuit.
If successful, the plaintiff may be able to obtain a judgment in their favor, which may require the defendant to pay the plaintiff the money they are owed.
In addition, the plaintiff may be able to seek other damages, such as punitive damages, if the breach of the deed of assignment was particularly egregious.
Depending on the severity of the breach, the plaintiff may also be able to seek an injunction to prevent the defendant from continuing to breach the deed of assignment.
Settlement of the dispute may also be possible, wherein the defendant agrees to pay a certain amount of money to the plaintiff, or agrees to adhere to the obligations laid out in the deed of assignment.

Templates available (free to use)

Deed Of Assignment For Rent Deposits Occupation Lease Deed Of Assignment Of Benefit Of Claim For The Freehold Or Extended Lease House Under Section 8 Or Section 14 Deed Of Assignment Of Equitable Interest In Residential Land Deed Of Assignment Of Goodwill And Intellectual Property Rights Transfer Of A General Partnership To An Llp Deed Of Assignment Of Property Sale Benefits [Section 42 Deed Of A

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All you need to know about assigning life insurance policy.

The insured needs to either endorse the policy document or make a deed of assignment and register the same with the insurer.

Conditional assignment: This is done when the insured wishes to pass benefits of the policy to a relative in case of early death or certain conditions. The rights of the policyholder are restored once the conditions are fulfilled.
Absolute assignment: This is done as a part of consideration for a loan in favour of the lender/bank/lending institution. In such an assignment, the insured loses his rights in the policy and the absolute assignee can deal with it independently.
Proof of income.
Self attested copy of photo ID and address proof .
Self attested copy of PAN card.

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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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How to Assign a Mortgage Life Insurance Policy

Home » Blog » How to Assign a Mortgage Life Insurance Policy

Table of Contents

assigning your mortgage protection is easy peasy text on images of squeezed lemons

If you’re on this here blog, I can assume a couple of things:

you’ve either bought or are buying a house and
you’ve either bought or are buying Mortgage Protection or Life Insurance because you have to.

I can also probably assume you’re a responsible adult – or at the very least, you’re very good at pretending, which as we all know: all the best people are.

Now, there is one thing you need to know.

This one thing is either coming to you too late, or just in the nick of time, depending on whether or not you now own a house.

The banks are great for mortgages, but they’re a rip off when it comes to Mortgage Protection Insurance in Ireland.

They’ll try to force you to buy their Mortgage Protection (a type of Life Insurance that will pay off the rest of your mortgage if you die) because:

It makes it harder for you to switch your mortgage (if the bank even mentions the words “block policy”, you should dive out the nearest window)
It’s more money for them, especially if they hoodwink you into adding Serious Illness Cover, which will go directly into their pockets even if you need it for medical bills!

You’re basically paying them so they can pay themselves if you die or get sick before you’re done paying off your mortgage.

Yes, it sucks.

No, there’s not a massive amount you can do about it except arm yourself with all the information you can.

Which is why I’m going to talk you through Mortgage Protection, buying it, and assigning it to your bank/lender.

How do you assign a mortgage life insurance policy?

Arrange your policy (through a broker preferably – scroll down to find out why)
Complete a Deed of Assignment (it forms part of your legal pack that the bank sends to your solicitor)
Send the completed Notice of Assignment and your policy schedule to the bank
The bank sends the Notice of Assignment and the policy schedule to the insurer
The nsurer assigns your policy to the bank and sends a confirmation letter to the bank

And that’s it, fairly straightforward, ignore the bank if they try to spook you by saying it causes delays if you don’t buy from them. It doesn’t.

What is mortgage protection/life insurance for a mortgage?

As I said above: it’s a type of insurance that pays off the rest of your mortgage if you die. You have to get it if you’re buying a house. You can buy it from the insurer directly, your bank/lender, or a broker who will usually work with all the insurers.

You also have the option of using existing Life Insurance cover (for example, if you already have a policy) as your cover.

To make that crystal clear, your options are:

Mortgage lender/your bank:

Tied to the bank so they can only sell you their overpriced Mortgage Protection policy.
Your premium forms part of your mortgage repayments so it’s hard to see how much you’re paying for your policy.
It’s potentially a problem because: you should always shop around at all of the insurers to make sure you get a good deal.
You know how bankers get slated all the time for being more concerned with lining their own pockets? Yes. That. Think about it.
If you have a health issue and they can’t offer you cover, then you’re on your own.

Insurance brokers:

Will advise on policies from all the providers to recommend the best deal for you.
You get all the information, so you actually know what you’re dealing with.
Heavily discounted premiums compared to the banks
If you have a health issue and one insurer can’t offer you cover, your broker can try elsewhere.
A sound bunch of lads
Can only sell their own policies, so you’re definitely not getting the best deal for you.
Probably shouldn’t do. Known for being occasionally nefarious, but you do you, boo.

An existing policy:

It’s a bit confusing but you can use an existing Life Insurance policy as your Mortgage Protection, presuming it’s equal to the value of your mortgage and runs for the same term – so if your mortgage is for 30 years and €200,000, your Life Insurance policy would need to match or exceed that (e.g. a 31 year, €201,000 policy works ; a 29 year, €199,000 policy doesn’t)
You have to assign the policy to your lender, if this is the case. Essentially, it’s you saying, “yes, I want to use my Life Insurance policy to pay off my mortgage.”
If there’s any moolah left over afterwards, it’ll go to your dependents.
You’re better off having both Mortgage Protection and Life Insurance because it’s two pay-outs, but if you’re strapped for the cash, or have had some health issues since you took it out, assigning an existing policy can be a solid shout.

If you’ve already bought your policy and are wondering about how to actually assign it, I get round to that in a second.

By the way, you can’t use life insurance that you have through work (death in service benefit) for a mortgage.

Is Mortgage Protection/Life Insurance different?

Yes. Mortgage Protection is a type of Life Insurance that only covers your mortgage to your lender. Life Insurance leaves a tax-free lump sum to your dependents. They could use it to pay for literally anything they want.

A $2,500 human-sized replica mask of your cat, for example .

Is it confusing? 100 percent.

Is it confusing on purpose? 100 per cent.

My two cents? Get Life Insurance and Mortgage Protection. It’s two pay-outs. It won’t break the bank monthly, but it could mean an awful lot to your family down the line.

Think of it like this: A Mortgage Protection payout gives your family a mortgage-free home. A Life Insurance payout gives your family a replacement income. They need both, so you need both.

Can you change your Mortgage Protection policy?

Yes. Any time you want. It could totally be worth it for a better price or benefits, so seriously: look into it. A few euro in the difference might not seem like much, but take that €5 a month and multiply it out by 12 and then by the length of your actual mortgage (which could be up to 35 years) and you’d be surprised how much it’ll add up to.

Just look at that fiver go. €5 x 12 x 35 = €2,100.

And that’s before we go anywhere near the difference you could save if you wanted to switch your actual mortgage down the line.

And don’t mind your bank if they say that getting Mortgage Protection or assigning an existing Life Insurance policy will delay your mortgage or that they’ll look more favourably on your application if you do what they want.

Remember: It’s all a

They’re trying to scare you into buying their overpriced policy.

Tell them where to go.

Because you already know where you can get the best mortgage protection quotes .

Why do you need to assign a policy to a bank?

To make it legal.

Otherwise, it’s a bit like two young fellas swearing loyalty by spitting into a handshake. You telling your bank about your existing policy is grand and all, but if anything happens, they want the legal papers to say they get any payout.

Otherwise, all they’ve got is a spitty handshake and no cover.

How do you assign a Life Insurance policy to a bank/your lender?

It’s a bit like giving your bank a gift. You take out the policy and pay the premiums. When you die (no ‘ifs’ here, pal), your bank gets any pay-out.

To assign the policy (or policies if you have taken two single life policies) you need to complete a deed of assignment for each policy,

The deed is a legal document that forms part of your legal pack. It’s written in legalese, which means it’s completely impenetrable to normal people.

You can try reading it, but honestly, you’ll have as much luck taking another crack at Finnegans Wake. At least then you can sound cultured if you pretend you read Joyce’s gibberish.

You have to sign the deed of assignment.

Listen, it’s a bit like Apple’s terms and conditions; everyone ticks the box and nobody has a clue what they agreed to. Have you just sold your soul to a factory wherever iPhones are manufactured? Possibly.

But you’re still gonna have to do it.

The bit you sign is called the Notice of Assignment. You sign it and send it back to your bank along with your mortgage protection certificate.

The bank then sends it to the insurer and the insurer notes the bank as the legal owner of your policy.

Now, because the assignment is in effect a legal transaction, the banks don’t let us get involved so it’s up to them to send the necessary documents in a timely fashion to the insurer.

Once it’s with the insurer, we can chase it and give the insurer a bit of a prod if you’re in a rush but until then, our hands are tied.

*That’s how it usually works but each bank may do things differently.

What happens when the insurer receives the notice of assignment?

The insurer will assign your policy to the bank, so the bank becomes the owner of your policy and gets any pay-out.

Who notifies your bank that the policy has been assigned?

The insurer will send a confirmation of the assignment letter to the bank stating:

“Thank you for your recent Notice of Assignment in respect of the above-numbered policy. We have noted your interest and confirm that we hold no prior charge on this policy.”

Once the bank has confirmation of the assignment, they’re happy to issue your mortgage cheque.

How do I assign two life of another mortgage protection policies?

If you’re buying as a couple we recommend two single life policies to reduce any potential inheritance tax.

Assigning two policies works in the same way as assigning a single policy only you will have to complete a Deed of Assignment for each policy.

Is there a fee payable to assign a policy?

And just like that, you’ve assigned your policy.

Your TL;DR of tips, once more:

Don’t buy Mortgage Protection from your lender. You likely won’t be getting the best deal and it makes it a little trickier if you want to switch your mortgage down the line.
You can use an existing Life Insurance policy as your Mortgage Protection. However, you’re probably better off keeping them separate, as two policies = two pay-outs and an easier life for your family.
Mortgage Protection = covers your mortgage. Life Insurance = covers you.
If you’re bringing your own policy to the table, you’ll need to legally assign it to your bank by following the steps in this article. It’s basically you, your solicitor, your bank and insurer formally saying that the policy will pay-out your mortgage if you die.
Before you buy any policy, make sure you go with a reputable broker so that you know you’re actually getting the best deal.

That’s all, folks!

Over to you…

I hope that clears up how to assign a mortgage life insurance policy to a bank. It’s simple, no matter how difficult your bank may try to make it seem.

But if you have any questions, please complete the short form below and I’ll be right back or even better: call me

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