Any contract which is personal to the original contracting parties or which expressly prohibits assignment can only be assigned with the consent of the other party to the original contract (Counterparty).
Thus if the contract prohibits assignment or requires the consent of the other party to the contract before it can be assigned then the Assignor must obtain such consent from the Counterparty before executing the Deed of Assignment.
A Deed of Assignment therefore is an Agreement where an assignor states his promise that from the date of the assignment or any date stipulated therein, the assignor assigns his ownership in that Land to the assignee.
For one, it spells out the date when the ownership of the property transfers from one owner to the other.
This can be found from the following definitions below: A deed of Assignment is an Agreement between the Seller of a Land or Property and a Buyer of that Land or property .
The person or Seller who transfers his rights or interests in that property is usually called the Assignor and the person who receives such right or interest from the Seller is called the Assignee.
Please note that it is advisable to create a Statutory Assignment (also known as Legal Assignment) instead of an Equitable Assignment.
The main difference between the two is that in an Equitable Assignment the Assignee cannot bring an action in their own name against the other party to the original contract.
Such recorded Deed of Assignment come in the form of either a Governor’s consent or registered conveyance.
The Deed of Assignment spells out the key issues in the transaction between the Seller and the Buyer so that there won’t be any confusion or assumption after the property has been transferred to the new owner These are the important features of a Deed of Assignment and must be included in all Documents for it to be valid.