What Is a Deed of Assignment?
In real property transactions, a deed of assignment is a legal document that transfers the interest of the owner of that interest to the person to whom it is assigned, the assignee. When ownership is transferred, the deed of assignment shows the new legal owner of the property.
If the deed of assignment transfers a debt instrument, such as a mortgage, it shows the new holder of that debt, and that person or entity becomes the recipient of the mortgage payments.
There are many types of deeds, which are documents that demonstrate the ownership of a particular legal interest in real property, and frequently the deed of assignment contains other legal language that may prove important, such as references to a deed of trust or an assignment of rents. A short visit to a real estate attorney may be necessary to interpret these documents.
As with all significant transactions, before executing or accepting any documents in which an interest in real property is passed from one party to another, both parties need to make sure that the document conveys what they want it to convey. However, the parties also need to verify its legal validity and whether it should be recorded with the county’s recorder’s office.