Transfer Of Property By Assignment Agreement

An assignment agreement is a type of agreement between two parties where one party has a legal right, usually emanating from a Contract, while the other party wishes to obtain this legal right, usually by buying it. The party that assigns the right to the other party is called “the assignor”, whereas the party that obtains the right conferred is called the “assignee”.

Assignment agreements are concluded on many occasions such as in the case where a person assigns benefits from a life insurance policy to another person or the Bank in order to receive a loan.

This article focuses on assignment agreements concluded between two parties as a way to transfer rights of ownership of property in the Republic of Cyprus. The main reason for the two parties to choose to transfer property by assignment agreement is the absence of an issued separate title deed. Especially when a property is newly – built, under construction, or there is a purchase of a property off-plan (before