An overview of what a Deed of Assignment is and when it is used in the context of Leases.
What is a Deed of Assignment?
A deed of assignment is a formal legal instrument used to transfer the benefit of contractual rights and burden of obligations from one party (the assignor) to another party (the assignee). Usually, the document is executed as a deed, with appropriate signing and witnessing, to be valid.
When is a Deed of Assignment typically used?
Such deeds are used in various contexts, including the assignment of arrears, options to purchase property, equitable interests in land, contractual rights, construction documents and security. In the context of commercial leases, a deed of assignment means the transfer of a lease, contractual rights, or security interests (such as rent deposits) from the assignor to the assignee.
