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Assignment Agreement Template

Use our assignment agreement to transfer contractual obligations.

Updated February 1, 2024 Written by Josh Sainsbury | Reviewed by Brooke Davis

An assignment agreement is a legal document that transfers rights, responsibilities, and benefits from one party (the “assignor”) to another (the “assignee”). You can use it to reassign debt, real estate, intellectual property, leases, insurance policies, and government contracts.

What Is an Assignment Agreement?

What to include in an assignment agreement, how to assign a contract, how to write an assignment agreement, assignment agreement sample.

Partnership Interest

An assignment agreement effectively transfers the rights and obligations of a person or entity under an initial contract to another. The original party is the assignor, and the assignee takes on the contract’s duties and benefits.

It’s often a requirement to let the other party in the original deal know the contract is being transferred. It’s essential to create this form thoughtfully, as a poorly written assignment agreement may leave the assignor obligated to certain aspects of the deal.

The most common use of an assignment agreement occurs when the assignor no longer can or wants to continue with a contract. Instead of leaving the initial party or breaking the agreement, the assignor can transfer the contract to another individual or entity.

For example, imagine a small residential trash collection service plans to close its operations. Before it closes, the business brokers a deal to send its accounts to a curbside pickup company providing similar services. After notifying account holders, the latter company continues the service while receiving payment.

Create a thorough assignment agreement by including the following information:

• Effective Date:  The document must indicate when the transfer of rights and obligations occurs.
• Parties:  Include the full name and address of the assignor, assignee, and obligor (if required).
• Assignment:  Provide details that identify the original contract being assigned.
• Third-Party Approval: If the initial contract requires the approval of the obligor, note the date the approval was received.
• Signatures:  Both parties must sign and date the printed assignment contract template once completed. If a notary is required, wait until you are in the presence of the official and present identification before signing. Failure to do so may result in having to redo the assignment contract.

Review the Contract Terms

Carefully review the terms of the existing contract. Some contracts may have specific provisions regarding assignment. Check for any restrictions or requirements related to assigning the contract.

Check for Anti-Assignment Clauses

Some contracts include anti-assignment clauses that prohibit or restrict the ability to assign the contract without the consent of the other party. If there’s such a clause, you may need the consent of the original parties to proceed.

Determine Assignability

Ensure that the contract is assignable. Some contracts, especially those involving personal services or unique skills, may not be assignable without the other party’s agreement.

Get Consent from the Other Party (if Required)

If the contract includes an anti-assignment clause or requires consent for assignment, seek written consent from the other party. This can often be done through a formal amendment to the contract.

Prepare an Assignment Agreement

Draft an assignment agreement that clearly outlines the transfer of rights and obligations from the assignor (the party assigning the contract) to the assignee (the party receiving the assignment). Include details such as the names of the parties, the effective date of the assignment, and the specific rights and obligations being transferred.

Include Original Contract Information

Attach a copy of the original contract or reference its key terms in the assignment agreement. This helps in clearly identifying the contract being assigned.

Execution of the Assignment Agreement

Both the assignor and assignee should sign the assignment agreement. Signatures should be notarized if required by the contract or local laws.

Notice to the Other Party

Provide notice of the assignment to the non-assigning party. This can be done formally through a letter or as specified in the contract.

File the Assignment

File the assignment agreement with the appropriate parties or entities as required. This may include filing with the original contracting party or relevant government authorities.

Communicate with Third Parties

Inform any relevant third parties, such as suppliers, customers, or service providers, about the assignment to ensure a smooth transition.

Keep Copies for Records

Keep copies of the assignment agreement, original contract, and any related communications for your records.

Here’s a list of steps on how to write an assignment agreement:

Step 1 – List the Assignor’s and Assignee’s Details

List all of the pertinent information regarding the parties involved in the transfer. This information includes their full names, addresses, phone numbers, and other relevant contact information.

This step clarifies who’s transferring the initial contract and who will take on its responsibilities.

Step 2 – Provide Original Contract Information

Describing and identifying the contract that is effectively being reassigned is essential. This step avoids any confusion after the transfer has been completed.

Step 3 – State the Consideration

Provide accurate information regarding the amount the assignee pays to assume the contract. This figure should include taxes and any relevant peripheral expenses. If the assignee will pay the consideration over a period, indicate the method and installments.

Step 4 – Provide Any Terms and Conditions

The terms and conditions of any agreement are crucial to a smooth transaction. You must cover issues such as dispute resolution, governing law, obligor approval, and any relevant clauses.

Step 5 – Obtain Signatures

Both parties must sign the agreement to ensure it is legally binding and that they have read and understood the contract. If a notary is required, wait to sign off in their presence.

Related Documents

• Sales and Purchase Agreement : Outlines the terms and conditions of an item sale.
• Business Contract : An agreement in which each party agrees to an exchange, typically involving money, goods, or services.
• Lease/Rental Agreement : A lease agreement is a written document that officially recognizes a legally binding relationship between two parties -- a landlord and a tenant.
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Lease Assignment Agreement

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Free Lease Assignment Agreement Template

Last Updated August 13, 2024

A Lease Assignment Agreement or Assignment of Lease is a legally binding contract between a lessee (assignor) and a new tenant (assignee). It can be used for commercial or residential properties. Tenants use this document to pass their contract obligations to a third party if they need to exit a lease early. Such a situation may occur if a tenant must relocate or shut down a business before the lease ends.

The landlord (lessor) is typically not a party to this new contract. However, the assignee must meet the terms of the original lease. In specific cases, the landlord must sign a consent to allow a tenant to assign the lease, and some may want to vet the assignee before consenting.

The Lease Assignment Agreement outlines the terms of the agreement, assigns responsibilities for breaches, and documents each party’s acceptance.

Let’s discuss how this document works and how you can create yours.

Who Needs A Lease Assignment?

Lease assignments are used by commercial or residential tenants to “sell” a lease to another person. If they cannot assign the lease, the tenant must pay rent for a space they aren’t using until the agreed-upon period is complete. However, they may pass the lease if they find a willing tenant.

The new tenant is known legally as the assignee, and the original tenant is the assignor. Assigning a lease frees you to a great extent because the landlord knows someone else has taken your place.

Lease Assignment is different from subletting a premise. In a sublease, the tenant creates a different contract, which may include a different rent amount. However, the relationship between the tenant and landlord remains the same as in the signed lease. The tenant is responsible for collecting and remitting payment to the landlord and ensuring no breaches occur.

The Role of the Landlord in a Lease Assignment

The landlord rightly expects that a tenant stays responsible for their lease until it expires. However, because of constant changes, they may anticipate a tenant wanting to exit a lease early. Therefore, many lease agreements include provisions for possible assignments.

Even when a lease agreement does not have such a provision, the tenant can negotiate a deal with the landlord. Depending on your jurisdiction, the original lease sometimes contains language requiring that the landlord not unreasonably object to a lease assignment.

Still, some landlords may want to vet the new tenant like they did the first. If your landlord decides to screen the new tenant as they did with you, they may review the following information:

• Financial status: This is especially important to the landlord if you pass on rent responsibility to the new tenant. The landlord will want proof that the assignee will make on-time payments. Checking the new tenant’s finances works in your favor because most leases will hold you accountable for missed and late payments even after you assign the contract to another person.
• Restrictions on modifications and activity: The landlord may need to know beforehand if the new tenant intends to make significant alterations to the property. If they think the proposed changes are too extensive, they may deny you permission to assign the lease. The same applies to changes in use.
• Likelihood of compliance: To determine whether the assignee will comply with the lease, a landlord may require references by former landlords.

Many landlords avoid the extra work, preferring that you remain liable. Therefore, you need to choose a trustworthy tenant and ensure they understand their obligations and responsibilities regarding the lease.

Information to Include in a Lease Assignment Agreement

Ensure your lease assignment agreement contains all necessary information so that it releases you of as much responsibility as possible.

The Type of Lease

State whether the lease is for a commercial or residential property.

Personal Information

The lease should have the names, addresses, and other information about the assignor, assignee, and landlord.

Include the physical address of the property to identify it. You may also include the size and other descriptions.

Length of the Assignment

The length of the assignment is the time left on the lease. Afterward, the new tenant may enter into a new contract with the landlord to continue using the premises. Include the effective and end dates of the assignment.

Liabilities

Outline your liabilities. Although you are exiting, your name stays on the original lease. Discuss with the assignee and the landlord to determine which liabilities you are keeping and how breaches will be resolved.

Date When You Signed the Original Lease

It’s essential to include the date the original lease took effect. Remember that the terms and conditions of that lease apply to the assignment.

Landlord’s Consent

Sometimes, the landlord’s permission to assign a lease is included as a section in the assignment agreement. However, many use a separate document to obtain the landlord’s consent and then attach it to the assignment agreement.

Unless both parties sign the contract in agreement, it remains void.

You generally do not need to include the details of the lease agreement, but the new tenant needs a copy to determine whether they agree to its terms before signing the assignment.

Easy Legal Docs has created an adaptable Lease Assignment Agreement template to get you started. Landlords, tenants, and other businesses find our collection of legal documents versatile and easy to download for free when they need them.

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Lease Assignment Agreement Template

Below you can see a sample of the Lease Assignment Agreement template:

Lease Assignment Agreement FAQs

What is a lease assignment agreement.

A Lease Assignment Agreement is a legally binding contract between a lessee (assignor) and a new tenant (assignee). It can be used for commercial or residential properties. Tenants use this document to pass their contract obligations to a third party if they need to exit a lease early. Such a situation may occur if a tenant must relocate or shut down a business before the lease ends.

Is the tenant liable for breaches after assigning a lease?

It depends on the terms of the assignment. If the landlord releases you of responsibility, then the assignee is liable. However, if the original lease holds you liable, the landlord may pursue you and the assignee for compensation.

What is the difference between a sublease and a lease assignment?

Assigning a lease transfers ownership of an existing lease. The assignee takes the tenants' place in the lease. Subletting requires creating a separate contract between a tenant (sublessor) and a subtenant (sublessee). In a sublease, the lease agreement with the landlord remains in place, so the tenant is still responsible.

Are there alternatives to lease assignment?

If you don't have the option to assign because your landlord denies it or the lease prohibits it, check whether the contract has a "Break Clause" and the requirements for getting out early. Alternatively, you may sublet the property to another person.

Can an assignee assign a lease?

How many times a lease is assigned depends on the landlord. Leases that span a decade or more may go through several assignments in their lifetime. The conditions set in the first agreement determine whether an assignee may pass responsibilities to a new person.

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Lease Assignment Agreement

You'll need a lease assignment agreement when you're transferring your interest in a lease to another tenant..

In order to transfer your lease to another tenant , you must sign an agreement with the new tenant (or "assignee") and your landlord or property manager. You can draft your own assignment agreement, sign it with your proposed assignee, and send it to your landlord for their review.

Unlike a sublet agreement , a lease assignment agreement must be signed by your landlord. They may or may not release you from the lease as part of the agreement. If you assign your lease and don't sign an agreement that clearly frees you from all obligations to pay the rent, you are still liable if the person who took over your lease skips out for any reason.

In This Article

Basic terms Master lease covenants Default definitions Default recourse Consents

Basic terms

Start with getting clarity between you and your assignee about the date that the assignment will occur and the basic terms of the master lease:

• When does the master lease end?
• What is the rent amount?
• Who pays for utilities? As a default, you can stipulate that the assignee transfers the utilities into his or her own name.

Covenants regarding the master lease

You can't assign something you don't have and your assignee will want to be assured that you are in fact the primary leaseholder. State that your name is on the master lease and that you are in good standing with the owner. Include a copy of the master lease.

If there is any information about the renewal lease, such as the new rent amount that will be charged when the lease turns over, it may also be included. A copy of the master lease itself should also be included.

Default and nonpayment definitions

As with a sublet agreement, you should clearly define what it means to default on the lease agreement. Unlike with a sublet agreement you can use the same definition that is in the master lease so you do not need to redefine these terms.

Default and nonpayment recourse

A lease assignment agreement should clarify what happens if the assignee defaults and who's responsible for dealing with it. Some assignment agreements will leave obligations on the shoulders of the outgoing tenant—which is bad news for you. You've gone to the trouble of assigning your lease, but are still responsible for rent payments as if you're subletting out your unit. Watch out for a term like this in an assignment agreement:

In the event of default by the Assignee the Landlord will provide the Tenant with written notice of this default and the Tenant will have full rights to commence all actions to recover possession of the Premises (in the name of the Landlord, if necessary), including commencement of eviction proceedings. This agreement will immediately become null and void. CONSENT TO THIS ASSIGNMENT WILL NOT DISCHARGE THE ASSIGNOR OF ITS OBLIGATIONS UNDER THE LEASE IN THE EVENT OF A BREACH BY THE ASSIGNEE, UNLESS THE ASSIGNOR LATER RETAKES POSSESSION OF THE PREMISES FROM THE ASSIGNEE.

If possible, you should make sure that your assignment agreement has a release clause instead of the above. Here is the release clause in our standard assignment agreement:

In the event of default by the Assignee the Landlord will have full rights to commence all actions to recover possession of the Premises including commencement of eviction proceedings. This agreement will immediately become null and void. CONSENT TO THIS ASSIGNMENT WILL DISCHARGE THE ASSIGNOR OF ITS OBLIGATIONS UNDER THE LEASE IN THE EVENT OF A BREACH BY THE ASSIGNEE, UNLESS THE ASSIGNOR LATER RETAKES POSSESSION OF THE PREMISES

If you do not sign an agreement with a term like the above then you are still responsible for the monthly rent even if you assigned your lease.

Consent from all stakeholders

As with a sublet agreement, you should sign the assignment agreement, get your assignee to sign it and then send it to your landlord for consent.

Related articles

The information provided on this website does not, and is not intended to, constitute legal advice.

Free Lease Assignment Agreement Template for Microsoft Word

Download this free Lease Assignment Agreement template as a Word document to easily assign a lease to another party with consent from the landlord.

Lease Assignment Agreement

THIS ASSIGNMENT OF TENANCY AGREEMENT dated this [Insert date]

[Insert name] (the “Assignor”)

– AND-

[Insert name] (the “Assignee”)

A. This is an agreement (the “Assignment”) to assign a residential tenancy agreement in real property according to the terms specified below.

B. The Assignor wishes to assign and transfer to the Assignee that tenancy agreement (the “Tenancy Agreement”) dated June 11, 2020, and executed by the Assignor as tenant and by _________________________ as landlord (the “Landlord”).

IN CONSIDERATION OF the Assignor agreeing to assign and the Assignee agreeing to assume the Tenancy Agreement for the Premises, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, both parties agree to keep, perform and fulfill the promises, conditions and agreements below:

1. The Tenancy Agreement governs the rental of the following described premises (the “Premises”) to the Assignor: ______________________________________________

Assigned Tenancy Agreement

2. The Assignor assigns and transfers to the Assignee all of the Assignor’s right, title, and interest in and to the Tenancy Agreement and the Premises, subject to all the conditions and terms contained in the Tenancy Agreement.

Effective Date

3. This Assignment takes effect on June 11, 2020 (the “Effective Date”), and continues until the present term of the Tenancy Agreement expires on June 11, 2020.

Assignor’s Interest

4. The Assignor covenants that:

a. the Assignor is the lawful and sole owner of the interest assigned under this Assignment; b. this interest is free from all encumbrances; and c. the Assignor has performed all duties and obligations and made all payments required under the terms and conditions of the Tenancy Agreement.

Breach of Tenancy Agreement by Assignee

5. Consent to this Assignment will not discharge the Assignor of its obligations under the Tenancy Agreement in the event of a breach by the Assignee.

6. In the event of a breach by the Assignee, the Landlord will provide the Assignor with written notice of this breach and the Assignor will have full rights to commence all actions to recover possession of the Premises (in the name of the Landlord, if necessary) and retain all rights for the duration of the Tenancy Agreement provided the Assignor will pay all accrued rents and cure any other default.

Governing Law

7. It is the intention of the parties that this Assignment, and all suits and special proceedings under this Assignment, be construed in accordance with and governed, to the exclusion of the law of any other forum, by the laws of the State of New South Wales, without regard to the jurisdiction in which any action or special proceeding may be instituted.

Miscellaneous Provisions

8. This Assignment incorporates and is subject to the Tenancy Agreement, a copy of which is attached hereto, and which is hereby referred to and incorporated as if it were set out here at length. The Assignee agrees to assume all of the obligations and responsibilities of the Assignor under the Tenancy Agreement.

9. This Assignment will be binding upon and inure to the benefit of the parties, their successors, assigns, personal representatives, beneficiaries, executors, administrators, and heirs, as the case may be.

10. All rents and other charges accrued under the Tenancy Agreement prior to the Effective Date will be fully paid by the Assignor, and by the Assignee after the Effective Date. The Assignee will also be responsible for assuming and performing all other duties and obligations required under the terms and conditions of the Tenancy Agreement after the Effective Date.

11. There will be no further assignment of the Tenancy Agreement without the prior written consent of the Landlord.

IN WITNESS WHEREOF the Assignor and Assignee have duly affixed their signatures under hand and seal on this [Insert date]

SIGNED BY THE ASSIGNOR

_____________________________ Assignor: _________________________

in the presence of (Name of witness) _______________________

(Signature of witness) _____________________________

SIGNED BY THE ASSIGNEE _____________________________ Assignee: _______________________

in the presence of (Name of witness) ___________________

(Signature of witness) _______________________________

CONSENT OF LANDLORD

The Landlord in the above Assignment of Tenancy Agreement executed on [Insert date] consents to that Assignment. The Landlord also agrees to the Assignee assuming after [Insert date] the payment of rent and performance of all duties and obligations as provided in the Tenancy Agreement. Dated: [Insert date]

Landlord: _________________________

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Contract Assignment Agreement

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This Contract Assignment Agreement document is used to transfer rights and responsibilities under an original contract from one Party, known as the Assignor, to another, known as the Assignee. The Assignor who was a Party to the original contract can use this document to assign their rights under the original contract to the Assignee, as well as delegating their duties under the original contract to that Assignee. For example, a nanny who as contracted with a family to watch their children but is no longer able to due to a move could assign their rights and responsibilities under the original service contract to a new childcare provider.

How to use this document

Prior to using this document, the original contract is consulted to be sure that an assignment is not prohibited and that any necessary permissions from the other Party to the original contract, known as the Obligor, have been obtained. Once this has been done, the document can be used. The Agreement contains important information such as the identities of all parties to the Agreement, the expiration date (if any) of the original contract, whether the original contract requires the Obligor's consent before assigning rights and, if so, the form of consent that the Assignor obtained and when, and which state's laws will govern the interpretation of the Agreement.

If the Agreement involves the transfer of land from one Party to another , the document will include information about where the property is located, as well as space for the document to be recorded in the county's official records, and a notary page customized for the land's location so that the document can be notarized.

Once the document has been completed, it is signed, dated, and copies are given to all concerned parties , including the Assignor, the Assignee, and the Obligor. If the Agreement concerns the transfer of land, the Agreement is then notarized and taken to be recorded so that there is an official record that the property was transferred.

Applicable law

The assignment of contracts that involve the provision of services is governed by common law in the " Second Restatement of Contracts " (the "Restatement"). The Restatement is a non-binding authority in all of U.S common law in the area of contracts and commercial transactions. Though the Restatement is non-binding, it is frequently cited by courts in explaining their reasoning in interpreting contractual disputes.

The assignment of contracts for sale of goods is governed by the Uniform Commercial Code (the "UCC") in § 2-209 Modification, Rescission and Waiver .

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.

Contract Assignment Agreement - FREE - Sample, template

Country: United States

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Contract Assignment Agreement

Jump to section, what is a contract assignment agreement.

A contract assignment agreement is a document that transfers the contractual rights and duties of one party to another. The other party involved in the contract must agree to the terms of the transfer as well as they will now be in a contractual agreement with a different party.

Contract of assignment agreements must not violate any other laws or statutes in order to be enforced. The original contract must also allow assignments, or at least not explicitly prohibit them. Contract of assignment agreements cannot alter what is expected from the original contract.

Contract Assignment Agreement Sample

Reference : Security Exchange Commission - Edgar Database, EX-10.45 61 dex1045.htm ASSIGNMENT OF CONTRACT , Viewed October 27, 2022, View Source on SEC .

Who Helps With Contract Assignment Agreements?

Lawyers with backgrounds working on contract assignment agreements work with clients to help. Do you need help with a contract assignment agreement?

Post a project  in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate contract assignment agreements. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.

ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

Meet some of our Contract Assignment Agreement Lawyers

Greg Fidlon has been practicing exclusively in employment law since 1998. He represents and advises clients in all aspects of the employment relationship. In addition to his litigation work, Greg regularly negotiates and drafts corporate policy handbooks, employment contracts, separation agreements and restrictive covenants. He also develops and presents training programs and has spoken and written extensively on labor and employment law topics.

Orly Boger has worked in the high tech industry and in a leading law firm before launching her law firm. Orly focuses on startup companies and technology transactions. She structures and negotiates software and technology license agreements, strategic partnerships, cloud-based/SaaS agreements, internet related transactions, OEM agreements, supply, distribution, telecommunications. In addition, Orly has experience in serving as an in-house legal counsel for start up companies at various phases of their development, providing strategic legal advise to entrepreneurs and emerging companies with a comprehensive understanding of the business and legal issues. She has been helping companies develop a legal strategy for all aspects of their operations, from commercial transactions and partnerships, scalable SaaS or services agreements, privacy policies, employment related policies, open source licensing and much more.

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I advise clients in the areas of business, trademarks, real estate, employment, and finance. My overarching goals are to unite creative people and companies to assist them in making sound legal and business decisions. I have been fortunate enough to build a fast-growing, 21st-century law firm with an amazing staff by my side. Our focus is not just on providing invaluable legal insight but creating a better all-around client experience. We provide unique subscription pricing and flat-fee options for our clients, providing billing transparency and enhanced value to all of our wonderful clients. Focus areas: contract drafting, negotiations, research, trademarks international law, entertainment, business development, entity choice; business: manager, team builder, leader, motivator. Speaking Engagements: National Business Institute (NBI) - "Business Contracts 101"

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What is Assignment Agreement? How to Register Assignment agreement in Karnataka for purchase of property?

An assignment agreement involves transfer of property from an original party (also know as real-estate wholesaler or assignor or first party) to a new party (also know as assignee or second party).

-------------------------------------------

Assignment is one of the real estate investment strategy, it can involve time and financial pressure but the assignor can make potential money

Assignment works on the following pattern:

The first party   or assignor finds a property (mostly an under construction property) and enters into a sale agreement with builder to purchase the property. The sale agreement consist of seller details , buyer details, buying price, tentative date of possession etc..

When the first party finds a new buyer that can fulfill the terms & conditions of principle sale agreement like buying price and possession date. The first party assign a tri-party agreement with new buyer, the try party agreement between first party (assignor), second party (assignee) and third party (builder)

The first party (assignor) collects an assignment fee for finding a new buyer, take around 3–5 years to realize the returns in assignment strategy.

For example:

The buying price in principle agreement is Rs. 50,00,000 (at the time of project launch)

The buying price in assignment agreement is Rs, 70,00,000 (at the time of possession)

The assignment fee is Rs, 70,00,000–50,00,000 = 20,00,000/-

-------------------------

Following is the cost to register assignment agreement

• Stamp Duty: 0.1% of buying price
• Registration fee : Rs. 200
• Scanning Rs. 35 per page

Documents required to register assignment agreement:

• Principle sale agreement between assignor or builder
• PAN of assignor, assignee and builder

Follow the below procedure to register assignment agreement:

• Draft the assignment agreement in word document 
• Print the draft on A4 size paper
• Book the appointment for registration
• Pay the government fee (stamp duty, registration fee and scanning fee)
• Register the assignment agreement in sub-registrar office

All the parties including assignor, assignee, builder and two witnesses must present in sub-registrar office for registration of assignment agreement.

• In the above answer, principle sale agreement means the sale agreement between assignor and builder 
• One Closing means one transaction take place which the end buyer (assignee) pays the seller for the property purchase.
• Two closing means two transactions take place in succession for one property, the 1st buyer (assignor) purchase the property from seller rather assigning, Then, immediately resell said property to end buyer (assignee)
• Most of the real-estate investors prefer “One Closing” rather “Two Closing” to avoid the payment of stamp duty. Assignment agreement is most preferred option for investors because it has one closing.
• Assignment agreement can be registered or un-registered (Not mandatory to register assignment agreement)
• To process home loan, assignment agreement should be either registered or adjudicate 0.1% of buying price
• If you are self-financing the purchase (without home loan) and the property is ready to occupy, you may skip the assignment agreement and register the sale deed as this may save your time and take possession immediately after deed registration 

------------

We provide assistance to register assignment agreement. To opt for our service, please WhatsApp to + 9 1 - 9 7 4 2 4 7 9 0 2 0.

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Krishna Pamarthy (Sr Software Engineer)     --> 15 April 2012

Assignment agreement issue for resale flat !!

Hello Friends

 I am Phani Krishna, from bangalore. I have recently decided to purchase a resale apartment in Neotown Bangalore. The seller is a small time investor, who bought this flat (s17 304) only to sell it before registration, for some profit, Which is a regular trend among IT professionals in bangalore. They buy the flat during inaugral offers & wait for it to appreciate and sell it when the project is in final stages of completion, before registration. This way, they avoid paying registration charges & stamp duty, but get to enjoy the benefits of appreciation of the property.

However, I liked the flat and paid the seller (Mr Bajarang) an advance of 1lakh, to hold the flat for me. Meanwhile, to go for a bank loan, the bank will require the Assignment Agreement from the builder saying the flat is now transferred to my name and its value is 35 lakhs (final amount agreed by me & seller Mr. Bajarang). But the Builder says, he sold the flat to Mr. Bajarang in 2009 for 23 lakhs, and hence the assignment agreement will contain only the older value that is 23 lakhs. Even if he will prepare a new assignment agreement to transfer the propert from Bajarang to my name, it will still contain the old value that is 23 lakhs/

If the assignment agreement contains 23 lakhs, then my loan amount will be very less (only 18 lakhs) and may be it will also affect me in the long run when i sell this flat at later stage (short term capital gain will be more in paper than actual due to lesser value on the agreement). I need the assignment agreement to carry the full value that i will be paying to the seller (Mr. Bajarang).

Is there a legal problem to the builder by giving me an assignment agreement of full value ? Or is it just because he doesnt want to do the paper work ? I would like to consult you to discuss this in detail. How can i get the assignment agreement of full value so that it is beneficial for me to get a bank loan of maximum amount?

Meanwhile, Mr. Bajarang is asking me for more payment for the deal but I would like to get the assignment agreement issue clarified before paying him any further. Also, for the 1 lakh that i have paid him already, I only have a paper receipt and the sale agreement is not yet prepared & signed. I would also need help in drafting the sale agreement to this deal.  Can someone  please help me with any details regarding the assignment agreement & sale deed process?

I would like to get professional help with this purchase because I am buying a house for the first time in my life and I am staying away from my parents and hence not much help I can get from them as well.

I hope there are good knowledgeable people on the forum to guide me with this and I can personally meet anyone in bangalore for further clarity in the issue. ALternately, You can contact me @ 9880844668

The brief summary:

• Property : Flat# s17 0304, Smondoville, Neotown, Electronic City Phase I, BLR
• Sale Type : Resale (Not registered yet, so i will be first to register)
• Value : 35 Lakhs (agreed between me & seller)
• Actual Value (before appreciation) : 23 Lakhs (sold by the builder to first buyer)
• Assignment Agreement Value : 23 Lakhs ( Builder quoted value only)
• Required Assignment Agreement Value : 35 Lakhs (since i am paying this amount to the seller, i need this value for my loan process)
• Sale Deed Value : 35 Lakhs (but the banks wont consider this for resale before registration)

Thanks a lot for your time and reading the post. 

Any help is greatly appreciated !!

Phani krishna

 2 Replies

Krishna Pamarthy (Sr Software Engineer)     --> 16 April 2012

Can some one please help me with some useful information ?

I also need to complete this sale and without knowing the legalities of an assignment agreement (whether i can get it for the full value i pay or not) i may not be able to go ahead with this deal.. and Most of the flats are in such litigation only !

RKP (self)     --> 17 April 2012

I too have the same doubt.

Will you pls post this query on commonfloor at https://www.commonfloor.com/articles/buying-a-resale-or-pre-owned-property-252.html where you can get faster replies?

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Tripartite Assignment Agreement - Bangalore Apartment

7 answers received in 1 day .

Lawyers are available now to answer your questions.

yes, the assignment agreement is legally  binding, if all three of you, namely the builder seller and you Harneet, fulfill the criteria of section 10 Indian Contract Act.

you can make the payment to the seller once the agreement is signed and attested.

Adv. Ritvik Krishna  

•    Talk to Advocate Ritvik Krishna

Deed of assignment is binding upon parties 

2) you should make payment to seller at time of registration of agreement 

•    Talk to Advocate Ajay Sethi NOW!

Banks do provide escrow services for property transactions 

1. Does the seller has valid title of the property to pass on the same to you? It shall have to checked up at first.

2. Registered Assignment Agreement will be binding on the parties.

3. handover the DD at the office of the Registrar at the time of registration of the sale deed in your favour.

4. Make the owner of the property be the consenting party to the said sale deed to be registered.

•    Talk to Advocate Krishna Kishore Ganguly

1. You can talk to the Bank for opening the Escrow Account but you shall have to make sure as to who will operate it in case the deal falls flat.

2. Usually Escrow Accounts are opened as per Court's direction.

1. this agreement is totally legal and shall be binding on the parties.

2. Make the payment during the registration of your sale deed.

3. yes, banks do provide services for opening escrow account. Kindly, make sure that who will be operating the escrow account in case the deal gets cancelled.

•    Talk to Advocate Anik Miu

- It means that you are purchasing the property from a person who booked the property from the said builder .

-   As per law, without Registration a buyer has no legal right over the property even he has cleared all the dues with the builder, and further cannot sell it to anyone under the Transfer of Property Rights Act.

- Since, you want to purchase the said property from the said person  , then you should approach her builder and request him to make changes in the Builder-Buyer Agreement and transfer the ownership rights in your name.

- As per rule the builder after collecting processing charges , can register the property in your name. This processing fee is charged to change the Builder-Buyer Agreement.

- Since, you have already entered into tripartite agreement with them, then the builder can transfer the property in your name by a registered deed. 

- The said assignment agreement is legally bind you three .

•    Talk to Advocate Mohammed Shahzad

You can get the tripartite agreement registered  to make it valid and enforceable in law in case of any dispute in future in this regard.

You can settle the consideration amount after completion of all formalities, because the seller is basically devoid of title and he cannot become a seller to execute the registered sale deed in your favor, therefore you may ask the builder to execute the registered sale deed in your name after which you can make the final payment to the seller or as per the conditions of the tripartite agreement.

•    Talk to Advocate T Kalaiselvan NOW!

No such services available for individual purchases.

You may issue a post date cheque so that the cheque can be encashed after completion of registration of the sale deed in your favor.

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Transfer of Property Legal Consultant

What is Deed of Assignment for Flat?

A Deed of Assignment for flat is a very important document in the process of transfer of flat property ownership. This document legally transfers ownership from the assignor to the assignee. But what exactly is an assignor and assignee, and what are the important points to include in a deed of assignment?

Important Points

Meaning of Assignor and Assignee

An assignor is a person who currently owns the flat property and is transferring its ownership to another person. The assignee is the person who is receiving the flat property ownership. The deed of assignment for flat is the document that legally transfers property ownership from the assignor to the assignee.

Meaning of Deed of Assignment for flat

The Deed of Assignment for flat is a legal instrument that formalizes the transfer of flat property ownership from the Assignor (owner)  to the Assignee (purchaser). The document acts as evidence of the transfer of flat property ownership and is used to protect the rights and interests of both parties.

Some Key Points in the Deed of Assignment

When creating a deed of assignment for flat, it is important to include several key points to ensure that the transfer of flat ownership is legally binding and properly documented. Here are some examples of important points to include:

Description of the flat/property

The deed of assignment for flat should include a detailed description of the property being transferred. This can include information such as the address, size, and any unique features of the property.

Flat/Property construction details

It is also important to include information about the construction of the flat property, such as the name of the constructor and details about the plan approval, commencement and completion certificates, etc.

Information of the Society

The deed of assignment for flat should include information about the society, like, the society name, and its registration number. 

Prior transaction history of the property

The deed of assignment for flat should include information about any prior transactions that happened on the flat property. This can include information about how the existing owner has received the ownership and all the references about previous transactions.

Consideration amount and payment details

The deed of assignment for flat should include information about the consideration amount (i.e. the amount of money being paid for the property), the mode of payment, and any details about the payment schedule.

Acknowledgment of payment

The Deed of Assignment for flat should also include a clause where the Assignor gives an acknowledgment that he/she has received the agreed consideration amount from the Assignee. This will help in avoiding any disputes in the future regarding the payment made for the property. It is essential to ensure that the consideration amount has been received in full and that the Assignor has no further claims to the property.

Assurances and indemnification by the assignor

One of the most critical aspects of a Deed of Assignment for flat is the assurances and indemnification provided by the Assignor to the Assignee. The Assignor must assure the Assignee that the property being transferred is free from any encumbrances or legal issues. The Assignor’s assurance declares that the property is not subject to any liens, leases, mortgages, or other agreements that may impact the transfer of the property. Moreover, the Assignor must confirm that the property is not the subject of any court litigation, and they hold the title of the property free and clear. This assurance guarantees that the property being transferred has a clean title, and there are no legal disputes attached to it.

Assurance of no payment dues

The Assignor must assure the Assignee that there are no outstanding dues or pending payments towards any electricity charges, piped gas connection charges, Society maintenance charges, property taxes, and other charges, all taxes and dues in the respect of the property as of the date of execution of the Deed of Assignment for flat. The Assignor should further declare that in case any dues or taxes remain unpaid till the date of execution of the Deed, he/she will pay the same without any objection or dispute.

Assignor’s promise to co-operate with assignee

The assignor should promise to co-operate with the assignee in the future if any documents need to be signed or if any other actions are required to transfer ownership of the flat property. For example – cooperation for enrolling the Assignee’s name as owners of the property in all Government records, society records, Property Tax & M.S.E.B., etc. as & when be required.

Governing law in case of any dispute

The deed of assignment for flat should specify the governing law that will be used in case of any disputes between the assignor and the assignee.

Execution in the presence of witnesses

Finally, the deed of assignment for flat should be signed (executed) by both the Assignor and the Assignee in the presence of witnesses. This ensures that the transfer of ownership is legally binding.

Registration and Stamp Duty

After the Deed of Assignment for flat has been signed by both the parties (assignor and assignee), it must be registered in the sub-registration office. In Maharashtra, the stamp duty for registration is calculated based on the consideration price or the government valuation of the property, whichever is higher. This is an important step to ensure that the transfer of ownership is legally recognized and that the rights and interests of both parties are protected. Proper registration of the Deed of Assignment will also prevent any future disputes or legal complications.

The deed of assignment for flat plays a vital role in transferring the ownership of a property. The document is a legally binding agreement that protects the interests of both the Assignor and the Assignee. It is important to include the above-mentioned important points. Additionally, registering the deed of assignment in the sub-registration office and paying the applicable stamp duty is mandatory.