deed of assignment by way of transfer

Transferring a Property NOT pursuant to a sale – can it be done?

by Donovan & Ho (BD) | January 19, 2022 | Real Estate

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We often receive queries from individuals where a property was jointly purchased with loved ones or business associates, or even with an ‘ex’ and subsequently, one party wishes to transfer their portion of the property so there will now be just one owner. Another common scenario is where a husband / parent wishes to transfer the property to his wife or children while still alive.

In this article, we explore some frequently asked questions relating to situations that do not involve a sale of the property.

What are the documents needed to effect such a transfer?

An “MOT”, also known as “Instrument of Transfer”, is the legal instrument prescribed by the National Land Code 1965, which is used to effect the transfer of property with individual title or strata title. For a property without individual title or strata title issued, a Deed of Assignment (by way of transfer) is used to effect the transfer of the property.

Is a Sale and Purchase Agreement needed if no money is changing hands?

A Sale and Purchase Agreement (SPA) is not needed if no money is changing hands. However, it can be useful to have a simple SPA drawn up on a ‘friendly-party basis’ to capture the transfer, especially for the future disposal of the property to a bona fide third party purchaser.

What if the property is still subject to bank loan / charged to the bank?

If the property is still charged to a Bank, the outstanding loan must first be fully redeemed with cash OR from a completely new loan facility. Getting a new loan could mean a new (and lower) loan interest rate, but it will also involve additional legal fees and stamp duty (0.5% on the borrowed amount) on the loan documents.

The solicitor will then simultaneously register both the bank charge documents (for the new loan) and the MOT at the land office. It is also likely that the bank will insist for an SPA to be signed.

What is the time needed for such a transfer?

The whole process might take between 3 to 4 months, or more, depending on the tenure type of property, i.e. freehold or leasehold, whether there is a loan to redeem, or whether a developer is involved the property where the strata title is not yet issued.

Will state authority consent be required for such a transfer?

For a leasehold property, state authority consent will be required for the transfer. The state authority consent will take between 2 to 3 months depending on the location of the property.

What is the stamp duty involved in such a transfer?

You are also required to pay for the stamp duty to effect the transfer. The rates of stamp duty under the Stamp Act 1949 are as follows: –

• First RM100,000                                                 –           1%       
• Next RM400,000                                                 –           2%         
• Next RM500,000                                                 –           3%       
• Amounts above RM1,000,000                           –           4%

The stamp duty will be based on the property’s current market value which will be valued by the Inland Revenue Board and not based on original purchase price .

However, there are full or partial stamp duty exemptions if the transfer is done between spouses, parents and children:

Be mindful that transfers between siblings, friends, boyfriends and girlfriends, or grandparents are subject to the full stamp duty rate.

Will the transferor need to pay RPGT on such a transfer?

Under the Real Property Gains Tax Act 1976 (RPGT Act), there is a 100% RPGT exemption in the transfer of property between family members by way of love and affection between spouses, parents and children. The transferor is deemed to have received “no gain and suffered no loss” and not subject to any RPGT.

Apart from the above, any forms of transfer between siblings, friends, boyfriends and girlfriends, or grandparents are not entitled to apply for the RPGT exemption.

What is the RPGT implication to the transferee / recipient in the subsequent disposal?

The transferee should be aware that he is deemed to have acquired the property at the acquisition price that was previously paid by the transferor . Therefore, upon subsequent disposal by the transferee , he might be exposed to significant capital gains, especially if the property was previously owned by the transferor for a long amount of time.

It is always advisable to seek professional legal advice to first determine your exact situation after conducting the updated searches and a review of your documents, in order to assess the multiple variable factors and costs that would apply to your specific situation.

This article was written by  Shawn Ho  (Partner) & Suzanne Fam   (Senior Associate) from the property & tax  practice group of Donovan & Ho.   Shawn leads the  corporate  practice group of Donovan & Ho, and has been recognised as a Notable Practitioner, whilst the firm has been recognised as a Notable Firm for Corporate and M&A by Asialaw Profiles 2020 and 2021.  We are also ranked as a Recommended Firm by IFLR1000 2020 and 2021.

Our corporate practice group advises on corporate acquisitions, restructuring exercises, joint venture arrangements, shareholder agreements, employee share options and franchise businesses, Malaysia start-up founders and can assist with venture capital funds in Seed, Series A & B funding rounds. We also advise on property transactions and real-estate related tax planning. Feel free to  contact us  if you have any queries.

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Understanding Deed of Assignment: Definition, Uses, and Legal Implications Explained

A deed of assignment is a legal document that transfers the ownership of a tangible or intangible asset from one party (assignor) to another (assignee). It is used to formalize the transfer of rights, interests, or benefits associated with the asset specified in the deed. This document is commonly used in various legal and financial transactions to ensure clarity and enforceability of the transfer.

Table of Contents

Key characteristics of deed of assignment.

• Legal Form : It is a formal written document recognized under legal jurisdictions.
• Transfer of Rights : Involves transferring ownership or interests in a specific asset.
• Specificity : Clearly defines the asset being transferred and the terms of transfer.
• Enforceability : Once executed, it becomes legally binding on both parties.

How Deed of Assignment Works

Examples and usage, 1. transfer of debt example.

• Definition : A debtor assigns their debt obligation to a new creditor.
• Process : A deed of assignment is used to transfer the rights to receive payment from the debtor to the new creditor.

2. Intellectual Property Transfer

• Definition : An author assigns their copyright in a book to a publishing company.
• Procedure : A deed of assignment outlines the transfer of intellectual property rights from the author to the publisher.

Advantages of Deed of Assignment

• Legal Clarity : Provides a clear record of the transfer of rights or interests.
• Enforceability : Ensures that the assignee can legally enforce their rights against the assignor.
• Asset Protection : Helps protect the rights of the assignee against claims by third parties.

Challenges of Deed of Assignment

Considerations.

• Legal Requirements : Must adhere to specific legal formalities to be enforceable.
• Risk of Breach : Potential for disputes over the validity or terms of the assignment.

Importance of Deed of Assignment

Practical applications, legal transfers.

• Debt Assignments : Transferring debt obligations from one creditor to another.
• Property Transfers : Assigning ownership rights in real estate or intellectual property.

Real-world Implications

Legal and financial security.

• Contractual Agreements : Facilitates smooth transfers of rights and responsibilities.
• Risk Management : Helps mitigate risks associated with ownership disputes or claims.

Example Scenario

Application in debt assignment, scenario: debt transfer deed of assignment.

• Context : A company assigns its accounts receivable to a factoring company.
• Procedure : Signing a deed of assignment outlining the transfer of rights to receive payment from debtors to the factoring company.

A deed of assignment is a crucial legal instrument used to transfer ownership or rights from one party to another. Whether for debts, intellectual property, or other assets, it ensures clarity and enforceability in legal transactions. By documenting the specifics of the transfer and adhering to legal requirements, parties can safeguard their interests and ensure that the transfer is legally binding. Understanding the purpose and implications of a deed of assignment is essential for navigating legal transfers of rights and assets effectively. It provides a structured approach to asset transfers, protecting the rights of both assignors and assignees under legal frameworks. Overall, deeds of assignment play a significant role in facilitating smooth and legally secure transfers of various types of assets and rights between parties.

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Deed of Assignment: Everything You Need to Know

A deed of assignment refers to a legal document that records the transfer of ownership of a real estate property from one party to another. 3 min read updated on January 01, 2024

Updated October 8,2020:

A deed of assignment refers to a legal document that records the transfer of ownership of a real estate property from one party to another. It states that a specific piece of property will belong to the assignee and no longer belong to the assignor starting from a specified date. In order to be valid, a deed of assignment must contain certain types of information and meet a number of requirements.

What Is an Assignment?

An assignment is similar to an outright transfer, but it is slightly different. It takes place when one of two parties who have entered into a contract decides to transfer all of his or her rights and obligations to a third party and completely remove himself or herself from the contract.

Also called the assignee, the third party effectively replaces the former contracting party and consequently assumes all of his or her rights and obligations. Unless it is stated in the original contract, both parties to the initial contract are typically required to express approval of an assignment before it can occur. When you sell a piece of property, you are making an assignment of it to the buyer through the paperwork you sign at closing.

What Is a Deed of Assignment?

A deed of assignment refers to a legal document that facilitates the legal transfer of ownership of real estate property. It is an important document that must be securely stored at all times, especially in the case of real estate.

In general, this document can be described as a document that is drafted and signed to promise or guarantee the transfer of ownership of a real estate property on a specified date. In other words, it serves as the evidence of the transfer of ownership of the property, with the stipulation that there is a certain timeframe in which actual ownership will begin.

The deed of assignment is the main document between the seller and buyer that proves ownership in favor of the seller. The party who is transferring his or her rights to the property is known as the “assignor,” while the party who is receiving the rights is called the “assignee.”

A deed of assignment is required in many different situations, the most common of which is the transfer of ownership of a property. For example, a developer of a new house has to sign a deed of assignment with a buyer, stating that the house will belong to him or her on a certain date. Nevertheless, the buyer may want to sell the house to someone else in the future, which will also require the signing of a deed of assignment.

This document is necessary because it serves as a temporary title deed in the event that the actual title deed for the house has not been issued. For every piece of property that will be sold before the issuance of a title deed, a deed of assignment will be required.

Requirements for a Deed of Assignment

In order to be legally enforceable, an absolute sale deed must provide a clear description of the property being transferred, such as its address or other information that distinguishes it from other properties. In addition, it must clearly identify the buyer and seller and state the date when the transfer will become legally effective, the purchase price, and other relevant information.

In today's real estate transactions, contracting parties usually use an ancillary real estate sale contract in an attempt to cram all the required information into a deed. Nonetheless, the information found in the contract must be referenced by the deed.

Information to Include in a Deed of Assignment

• Names of parties to the agreement
• Addresses of the parties and how they are binding on the parties' successors, friends, and other people who represent them in any capacity
• History of the property being transferred, from the time it was first acquired to the time it is about to be sold
• Agreed price of the property
• Size and description of the property
• Promises or covenants the parties will undertake to execute the deed
• Signatures of the parties
• Section for the Governors Consent or Commissioner of Oaths to sign and verify the agreement

If you need help understanding, drafting, or signing a deed of assignment, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

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Deed of Assignment | Assignor | Assignee

Assign your property to another with a "deed of assignment".

Transfer your property to another person

Last updated on 16 November 2023

1. What is a Deed of Assignment? 

A Deed of Assignment is a contract where the owner (the “assignor”) transfers ownership over property to another person (the “assignee”) by way of assignment. The assignee steps into the shoes of the assignor and assumes all the rights and obligations to the property.

2. When do you need a Deed of Assignment?

A Deed of Assignment is used when the owner wants to transfer ownership (and the rights and obligations) over property to another person.

3. What information do you need to create the Deed of Assignment?

To create your Deed of Assignment you’ll need the following minimum information:

• The type of assignor (e.g. individual or business) as well as name and details (e.g. nationality and address).
• The type of assignee (e.g. individual or business) as well as name and details (e.g. nationality and address).
• Brief description of the property to be assigned.

4.  How much is the document?

The document costs PHP 400 for a one-time purchase. Once purchased you have unlimited use and revisions of this type of document.

You can also avail of Premium subscription at PHP 1,000 and get (a) unlimited use of our growing  library  of documents (from affidavits to contracts); and (b) unlimited use of our “ Ask an Attorney ” service, which lets you consult an expert lawyer anytime for any legal concern you have.

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Deed of Assignment Guide | Transfer Property Easily

Are you looking to transfer the ownership of a property smoothly and legally? A deed of assignment is the solution you need. This legal document is commonly used for the transfer of beneficial interest in a property from one party to another. Whether you’re assigning your rights to your spouse for tax purposes or making a change in ownership, a deed of assignment ensures a hassle-free transfer of ownership .

So, what exactly is a deed of assignment ? It is a legal instrument used to transfer ownership rights from one party to another. This document outlines the rights and responsibilities of the parties involved, ensuring that the transfer is legally binding. Whether you’re transferring property or intellectual property rights, a deed of assignment is the key to a smooth and secure transfer of ownership .

What is a Deed of Assignment?

A deed of assignment is a legal instrument that enables the transfer of ownership rights from one party to another. It is commonly used in property transactions to assign the beneficial interest in a property to a different party. This document outlines the rights and responsibilities of all parties involved, ensuring a secure and legal transfer of ownership .

Understanding the Deed of Assignment

A deed of assignment serves as a legally enforceable agreement that facilitates the smooth transfer of ownership rights. It is a fundamental element in property transfer , signifying the change of ownership from the assignor to the assignee. This document contains important information regarding the property being transferred and the terms of the assignment.

The deed of assignment establishes a clear record of the property’s ownership transfer and protects the rights of all parties involved. It acts as concrete proof of the assignment, safeguarding against any future disputes or claims.

Roles of Parties Involved

In a deed of assignment, there are typically two key parties:

• The Assignor: This is the party who currently owns the property and wishes to transfer their ownership rights to another party.
• The Assignee: This is the party who will receive the transferred ownership rights and become the new owner of the property.

The Assignment Process

The process of creating a deed of assignment involves several essential steps:

• Consultation with Legal Professionals: It is advisable to seek advice from legal professionals, such as solicitors or conveyancers, to ensure the proper execution of the deed of assignment.
• Drafting the Deed: The deed should include the names and addresses of the assignor and assignee, a detailed description of the property, and a clear statement of the transfer of ownership rights.
• Execution and Signing: The deed of assignment must be executed in the presence of witnesses and signed by both the assignor and assignee.
• Registration : While the deed of assignment itself is a legally binding document, it is crucial to register the assignment with the relevant authorities, such as the Land Registry, to obtain official recognition of the ownership transfer.

An example of a deed of assignment is shown below:

By carefully following the necessary steps and ensuring compliance with legal requirements, a deed of assignment guarantees a legitimate and secure transfer of ownership rights. It is vital to consult with qualified professionals to ensure that all aspects of the assignment process are correctly handled and that the rights and responsibilities of all parties are clearly defined and protected.

When is a Deed of Assignment Used?

A deed of assignment is a legal document commonly used in various situations to transfer the beneficial interest in a property. Whether it’s for tax purposes or due to a contractual agreement , this document ensures a smooth property transfer , protecting the rights of all parties involved.

One of the typical scenarios where a deed of assignment is utilized is when one party wants to assign their rights to another party for tax purposes. By transferring the beneficial interest in the property, it allows for tax benefits or advantages that may arise from the ownership transfer.

Another common circumstance where a deed of assignment comes into play is when there is a change in ownership due to a contractual agreement . For example, in business partnerships, joint ventures, or investments, a contractual agreement may require the transfer of property rights between parties to comply with the terms and conditions outlined in the agreement.

By using a deed of assignment in these situations, all parties can be confident that the transfer of ownership is legally binding and executed in accordance with the relevant laws and regulations. This document provides a clear record of the property transfer , ensuring the rights and responsibilities of each party are protected.

Key Use Cases for a Deed of Assignment:

• Transfer of beneficial interest for tax purposes
• Change in ownership due to a contractual agreement
• Transferring ownership of intellectual property rights

Whether it’s a property transfer or the transfer of intellectual property rights, a deed of assignment serves as a vital legal instrument to facilitate the smooth and legally binding transfer of rights , ensuring transparency and protection for all parties involved.

How to Create a Deed of Assignment?

Creating a deed of assignment requires careful consideration and attention to detail. To ensure the document is drafted correctly, it is recommended to consult with a solicitor or legal professional who specializes in property law. They can provide expert guidance throughout the process.

The deed should include the names and addresses of the parties involved, a description of the property, and a clear statement of the legal transfer of ownership . These details are crucial for the deed to accurately represent the intended transfer.

Additionally, it is important to follow proper conveyancing procedures. Conveyancing is the legal process of transferring property ownership from one party to another. It ensures that the transfer is valid and legally binding.

Consulting a Legal Professional

When creating a deed of assignment, it is highly recommended to seek the assistance of a legal professional. They have the knowledge and expertise to guide you through the process, ensuring that all necessary legal requirements are met.

A legal professional can assist in determining the specific requirements for your deed based on the jurisdiction and nature of the property or rights being transferred. They can also help in preparing the necessary documentation and verifying the validity of the deed.

Furthermore, consulting a legal professional can provide peace of mind, knowing that the deed of assignment is created correctly and protects your rights and interests.

Key Considerations in Creating a Deed of Assignment

When creating a deed of assignment, there are several key considerations to keep in mind:

• Accuracy: Ensure that all details, including names, addresses, and property description, are accurately stated in the deed.
• Clear Transfer Statement: Clearly articulate the transfer of ownership or rights in a statement within the deed.
• Legal Language: It is essential to use clear and legally valid language in the deed to ensure its enforceability.
• Witnesses and Signatures: The deed of assignment may require witnesses or specific signing requirements to validate the transfer.

By addressing these considerations and consulting with a legal professional, you can ensure that your deed of assignment is legally sound and facilitates a smooth transfer of ownership.

Cost of a Deed of Assignment

The cost of a deed of assignment can vary depending on various factors, such as the complexity of the transaction and the involvement of legal professionals. It is important to consider the cost as part of the overall property transfer process and budget accordingly.

Determining the Deed of Assignment Cost

The cost of drafting a deed of assignment is influenced by several factors, including:

• Complexity of the Transaction: Transactions involving multiple parties, intricate property arrangements, or special considerations may require more extensive legal expertise, resulting in higher costs.
• Involvement of Legal Professionals: Engaging a solicitor or conveyancer to draft and review the deed can contribute to the overall cost. Their expertise ensures compliance with legal requirements and protects your interests during the property transfer.

Considering these factors, the average cost of a deed of assignment in the UK, including VAT, can range from £350. However, it is essential to obtain a personalized quote from a legal professional to understand the exact cost based on your specific circumstances.

Additional Costs to Consider

It’s crucial to remember that the deed of assignment cost may not be the sole expense involved in the property transfer process. Here are some additional costs to consider:

• Land Registry Fees: Registering the new ownership with the Land Registry incurs fees, which may vary based on the value of the property and the type of registration required.
• Searches and Surveys: Before completing the property transfer, it is common to conduct searches and surveys to ensure there are no outstanding issues or potential risks.
• Stamp Duty Land Tax: Depending on the value of the property and the specific circumstances, you may be required to pay Stamp Duty Land Tax.
• Legal Advice: Seeking legal advice beyond the initial deed of assignment drafting may incur additional costs.
• Other Third-party Fees: Depending on the circumstances, there may be additional fees involved, such as bank charges for transferring funds or fees for obtaining necessary clearances or certificates.

Considering these potential costs and consulting with a legal professional will help you prepare a comprehensive budget for the property transfer process.

It is important to note that these costs are provided as a general guide, and actual costs may vary depending on individual circumstances and market conditions.

Transferring Intellectual Property Rights

In addition to property transfers, a deed of assignment can also be used to transfer intellectual property rights. Intellectual property includes works created by human minds, such as inventions, designs, and copyrighted materials. A deed of assignment can be used to transfer all ownership rights of the intellectual property from one party to another. This document should include the names of the parties involved, a description of the property, and a clear statement of the transfer of ownership.

Transferring intellectual property rights is a critical process that requires a legally binding document to ensure a smooth and secure transfer. By using a deed of assignment, individuals and organizations can protect their intellectual property and transfer ownership rights to another party.

When transferring intellectual property rights, it is important to include all relevant details in the deed of assignment. This includes a clear description of the intellectual property, the scope of the rights being transferred, and any limitations or restrictions on the use of the intellectual property.

The deed of assignment should also outline the terms and conditions of the transfer, including any financial considerations or royalties that may be involved. It is crucial to have a clear understanding of the rights and responsibilities of both parties before proceeding with the transfer.

Additionally, it is advisable to consult legal professionals experienced in intellectual property law to ensure that the deed of assignment is drafted correctly and complies with relevant laws and regulations. They can provide guidance on the specific requirements and considerations for your intellectual property transfer.

By utilizing a deed of assignment for intellectual property transfers, individuals and organizations can safeguard their rights and ensure a proper transfer of ownership. Whether it’s a patent, trademark, or copyright, a well-documented deed of assignment is crucial in protecting intellectual property and maintaining legal ownership.

Registering a Deed of Assignment

While a deed of assignment transfers ownership rights, it does not automatically change the registration of ownership. The assignee is responsible for registering the change of ownership with the relevant authorities, such as the Land Registry or the U.S. Patent and Trademark Office. It is important to follow the necessary steps to ensure that the transfer of ownership is properly recorded and recognized by the appropriate authorities.

Registering a deed of assignment is a vital step in completing the transfer of ownership and establishing the assignee’s legal rights. By registering the deed, the assignee protects their interests and ensures that the change of ownership is officially recorded.

The specific registration process may vary depending on the jurisdiction and type of property or intellectual property being transferred. In the United Kingdom, for example, the Land Registry is responsible for recording and managing property registrations. On the other hand, the U.S. Patent and Trademark Office handles the registration of intellectual property rights.

To register a deed of assignment, the assignee typically needs to submit the following documents:

• A copy of the executed deed of assignment
• Proof of identity and address of both the assignor and the assignee
• Proof of payment for any relevant fees

It is important to carefully review and comply with the registration requirements set by the respective authorities. Failure to register the deed of assignment can result in complications and disputes regarding ownership rights.

Benefits of Registering a Deed of Assignment

Registering a deed of assignment offers several key benefits:

• Legal recognition: Registration provides legal recognition of the transfer of ownership rights and ensures that the assignee’s rights are protected.
• Priority: Registration establishes priority in cases where multiple assignments or transfers of ownership are involved. This means that the assignee’s claim to the property or intellectual property will be recognized and prioritized over subsequent claims.
• Public record: Registered deeds of assignment become part of the public record, providing transparency and allowing interested parties to verify ownership rights.
• Enforceability: Registered deeds of assignment are easier to enforce in the event of a dispute or breach of contract, as they provide an official record of the transfer of ownership.

In conclusion, registering a deed of assignment is a crucial step in completing the transfer of ownership and ensuring legal recognition of the assignee’s rights. By following the necessary registration procedures and complying with the requirements of the relevant authorities, both parties can have peace of mind knowing that the change of ownership is properly recorded and recognized.

A legal assignment , whether it be for property transfer or intellectual property, is a crucial step in ensuring the smooth transfer of ownership rights and responsibilities in the UK. The deed of assignment serves as a powerful legal document that outlines the terms and conditions of the transfer, protecting the rights of all parties involved.

When drafting a deed of assignment, it is essential to follow all legal procedures and consult with a legal professional specializing in property law. This will help ensure that the document is correctly formulated and complies with UK regulations.

Additionally, it is important to complete any necessary registrations, such as those with the Land Registry for property transfers or the relevant intellectual property authorities for transferring intellectual property rights. These registrations ensure that the transfer of ownership is legally recognized and recorded.

By carefully navigating the legal assignment process and seeking expert advice when needed, individuals can achieve a smooth and legally binding transfer of rights and responsibilities, safeguarding their interests and complying with UK laws.

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