deed of assignment vs deed of sale

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Tanny --> 12 December 2016

Sale deed versus deed of assignment

While buying a resale property in a co-operative housing society, I have differing opinion on whether a "sale deed" is appropriate of a "deed of assignment" is appropriate. I consulted several people from legal profession and opinion seems to be divided with some saying Sale Deed is mandatory, some saying Deed of Assignment is ok and some even suggesting rather absurdly - "you tell us what you want and we will do that for you".

My question is - I am looking for specific guidance of whether I register my agreement with a Sale Deed or with a Deed of Assignment. Please can you guide.

10 Replies

Ms.Usha Kapoor (CEO) --> 13 December 2016

First draft asale deed and thendraft adeed of Assignment and register both of them.If you appreciate this answer please give me all my profile likes.

Kishor Mehta (CEO) --> 13 December 2016

Kumar Doab (FIN) --> 13 December 2016

Agreed with Mr. Kishore Mehta.

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) --> 13 December 2016

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.

An "absolute sale" deed is defined by having no conditions attached to the sale except the buyer's payment of the purchase price. When the seller signs and delivers the absolute sale deed, this is generally recognized by law as the moment of sale.

Tanny --> 13 December 2016

Thank you for explaining the difference between a Sale Deed and a Deed of Assignment. However could you explain in my case which is the one I would go for?

rajeev sharma (Advocate Ex senior manager law ) --> 13 December 2016

please ask reseller what document the builder has executed in his favi\our .if it is sale deed then dont compromise get sale deed executed in your favour

even the seller has a deed of assignment from his previous purchase. In that case will a sale deed or a deed of assignment be appropriate?

Adv. K.S.A.Narasimha Rao ([email protected] ) --> 13 December 2016

Dear Tanny,

Basing on the rights possessed by your prospective seller, the nominclature of the document depends on.

If your Prospective Seller is having only right of possession in respect of the property, then he can only make a deed of Assignment. But if your Seller is having absolute powers to sell the flat, then you can use nominclature as "Sale Deed".

Kindly clarufy if the deed of assignment be cancelled by assignor.

Aseem Koradia --> 15 December 2016

The name of document is immaterial. The content of the document will remain the same. interpretation will be from the content of the document.

Aseem Koradia

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Deed of Absolute Sale vs. Deed of Assignment

A deed of absolute sale and a deed of assignment both transfer property ownership from one party to another. People use a deed of absolute sale most often in a typical real property sale in which a buyer purchases a property from a seller. Bankruptcy courts most often use a deed of assignment to transfer property from the property owner to the bankruptcy court. Take a look to learn more about the deed of assignment versus absolute deed of sale meaning and better understand how these affect the parties involved.

What's a Deed of Assignment?

A deed of assignment occurs when a debtor transfers property to a creditor, usually a bankruptcy court trustee. The bankruptcy court trustee is then responsible for facilitating the sale of the property. Once the property sells, the trustee splits the proceeds equally among the creditors. The creditors then apply these proceeds to the debtor's outstanding balances.

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Property Exclusion in Bankruptcy

Insolvent debtors are not required to complete a deed of assignment to the bankruptcy court. Bankruptcy courts often allow an exclusion for the insolvent debtor's primary home . Depending on the debtor's location, there may be a limit to the home equity allowed for the exclusion. However, the bankruptcy court may require insolvent debtors to complete a deed of assignment for additional real properties, such as second homes and vacation homes.

This means the insolvent debtor may keep his primary home – with consideration for any home equity limits – from inclusion in the bankruptcy proceedings. However, the bankruptcy court may require him to complete a deed of assignment on his secondary or vacation homes to sell and use the proceeds toward paying his creditors.

Absolute and Conditional Sales

Property sale transactions are typically either conditional or absolute.

Conditional sales occur when the transfer of the property from one party to another party will not be completed, and the title to the property will not be transferred until certain conditions of the sale contract are met either by the buyer or by the seller. For example, if a property has outdated plumbing, the buyer can require the seller to update the plumbing as a condition of the sale.

An absolute sale occurs when the sales contract has no conditions. This means that the property transfer will happen as long as the buyer pays the seller the amount of money agreed on.

Absolute Deed of Sale Meaning

To understand a deed of sale vs deed of absolute sale, know that a deed of absolute sale is a when a seller transfers or conveys the title of a property to the other party without condition except for the payment for the property. For example, a seller lists her property for $100,000, and a buyer comes along and gives her $100,000 for the property without requiring her to do anything to the property. A deed of absolute sale is completed, and the title of the property transfers from the seller to the buyer.

Upcounsel: Deed of Assignment: Everything You Need to Know
USLegal: Absolute Sale
Amourgis & Associates Attorneys at Law: What Property is Considered Exempt in an Ohio Bankruptcy?

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Assignment of Deed

Table of contents, assignment of deed of trust.

An assignment of deed is used to show the deed of a property changing from one party to another, such as when a sale is made. It is used as the written proof to show who has rightful ownership of the property. When someone is purchasing property and decides to sell it before they have paid it off, an assignment of deed form would be used to transfer the rights and everything associated with the property over to the new owner.

When a debtor transfers real estate to a creditor, the Assignment of Deed is the legal document used to record this transfer. This happens when a lawsuit is filed on a property owner for a default in payment and the court’s rule in favor of the creditor; this is one example of when the deed of assignment would be put in to use. It’s used to show that the property is being transferred from the ownership of the defendant and given to the plaintiff that won the case and awarded the property.

It’s important to understand what these documents mean as they pertain to public property records as well as personal background checks into an individual. This could be exactly the type of information you need to help you gain a better understanding on someone or his or her history. It could also be in your own public background information if someone knows where to look for it.

Public records will always contain the history of who owns real property and the details on that property as it exchanges hands or ownership is passed. Anyone who knows how can access basic information about a deed or its assignments.

When a property owner uses an assignment of deed of trust, they are assigning ownership of the property to someone else and this is a very important document that should be kept in a safe and secure place. There are also public records kept on these types of documents and you should be able to request a copy – sometimes at a fee – should you need one.

The Assignment of Deed will also specify the rights the other person will receive along with the deed. As property transfers ownership like this, a recital is usually included as well which shows how many people and the identities of who has owned the property before. This allows you to see how many times the property has transferred hands over the course of its history.

Now that you know more about this particular property document, you will understand it when you use it. Whether you need it for your property or you are searching the property records of someone else for some reason, this information will be very beneficial to you.

We know that these types of legal matters can be confusing to the average person and that’s why we strive to make it easier to understand by giving you the basics here. Assignment of deed of trust documents do not have to confuse you anymore.

Assignment of Deed of Trust Vs. Deed or Grant Deed

A grant deed is used to transfer ownership rights in real estate.

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1. What Is the Difference Between the Deed of Absolute Sale and the Deed of Assignment?
2. What is an Assignment of Trust Deed?
3. Warranty Deed Vs. Deed of Trust

Property rights in real estate are valuable and invariably the subject of a legal document called a deed. To transfer ownership rights in real estate, a grant deed is commonly used. When a loan is obtained to purchase real estate, a deed of trust is often used to give the lender rights in the real estate to secure repayment of the loan. An assignment of deed of trust is used by a lender when it sells its loan secured by a deed of trust.

Property Deeds

Real estate transactions that involve the transfer of property rights require a deed to ensure the transfer of rights is effective. All deeds are written documents that include a description of the affected real estate and the names of the persons whose property rights are being transferred. Although not legally require to make the transfer effective, deeds are routinely recorded with the local government office responsible for recording real estate transactions. A recorded deed gives the public notice regarding property rights in a particular parcel of real estate, such as ownership, easements and liens. Recording a deed can also protect a property owner against future claims that his property rights are invalid.

A grant deed is used to transfer real estate ownership from one person to another. The transfer of ownership can be for a full parcel of real estate or just a portion of the real estate. Grant deeds are most often used in real estate sales between an unrelated buyer and seller. However, a grant deed may also be used to transfer ownership as a gift. When a grant deed is used, the person transferring ownership rights is promising to the person receiving ownership rights that these rights have not been previously transferred to anyone else.

Deed of Trust

A deed of trust is used in a three-party transaction involving the repayment of a debt. The first party is a real estate owner or buyer who is borrowing money that can be used for any purpose, but is typically used to fund the purchase of the real estate. The second party is the lender, such as a bank or other financial institution, providing the funds to the borrower. To secure repayment of the loan, the borrower signs a deed of trust which transfers legal title to his real estate to a third party, called the trustee, who can be any individual or company that does not have any interest in the loan or real estate. The borrower continues to have the beneficial use of the property with the trustee only taking action if the borrower defaults on his loan. If the lender and borrow cannot work out a resolution of the default, the lender can instruct the trustee to conduct a foreclosure sale of the real estate and deliver the sale proceeds to the lender to repay the loan.

Assignment of Deed of Trust

Loans that are secured by a deed of trust often include repayment terms that extend for several years or more. From a lender’s perspective, a loan secured by a deed of trust is a fairly safe investment when the value of the real estate is sufficient to repay the loan in the event of a borrower's default. This aspect makes existing loans secured by a deed of trust suitable for sale from the original lender to another lender during the life of the loan. To complete the sale of a loan secured by a deed of trust, the original lender uses a document called an assignment of deed of trust to transfer its rights in the deed of trust to a new lender.

FindLaw: What Are Property Deeds?
Cornell University Law School Legal Information Institute: Deed of Trust
California Department of Real Estate: Trust Deed Investments -- What You Should Know?

Joe Stone is a freelance writer in California who has been writing professionally since 2005. His articles have been published on LIVESTRONG.COM, SFgate.com and Chron.com. He also has experience in background investigations and spent almost two decades in legal practice. Stone received his law degree from Southwestern University School of Law and a Bachelor of Arts in philosophy from California State University, Los Angeles.

What is the difference between the deed of absolute sale and the deed of assignment, what is an assignment of trust deed, warranty deed vs. deed of trust, land sale contract vs. trust deed, what is the redemption period in tennessee, what is the collateral assignment of a life insurance policy, how to assume a promissory note, transferring a deed of trust to a granddaughter, owner finance laws, definition of 'trustee' in real estate, certificate of title vs. deed, foreclosure right of redemption & tenant's rights in maryland.

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Understanding a deed of assignment for intellectual property

A deed of transfer is used to change the ownership of intellectual property, a common occurrence in business. Explore how and when to use one.

updated November 24, 2023 · 3min read

Understanding intellectual property in business

How to transfer intellectual property rights in business, what to include in a deed of assignment, registering new ownership, restrictions on intellectual property transfers.

Most companies have intellectual property as part of their assets, including software, product design, or copyright to white papers. Buying or selling such property is done using a document called a deed of assignment.

Illustrations and graphics surrounding the words "Intellectual Property"

A large part of what a business consists of may be tied to intellectual property . It's easy to see physical property a company owns, such as a building, office furniture, or inventory, but intellectual property can be more challenging to identify.

Most businesses have intellectual property, or works created by human minds or, in some cases, by computers. Some examples of intellectual property include architectural drawings, ad campaigns, company or product names, inventions, and source code.

Examples of when transfers of intellectual property might happen include when a company is buying another company, when you are setting up an LLC and want to transfer your intellectual property into the company, or when a business buys product rights from another company or individual.

A deed of assignment can be done in one transaction, instead of one transaction for each item of intellectual property, by transferring all ownership rights of all intellectual property detailed in the deed. The document is signed by both the buyer and seller. No payment is required for it to be valid.

A deed of assignment must be in writing and should include:

The names and addresses of the assignor and assignee
A description of the program or product for which the rights are being transferred
A statement that all intellectual property rights to the property are being transferred
Signatures of the parties and the date of the agreement execution

The deed could also include the following sections, where applicable:

Consideration, or payment, to be made to the original owner.
Warranties, or promises that the intellectual property rights being assigned don't infringe on anyone else's intellectual property rights . For example, in a deed regarding the transfer of a copyright, this section could state that the copyrighted work is original and not owned by someone else.
Indemnification, or promise by the seller to reimburse the assignee if there is some problem with title to the property.
Future assignments. For example, the agreement could be ongoing, so that anything the assignor creates in the future for this product or program is also transferred to the buyer.

Although a deed of assignment transfers ownership in intellectual property , it does not change the registration of the ownership. The assignee is responsible for handling all registration requirements.

For example, if a patent is transferred via a deed of assignment, the new owner must record the change in ownership with the U.S. Patent and Trademark Office. Similarly, the transfer of a copyright is recorded with the U.S. Copyright Office.

Transfers of intellectual property must comply with U.S. laws. One obvious caveat is that you can't transfer property you don't own. Transfers must also comply with antitrust laws, which are set up to prevent one company from completely dominating an industry.

If intellectual property rights are being transferred overseas, the transfer must comply with Export Administration Regulations and the International Traffic in Arms Regulations , which are designed to protect national security and trade.

The deed of assignment can be a crucial part of a business deal or transaction. You can create a deed of assignment yourself, or you can work with an attorney .

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What Are Property Deeds?

Essential deed elements, types of deeds, the bottom line.

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Understanding Property Deeds

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

Property deeds are legal documents used in real estate that transfers ownership of real property from a grantor (seller) to a grantee (buyer). Real property is land or anything attached to the land, such as buildings or roads. For a deed to be legally operative, it must include the identification of the grantor and grantee and the adequate description of the property.

More specifically, deeds fall in a number of categories, including warranty, quitclaim, and special purpose. This article will define what deeds are, what needs to be included in a deed to make it legally operative, and the different types of deeds that are used in the transfer of real property.

Key Takeaways

A property deed is a legal document that transfers the ownership of real estate from a seller to a buyer.
For a deed to be legal it must state the name of the buyer and the seller, describe the property that is being transferred, and include the signature of the party that is transferring the property.
In addition to being deemed either official or private, deeds are also further classified as either general warranty, special warranty, or quitclaim.
General warranty deeds give the grantee the most protection, special warranty deeds give the grantee more limited protection, and a quitclaim deed gives the grantee the least protection under the law.

A property deed is a written and signed legal instrument that is used to transfer ownership of the real property from the old owner (the grantor) to the new owner (the grantee). Historically, real property was transferred through a ceremonial act known as "livery of seisin." In this act, the person transferring the land handed a twig or clod of turf from the land to the person taking delivery of the land. A verbal or written statement often accompanied the gesture, though it was the livery of seisin that legally transferred the title to the property. Today, the title to real property is conveyed by a paper deed.

Deeds are either official , meaning they are executed as a result of a court or legal ruling, or more commonly, private , meaning they are executed by a deal struck between individuals or businesses.

While each state has its own requirements, most deeds must contain several essential elements to be legally valid:

They must be in writing. While most deeds are completed on printed forms, there is no legal requirement that any specific form is used as long as the essential elements are included.
The grantor must have the legal capacity to transfer the property and the grantee must be capable of receiving the grant of the property. A person who is competent to make a valid contract is considered competent to be a grantor.
The grantor and grantee must be identified in such a way as to be ascertainable.
The property must be adequately described.
Operative words of conveyance must be present. All standard form deeds include the necessary legal language that actually transfers the property.
The deed must be signed by the grantor or grantors if the property is owned by more than one person.
The deed must be legally delivered to the grantee or to someone acting on the grantee's behalf.
The deed must be accepted by the grantee. Typically, deeds are accepted by the grantee but in certain circumstances, the grantee could reject delivery of the deed.

Deeds can be classified in numerous ways. Broadly, deeds are classified as official or private. Official deeds are executed pursuant to a court or legal proceedings. Most property transactions, however, involve individuals and business entities using private deeds.

Deeds are also categorized based on the type of title warranties provided by the grantor. The different types of deeds include:

General Warranty Deed

The general warranty deed offers the grantee the most protection. With this type of deed, the grantor makes a series of legally binding promises (called covenants ) and warranties to the grantee (and their heirs ) agreeing to protect the grantee against any prior claims and demands of all persons whomsoever in regards to the conveyed land. The usual covenants for title included in a general warranty deed are:

the covenant of seisin , meaning that the grantor warrants they own the property and has the legal right to convey it
the covenant against encumbrances , denoting that the grantor warrants that the property is free of liens or encumbrances , except as specifically stated in the deed
the covenant of quiet enjoyment , indicating that the grantee will have quiet possession of the property and will not be disturbed because the grantor had a defective title
the covenant of further assurance, where the grantor promises to deliver any document necessary to make the title good

Special Warranty Deed

Where in a general warranty deed the grantor promises to warrant and defend the title conveyed against the claims of all persons, the grantor of a special warranty deed warrants that they received the title to the property and that they have not done anything while holding the title to create a defect.

In other words, only defects that arose during the grantor's ownership of the property are warranted. Due to this limitation, the special warranty offers the grantee less protection than the general warranty deed. Many purchasers of real estate will insist on a general warranty deed to protect against problems that could arise as a result of a special warranty deed.

Quitclaim Deed

The quitclaim deed , also called a non-warranty deed, offers the grantee the least amount of protection. This type of deed conveys whatever interest the grantor currently has in the property—if any. No warranties or promises regarding the quality of the title are made. If the grantor has a good title, the quitclaim deed is essentially as effective as a general warranty deed. However, if the title contains a defect, the grantee has no legal recourse against the grantor under the deed. A quitclaim deed is often used if the grantor is not sure of the status of the title (if it contains any defects) or if the grantor wants no liability under the title covenants.

Special Purpose Deeds

Special purpose deeds are frequently used in connection with court proceedings and instances where the deed is from a person acting in some type of official capacity. Most special purpose deeds offer little to no protection to the grantee and are essentially quitclaim deeds. Types of special purpose deeds include but are not limited to:

Administrator's Deed: This may be used when a person dies intestate (without a will ). A court-appointed administrator will dispose of the decedent's assets and an administrator's deed may be used to convey the title of real property to the grantee.
Executor's Deed: This may be used when a person dies testate (with a will). The estate's executor will dispose of the decedent's assets and an executor's deed may be used to convey the title or real property to the grantee.
Sheriff's Deed: This is given to the successful bidder at an execution sale held to satisfy a judgment that has been obtained against the owner of the property. The grantee receives whatever title the judgment debtor has.
Tax Deed: This is issued when a property is sold for delinquent taxes.
Deed in Lieu of Foreclosure: This is given by a borrower who is in default on a mortgage directly to the lender. This serves to prevent foreclosure proceedings, and if the lender accepts the deed in lieu of foreclosure , the loan is terminated. Many lenders prefer to foreclose in order to clean up the title.
Deed of Gift (Gift Deed). This is used to convey the title on real property that is given for no consideration or for only a token consideration. In some states, the gift deed must be recorded within two years or it becomes void.

Real property, meaning land or anything attached to the land that is immovable, such as a building, creek, or road, is essentially the same as real estate.

The transfer of a property's title is made by a deed. Certain essential elements must be contained within the deed in order for it to be legally operative. Different deeds provide various levels of protection to the grantee and the obligations of a grantor are determined by the form of the deed. Since deeds are important legal documents that affect ownership interests and rights, a qualified real estate attorney should be consulted in any transaction involving them, such as the closing of a home purchase.

Cornell Law School, Legal Information Institute. " Deed ."

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DEED OF ASSIGNMENT: EVERYTHING YOU NEED TO KNOW.

A Deed of Assignment refers to a legal document in which an assignor states his willingness to assign the ownership of his property to the assignee. The Deed of Assignment is required to effect a transfer of property and to show the legal right to possess it. It is always a subject of debate whether Deed of Assignment is a contract; a Deed of Assignment is actually a contract where the owner (the “assignor”) transfers ownership over certain property to another person (the “assignee”) by way of assignment. As a result of the assignment, the assignee steps into the shoes of the assignor and assumes all the rights and obligations pertaining to the property.

In Nigeria, a Deed of Assignment is one of the legal documents that transfer authentic legal ownership in a property. There are several other documents like a deed of gifts, Assent, etc. However, this article focuses on the deed of assignment.

It is the written proof of ownership that stipulates the kind of rights or interests being transferred to the buyer which is a legal interest.

Read Also: DIFFERENCE BETWEEN TRANSFER OF PROPERTY THROUGH WILLS AND DEED OF GIFT

CONTENTS OF A DEED OF ASSIGNMENT

Content of a Deed of Assignment matters a lot to the transaction and special skill is needed for a hitch-free transaction. The contents of a deed of assignment can be divided into 3 namely; the introductory part, the second (usually the operative part), and the concluding part.

THE INTRODUCTORY PART: This part enumerates the preliminary matters such as the commencement date, parties in the transaction, and recitals. The parties mentioned in the deed must be legal persons which can consist of natural persons and entities with corporate personality, the name, address, and status of the parties must be included. The proper descriptions of the parties are the assignor (seller) and assignee (buyer). The Recitals give the material facts constituting the background to the current transaction in chronological order.
THE SECOND PART (USUALLY THE OPERATIVE PART): This is the part where the interest or title in the property is actually transferred from the assignor to the assignee. It is more like the engine room of the deed of assignment. The operative part usually starts with testatum and it provides for other important clauses such as the consideration (price) of the property, the accepted receipt by the assignor, the description of the property, and the terms and conditions of the transaction.
The testimonium : this shows that all the parties are involved in the execution of the deed.
Execution : this means signing. The capacity of the parties (either individual, corporate bodies, illiterates) is of great essence in the mode of execution. It is important to note that the type of parties involved determines how they will sign. Example 2 directors or a director/secretary will sign if a company is involved. In the same way, if an association, couple, individual, illiterate, family land (omonile), firm, unregistered association, etc. is involved the format of signature would be different.
Attestation : this refers to the witnessing of the execution of the deed by witnesses.

For a Deed of Assignment to be effective, it must include a column for the Governor of the state or a representative of the Government where the property is, to sign/consent to the transaction. By virtue of Sec. 22 of the Land Use Act, and Sec. 10 Land Instrument Registration Law, the Governor must consent to the transaction.

Do you have any further questions? feel free to call Ibejulekkilawyer on 08034869295 or send a mail to [email protected] and we shall respond accordingly.

Disclaimer: The above is for information purposes only and should not be construed as legal advice. Ibejulekkilawyer.com (blog) shall not be liable to any person(s) for any damage or liability arising whatsoever following the reliance of the information contained herein. Consult us or your legal practitioner for legal advice.

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Www.saclaw.org, documentary transfer tax, identifying grantors and grantees.

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Adding or Changing Names on Property (Completing and Recording Deeds)

Templates and forms, warning about adding names.

If you are adding someone as part of a credit repair or loan deal, it may be a scam .
If you add a name or sign a quitclaim deed, the grantee becomes an owner . You can’t change your mind without their signature.
If you are adding an heir , you could use a living trust or Transfer on Death Deed instead. This can avoid probate without giving up ownership while you are alive.

Any time owners make a change to the title of real estate , they must record a deed with the County Recorder. This Step-by-Step guide outlines the requirements and provides samples with instructions.

Related Guides

Types of deeds in california.

California mainly uses two types of deeds: the “ grant deed ” and the “quitclaim deed.” Most other deeds you will see, such as the common “interspousal transfer deed,” are versions of grant or quitclaim deeds customized for specific circumstances. Since the interspousal deed is so commonly requested, we are including a sample in this guide.

A grant deed is used when a person who is on the current deed transfers ownership or adds a name to a deed. The grantor (s) promise that they currently own the property and that there are no hidden liens or mortgages.

Quitclaim deed

A quitclaim deed (sometimes misspelled “ quick claim ”) is used when someone gives up (waives or disclaims) ownership rights in favor of another person. The grantor may or may not be on the current deed. A quitclaim deed is often used in divorces or inheritance situations, when a spouse or heir gives up any potential rights to real estate . The grantor is giving up their own rights, if any, but not promising anything else.

Interspousal deed

An interspousal deed is used between spouses or registered domestic partners (“DP”) to change real estate to or from community property . Spouses/DPs can use grant or quitclaim deeds to do the same things, but the interspousal deed makes it clear that the transaction is intended to affect community property rights.

The deed I need is not on your list!

There are many other types of deeds, such as warranty deed, joint tenancy deed, easement deed, trust deed, etc. In some states, these may be considered separate deed types, but in California, these are usually just customized grant deeds.

In a warranty deed, the grantor promises to pay for any lawsuits or damages due to undisclosed ownership disputes. In California, title insurance usually covers such disputes.

Other types of deeds, such as joint tenancy deeds, corporation deeds, easement deeds, or mineral rights deeds, can be created by customizing our grant deed format by downloading the RTF (word) version from our website. Consult an attorney or come to the Law Library to research appropriate wording.

Step by Step Instructions

Locate the current deed for the property.

You will need information from the current deed. If you need a copy of the current deed, contact the Recorder’s Office where the property is located. In Sacramento, call (916) 874-6334 .

Determine What Type of Deed to Fill Out for Your Situation

To transfer ownership, disclaim ownership, or add someone to title, you will choose between a “ grant deed ” and a “ quitclaim deed .” Spouses/domestic partners transferring property between each other may choose an “ interspousal deed .”

Here is a flow chart to help you choose:

Determine How New Owners Will Take Title

If there is more than one new owner, you are moving the real estate into or out of a trust , or the new owner is married, the form of title can have important effects.

One, unmarried owner: leave blank

If there is only one new owner, and that person is unmarried, title can usually be left blank, although it doesn’t hurt to state something like “a single person” or “a widow” or the like.

More than one owner, owners not married: “Tenants in common” or “ joint tenants ”

“Tenants in common” (When one dies, their heirs get their share; probate may be needed. Shares do not need to be equal. Any owner can sell or mortgage their portion.)
“Joint tenants” (When one owner dies, the other(s) gets their share automatically. Shares must be equal. Any owner can sell or mortgage their portion, but it turns the title into tenants in common.)

If you leave this blank, the default is “tenants in common.”

Examples: siblings who inherit property together, business partners, couples who are not married or registered domestic partners (DP).

Owners are married couple: “Community property,” “community property WROS,” or “joint tenants”

“Community property” (Both must agree to sell or mortgage the property. At death, a share goes to the surviving spouse/DP and another share to heirs. This will probably require at least a summary probate.)
“Community property with rights of survivorship (WROS)” (Both must agree to sell or mortgage the property. At death, 100% goes to surviving spouse/DP, with no requirement of probate.)
“Joint tenants” (When one dies, the other(s) gets 100%. Shares must be equal. Either spouse/DP can sell their portion. May receive less favorable tax treatment when first spouse/DP dies.)

If you leave the title line blank, or fill in something like “as husband and wife” or “as domestic partners,” it will be treated as “community property” and a share will go to any heirs instead of all to the surviving spouse/DP.

Owner is married, but property not shared: “as sole and separate property”

If only one spouse/DP owns the property (because that person already owned it when they got married, or it was a gift or inheritance), they can make that clear by using the phrase “a married man/woman/person as his/her/their sole and separate property.” Note : if any money earned during the marriage is spent to purchase, make mortgage payments, maintain, or improve the house, the community owns a share regardless of what it says on the deed.

Property is being transferred into or out of a trust

The contents of a trust are technically owned by the trustee . Therefore, when transferring property into a trust, the grantee is the “[name of trustee], as trustee of the [name of trust], dated [date trust was signed].”

When transferring property out of a trust, the trustee as grantor is identified the same way, and the trustee will be identified as the “[name of trustee], Trustee of the [name of trust], dated [date trust was signed]” in the signature block.

See “ Forms of Title for Multiple Owners ,” below, for examples of how these are entered onto the deed.

Your choice of title can have many effects later, such as when you sell or refinance, if one owner falls into debt, if one owner dies, or if a couple divorces. Some examples of potential effects are:

reassessment of property raising annual property taxes (since 2022, parent-child transfers are no longer always immune);
higher capital gains taxes when an owner sells;
how the property is divided in a divorce;
whether the property can be liened or foreclosed on for one of the owners’ debts;
ineligibility for benefits such as Medi-Cal;
difficulty refinancing if one owner has bad credit;
lack of eligibility for a reverse mortgage.

If you have questions about which form of title to use, talk to a family or estate lawyer or research your options at the law library.

Fill Out the New Deed (Do Not Sign)

You will find filled-out samples of each type of deed at the end of this guide.

The deed can be filled out online, typed, or neatly written in dark blue or black ink. You will need the following information:

Assessor’s Parcel Number. (Find this on the current deed.)
Document Transfer Tax amount or exemption code. (Calculate 1.1% of current market value, or enter applicable exemption.)
Names of “grantors” (the current owner(s) signing the deed) or of the disclaiming party (ies). (Enter the name(s) as spelled on the current deed.)
Names of “grantees.” (Enter all the intended owners, including any current owners who will still own the property). Important: If you add a name, that person legally becomes an owner. You cannot change your mind without their signature.
Form of title the grantee(s) will use. (If no form of title is entered, this will be “tenants in common” for unmarried owners or “community property” for married couples.)
The legal description of the property. (Find this on the current deed.)

Grantor(s) Sign in Front of a Notary

The notary will charge a fee for this service. You can find notaries at many banks, mailing services, and title companies.

The new owners do not need to sign.

Fill Out the Preliminary Change of Ownership Report (PCOR)

The PCOR is required when property changes hands, to update the tax records. Turn it in at the Recorder’s Office along with the deed. You can download a Sacramento version of the PCOR from Cal Assessor e-Forms . Each county has its own version; contact the assessor’s office in the county where the property is located to obtain the proper form.

Record the Deed and File the PCOR at the Recorder’s Office

The Recorder’s Office charges a recording fee (currently $20/first page plus $3 for additional pages). Current Sacramento fees are available at the County Clerk/Recorder’s website . You may also need to pay the Documentary Transfer Tax or a $75 “Building Homes and Jobs Act” fee.

File Reassessment Exclusion Claim , if any, at the Assessor’s Office

When property changes hands, it is reassessed for tax purposes, often causing a sizeable increase in property tax for the new owner.

Certain transfers are excluded from reassessment, including:

Parent to child or child to parent (“Prop 58 Exclusion” for deaths before 2/15/2022, “Prop 19 Exclusion” for deaths after 2/15/2022)
Grandparent to grandchild (but not vice versa) (“Prop 58 Exclusion” for deaths before 2/15/2022, “Prop 19 Exclusion” for deaths after 2/15/2022)
Transfers between spouses or registered domestic partners during marriage or as part of a property settlement or divorce
Changes in method of holding title that do not change ownership interests (for instance, changing joint tenants into tenants in common)

If your transfer is excluded from reassessment, you may need to file a claim with the County Assessor. For more information in Sacramento, call the Assessor’s office (916‑875-0750) or visit the Sacramento Assessor’s office website .

Common questions when filling out deeds

Some parts of deeds often need more explanation.

When property changes hands, the county charges a one-time tax of $.55 per $500 of the value of the real estate (1.1%). Some kinds of transfers are exempt. If yours is exempt, enter the Revenue and Taxation code that provides the exemption, and an explanation, then sign. If yours is not exempt, calculate the dollar amount and write it in.

Common exemption codes and explanations:

Gift (transferring property, or adding name to property, without compensation) : Code: “R&T 11911” Explanation:“Gift.”
Living Trust (transfer into or out of revocable living trust): Code: “R&T 11930” Explanation: “Transfer into or out of a trust”
Name Change (confirming name change after marriage or court -ordered name change): Code: “R&T 11925” Explanation: “Confirming change of name, the grantor and grantee are the same party .”
Conveyances in dissolution of marriage: Code: “R&T 11927” Explanation: “Dissolution of marriage.”

Other exemptions may be available. See the list of “Transfer Tax Exemptions” on the Sacramento Recorder’s website.

Building Homes and Jobs Act Fee (SB 2)

There is an additional $75 fee on mortgage refinances and other real estate transactions that are exempt from Documentary Transfer Tax. Some exceptions apply. Contact your county recorder’s office to determine the total amount you will need to pay.

Grantor(s): The current owner or person transferring the property rights or part of the property rights. This is the person or people who will sign this deed.

Grantee(s) : List all people who are receiving property rights from the grantor(s). If the grantor is staying on title, be sure to list the grantor’s name as one of the grantees also.

It’s often helpful to include the grantors’ and grantees’ marital status.

Forms of Title for Multiple Owners

When there is more than one grantee, you will need to specify the form of title. It can also be helpful to do that if a grantee is a married person or domestic partner.

Here are examples of common title phrases:

One owner, not married: generally no form of title is needed.
John Doe , A 50% interest, Jeffrey Doe, a 25% interest, and Paula Smith, a 25% interest, as tenants in common
John Doe, Jeffrey Doe, and Paula Smith, as joint tenants
Pat Jones-Larsen and Jan Jones-Larsen, as community property
Pat Jones-Larsen and Jan Jones-Larsen, as community property with right of survivorship (WROS)
Pat Jones-Larsen, a married person, as their sole and separate property
Janet and Lewis Campbell, as trustees of the Campbell Family Living Trust, dated January 3, 2017
Elm Street Books, a partnership
Janet Smith and Mark Baker, a partnership
Acme, Inc., a Delaware corporation
Initech, LLC, a California Limited Liability Company

Here is a quick reference chart comparing common forms of title.

Legal Description

This is the full description of the property, not just the address. It may be brief or very long and full of legalese. It must match the current deed exactly .

You may want to photocopy the legal description and attach it to the new deed as an exhibit , especially if it is too long to fit on the page.

Name Changes: Updating Title after Changing Your Name

If you change your name (by court -ordered name change, marriage, or divorce), deeds made out to your old name should be updated. Make out a new grant deed from yourself ([new name], who acquired title under the former name [old name]) as Grantor to yourself ([new name]) as Grantee. For example:

For More Information

Sacramento County Clerk-Recorder’s Office Sacramento County Assessor’s Office

Change in Ownership Reassessment Exclusions
Proposition 19 (Changes to Parent/Child and Grandparent/Grandchild Exclusions)

DivorceNet: “ Interspousal Transfers vs Quitclaim Deed” Self-help information about the differences between these two deeds.

At the Law Library

Deeds for California Real Estate ( KFC 170 .Z9 R36, Self-Help) This book, published by Nolo Press, a respected publisher of self-help legal books, is a guide to choosing the right kind of deed, completing the required forms, and filing them. It also discusses related legal issues such as disclosure requirements, community property issues, and tax and estate planning. It contains forms for most transfers of property.

Miller & Starr California Real Estate Forms (KFC 140 .M53) Sections 1:133-1:137 offer language for grant, interspousal, quitclaim, and easement deeds.

California Real Property Practice Forms Manual (KFC140 .A65 C34) A range of sample forms for specific situations such as easements, mineral rights, and more.

Samples & Instructions

Below are samples of the deeds discussed in this guide.

PCOR Instructions and Tips In addition to your deed, you will also need to turn in a PCOR (Preliminary Change of Ownership Report). Download the Sacramento PCOR or obtain it from the county assessor where the property is located (the form is different in each county).

This material is intended as general information only. Your case may have factors requiring different procedures or forms. The information and instructions are provided for use in the Sacramento County Superior Court. Please keep in mind that each court may have different requirements. If you need further assistance consult a lawyer.

Difference Between Assignment and Transfer

The difference between assignment and transfer is that assign means it's legal to transfer property or a legal right from one person to another. 3 min read

The difference between assignment and transfer is that assign means it's legal to transfer property or a legal right from one person to another, while transfer means it's legal to arrange for something to be controlled by or officially belong to another person.

When used as verbs, assign means to set apart or designate something for a purpose while transfer means to pass or move from one person, place, or thing to someone or someplace else. When used as nouns, assign means the assignee and transfer is the act of removing or conveying something from one person, thing, or place to another. Transfer generally refers to titles whereas assignment is used with obligations and rights.

Definitions of Assignment and Transfer

Assignment: Assignment is used in real estate law and contracts law. It covers the transfer of rights held by the assignor to the assignee.
Transfer: To remove or convey from one person or place to someone or somewhere else.

Distinction Between Assignment and Transfer

When distinguishing between assignment and transfer, take licenses, for example. Licenses are contracts that don't allow legal action for infringement. They fall under state law. Therefore, state law will decide whether the license is an obligation or right that can be transferred or assigned legally.

One way to distinguish this example is that an individual contract under an agreement cannot be assigned, like entitlement to grant back royalties . In addition, the contract cannot be transferred. You need to break it down and figure out what the actual issue is — the parties' intent. An additional distinction is when the contract holder is an entity and the business owners want to transfer a portion or all of their stock. This can be seen as an implied transfer of the whole contract. However, it would not likely be an assignment of the rights covered under this agreement.

Difference Between Assign and License

The key difference between assign and license is that with a license, the person who grants permission, known as the licensor, keeps an interest in the product being licensed . In an assignment, the assignor will transfer his or her rights to the product or property being assigned.

Another difference is that assignments must be in writing and a license can be executed without being written. Consider, for example, intellectual property such as patents. Patents can be licensed verbally in some instances, but assignments for patents must be in writing and filed with the United States Patent and Trademark Office .

Assignments grant the assignee full ownership of a product or property. Therefore, an assignment will typically cost more to acquire than a license.

Frequently Asked Questions

Are there ever situations in which a license can be transferred but is not assignable?

Yes, in the case of allowing an assignment to one of your affiliates, the assignor would still be liable for the performance of the agreement under general assignment law. In this situation, you would not typically permit a transfer, because in a transfer, the person transferring would not maintain any obligations related to performance. Don't rely solely on this general understanding, but still expressly detail your agreement on what a licensee can legally do.

How will transfer and assignment rights affect someone's ability to sublicense?

In theory, if a licensee has the authority to assign license rights to someone else, you could argue that it also provides the right to sublicense it. The issue here is that with a sublicense, the person sublicensing it keeps a license right, therefore effectively creating two licensees. With an assignment, only one right is assigned, and the assignee is the one who has possession of the license. With well-drafted licenses, the right to sublicense is not typically implied, as the licensor is the one who reserves all rights that are not expressly granted.

What is the effect of poorly drafted licenses?

A poorly drafted license could result in giving someone implied rights to also sublicense. An example is a software license that allows a licensee to access the software without clarifying any restrictions or clearly defining the word “use.” This means that, depending on what this software is supposed to do, someone could think the term “use” means the licensee has permission to grant a sublicense as part of their usage rights.

If you need help understanding the difference between assignment and transfer, you can post your legal need on UpCounsel's marketplace. UpCounsel only accepts 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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Assignment Law
Assignment and Novation Agreement: What You Need to Know
Legal Assignment
Assignment Legal Definition
Assignment Of Contracts
Assignment of Rights and Obligations Under a Contract
Partial Assignment of Contract
Assignment of Rights Example
What Is the Definition of Assigns
Transfer of Intellectual Property

Property Legal Consultants

Agreement to Sell vs Sale Deed/Assignment Deed – Difference

Listen to the audio file –

Important Points

Agreement to Sell Meaning –

An Agreement to sell is a document that contains terms and conditions of the sale of a property. It includes token amount detail and the terms and conditions regarding the amount at which the flat to be sold, the time limit for both the parties to complete the sale, and the buyer’s promise to make full payment within a certain time.

Sale Deed/Assignment Deed –

In this document, the ownership/title of the property gets transferred to the buyer.

Benefits of registration of Agreement to Sell–

It obligates the buyer and seller that throughout the sale process they must follow the terms and conditions mentioned in the agreement for sale until the final sale deed gets registered. An agreement for Sale is the base document on which the deed of assignment or sale deed is drafted (Deed of assignment/sale deed is the document prepared at the time of full payment made by the buyer and when the actual transfer of the property takes place).

Stamp Duty and Registration Charges –

In Maharashtra, the Registration Charges are fixed, which are Rs. 30,000/- or 1% of the Transaction Value (whichever is lower).

Stamp Duty gets changed as per the property location, for example – usually, Stamp Duty is less in Rural Areas compared to Corporations.

To check the online Stamp Duty calculator, visit – https://procounsel.in/online-stamp-duty-calculator/

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Differences between Deed of Lease and Deed of Assignment

Having an understanding of property documentation is essential for anyone who wants to be or is already a real estate investor. The Deed of Assignment and the Deed of Lease (also known as the Deed of Sub-Lease) are two important documents that Real Estate investors will encounter while purchasing land. So, what are they, and can they be used interchangeably?

While the Deed of Assignment is the more commonly used of the two documents in land transactions, a Deed of Lease can also be used depending on the nature of the seller’s title or interest or the scheme purchased from.

A Deed of Assignment transfers to you ALL OF THE SELLER’S RIGHTS TO THE LAND OR HOUSE. The buyer acquires FULL OWNERSHIP, subject solely to the provisions of the Land Use Act. A Deed of Lease [Sub-Lease], on the other hand, is a type of LONG RENT OR LEASE because the title finally reverts to the Seller [the Lessor].

From the enactment of the Land Use Act in 1978 through the middle 1980s, the use of Deed of Lease was highly common to transfer property, particularly government property, in the Ikoyi, Surulere, and Victoria Island axis. These properties were largely federal government lands and high-profile lands, and it was the first step into issuing certificates of occupancy to civilians for the first time.

The government was determined to inform the public that the Land Use Act was in effect and that all lands would be leased to the people from then on, with the government acting as the landlord. However, as time passed, due to the complexities of our property law system, which cannot ignore the issue of communal or family owned land, these deeds of lease ran into numerous issues because these lands did not regulate their documents to obtain a certificate of occupancy, but the land had to be transferred somehow, either to a family member after death, through a gift to another, or through an immediate sale to a person.

It gradually changed from a deed of lease to a deed of Assignment because an Assignment means “to transfer,” and it was from that deed of Assignment that all the important information needed to trace the history of the land could be derived, which is a very important document under the law to trace how the property transferred from Mr. A to Mr. B. It was widely accepted by the local communal institutions and families who lacked the expertise or intelligence to figure out the Land Use Act. Since then, the deed of assignment has been a very common and legal method of transferring property from A to B.

If you see a deed of lease today in relation to buying a property, it should be the old colonial properties from the 1950s to the 1980s, as they are no longer popular in property transfers nowadays.

Another way to look at it now is if you buy land, a house, or property directly from the government, and the government issues you a certificate of occupancy, the Deed of Lease will be in perfect order.

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California Blank Documents

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FRAUD STOPPERS | Mortgage & Foreclosure Relief

MILLIONS OF MORTGAGES MAYBE LEGALLY VOID DUE TO WRONGFUL ASSIGNMENTS ! DO YOU HAVE ONE OF THEM?

70-million-mortgages-are-legally-void

BANKS AND WALL STREET TRUSTS HELD ACCOUNTABLE FOR WRONGFUL ASSIGNMENT OF DEEDS OF TRUST!

WRONGFUL ASSIGNMENTS have caused a majority of the mortgage transactions to be legally problematic for lenders attempting to foreclosure on homeowners.

General Overview: Upwards of 70 million mortgage-loan-contracts are legally faulty. It has now been determined that many of the entities attempting to foreclose on homes do not hold legal title to do so.

If you suspect that you may have been wrongfully foreclosed upon, or are currently facing foreclosure, we recommend that you read and research the Glaski v. Bank of America case and the CA Supreme Court Case Yvanova.

In 2006 the California Supreme Court ruled in Yvanova v. New Century Mortgage Corporation (Case No. S218973, Cal. Sup. Ct. February 18, 2016) homeowners have standing to challenge a note assignment in an action for wrongful foreclosure on the grounds that the assignment is void.

What does Glaski v. Bank of America mean to you?

The Glaski decision presents the idea that if some entity wants to collect a debt or foreclose on your property, they must first own the debt. Furthermore, if that entity is claiming ownership by way of an Assignment, it must prove that Assignment is valid.

“This is one of the most significant cases in Calif. Real Estate Law in the last fifty years,” explained Stephen J. Foondos, managing partner of United Law Center. “Unlike the myriad weak modification programs that gave little or nothing to a relatively small number of homeowners, the Glaski decision offers real financial relief to all who were (wrongfully) foreclosed upon.”

In the Glaski case, Mr. Glaski was foreclosed on and evicted. He sued for wrongful foreclosure claiming the entity that foreclosed was not the proper party because they did not own his promissory note. Glaski alleged that days after he signed his mortgage with his bank, the bank assigned his note to a securitized “Wall Street” trust and that the Assignment document was not filed timely as required under the state laws in which it was created.

Since the Assignment of Mr. Glaski’s note to the securitized trust was invalid, the trust did not own his note and therefore could not foreclosure, and hence the foreclosure was wrongful. The Court of Appeals agreed. (Notably, if the trust never owned the note then it never had the right to collect any of his mortgage payments—which means Glaski [and any other Plaintiffs] can sue for reimbursement of those payments too)!

Although the banks tired to appeal the Glaski decision, it did not work. Recently the California Supreme Court upheld the Glaski decision. This Supreme Court Decision could help bring down the house or cards (and deceit) that the banks have created and have been fighting hard to maintain.

All homeowners who lost their properties to foreclosure, or are currently in the foreclosure process, are encouraged to review their original loan paperwork for signs of a fraudulent foreclosure. “There are tell-tale signs on your original loan paperwork that can indicate an improper handling of your Deed of Trust.

What bank did you originally sign with? Major Banks securitized nearly 90% of all their loans; nearly all failed to properly assign them. These include, but are not limited, to:

Countrywide Home Loans
JPMorgan Chase
Bank of America
Wells Fargo
Washington Mutual

What was the date of your Assignment of Deed of Trust? Look to see if an Assignment of Deed of Trust was filed. If so, your lender does not likely own your note. If the recording date of the Assignment is near the time of foreclosure, then that entity had no legal right to foreclose. And if that’s the case you need to file suit against them because they are attempting to foreclose on your home ILLEGALLY!

Here is one major sign of fraud to look for: Seeing the term MERS (The Mortgage Electronic Registration System) on your loan documents: Deed of Trust, Notice of Default, and Notice of Trustee Sale.

What is MERS? MERS is the Mortgage Electronic Registration Systems it was created by banks in order to “streamline” the warehousing of loans and mortgage documents. Basically MERS is a front organization that was created to defraud homeowners and government agencies. It pretends to hold your note, but in fact MERS actually holds nothing!

Banks set up MERS in the late 1990s to help speed the process of packaging loans into mortgage-backed bonds by easing the process of transferring mortgages from one party to another. But ever since the housing crash, MERS has been besieged by litigation from state attorneys general, local government officials and homeowners who have challenged the company’s authority to pursue foreclosure actions. Recently there have been many court decisions delivering death blows to MERS and you may be able to take advantage of this FACT.

For example the Washington State Supreme Court dealt a death blow to MERS: “The highest court in the state of Washington recently ruled that a company that has foreclosed on millions of mortgages nationwide can be sued for fraud, a decision that could cause a new round of trouble for the nation’s banks.

The ruling is one of the first to allow consumers to seek damages from Mortgage Electronic Registration Systems, a company set up by the nation’s major banks, if they can prove they were harmed. Legal experts said this decision from the Washington Supreme Court could become a precedent for courts in other states. The case also endorsed the view of other state courts that MERS does not have the legal authority to foreclose on a home.

“This is a body blow,” said consumer law attorney Ira Rheingold. “Ultimately the MERS business model cannot work and should not work and needs to be changed.” A spokeswoman for MERS said the company is its role in the financial system will withstand legal challenges. The Washington Supreme Court held that MERS’ business practices had the “capacity to deceive” a substantial portion of the public because MERS claimed it was the beneficiary of the mortgage when it was not!

This finding means that in actions where a bank used MERS to foreclose, the consumer can sue it for fraud. If the foreclosure can be challenged, MERS’ involvement would make repossession more complicated. On top of that, virtually any foreclosed homeowner in the state in the past 15 years who feels they have been harmed in some way could file a consumer fraud suit.

Currently there is an estimated 70,000,000 mortgages that MERS claims to hold. This represents about 60% of the residential real estate in the United States of America. So chances are your mortgage and loan has been compromised. You can learn more about MERS, and search the MERS database to see if your mortgage loan is a MERS loan by clicking here .

Here are 65 more signs of fraud you can look for. If you see any of these signs we recommend that you contact us right away because you may have legal standing to sue your lender, or current loan servicer, for mortgage and/or foreclosure fraud.

If you are missing copies of your mortgage loan documents you may be able to can get free online copies by clicking here .

Now is the perfect time to sue the banks over mortgage and foreclosure fraud because the legal tide is beginning to turn, and homeowners are starting to win. You can read the Yale Law Journal Review paper entitled “ In Defense of Free Houses ” for proof.

Kimberly L. Thomas (Baltimore MD) sued Wells Fargo in Montgomery County Circuit Court for wrongful foreclosure and her six-member federal jury convicted Wells Fargo of fraud, negligence and other charges for inflating Thomas’ income and assets on her mortgage application, and locking her into a bigger loan than she had applied for — one she couldn’t afford. She was awarded $250,000 in special damages, plus another one million dollars in punitive damages! You can read her case by clicking here .

David and Crystal Holm also sued Wells Fargo for wrongful foreclosure and quiet title and were awarded $2,959,123.00 in financial damages and clear and free title to their home. You can read about their case by clicking here .

Remember the banks business model is to foreclose on homeowners . Securitization is the reason that banks want to foreclose on homeowners. When a bank assigns the risk of a loan to investors (certificate holders) of a Real Estate Investment Conduit Trust (SPV), the “bank” is no longer a traditional bank that gets the benefit of mortgage payments.

Mortgage banks give as few modifications as possible and comply minimally with statutes put in place to protect borrowers, all while employing tricks to “cash in” on homeowners’ defaults, pushing them to foreclosure.

Banks benefit from foreclosures more than loan modifications because of something called “creaming the debt.” If the Banks modify the loan, their penalties and fees might not get paid to them. When they foreclose, they get their penalties first, before the investors– which is the “creaming.” The mortgage banks make more money from foreclosure than actually servicing the homeowner’s payment.

When foreclosure becomes a possibility, like when a borrower misses a payment or asks for a modification, the banks seize the opportunity for increased profit by foreclosure. Foreclosure is clearly the fattest pot of gold possible and it’s for this reason foreclosure is the bank’s primary goal.

The banks take the risk of litigation because few people sue, but getting legal information as soon as possible can make the difference between homeowners asserting their rights, or losing their homes while being bulldozed by the bank.

Bank Trick #1: Refusing Payments

The bank refuses the check a homeowner sends in.

The bank may offer a reason (for example, there’s a mistake on the account) or it might offer no explanation at all. The bank may even offer the homeowner a loan modification. The bank does this to delay the homeowner from immediately contacting an attorney to pursue a breach of contract claim.

Alternately, the bank may take trial payments in an effort to further delay the homeowner until the arrears (also known as the forbearance) becomes so great that the homeowner is ineligible for a loan modification or unable to repay the debt. Eventually, the servicer combines this trick with other tricks, such as changing servicers, to draw the homeowner further into default.

Bank Trick #2: Switching Services during Modification

A homeowner gets a loan modification with one servicer and makes trial payments. The servicer advises the homeowner that it is switching servicing rights to another servicer.

The new servicer claims to know nothing about the modification and delays the homeowner for months waiting to get the relevant “paperwork.” No matter how many times the homeowner sends proof of the modification, the new servicer refuses to honor it. It is a violation of California law to not honor a modification from a prior servicer but servicers know that most people will not pursue litigation.

Bank Trick #3: Breaching a Modification Contract

The homeowner gets a loan modification that includes a balloon payment of, for example, $50,000 after 20 years. After paying on this loan modification for a year and a half, the homeowner gets a new modification in the mail from the same servicer with a balloon payment of $150,000. No matter how many times the borrower calls the servicer, or tries to forward the existing modification, the agent will respond with a fixed script that does not acknowledge the prior modification but only talks about the new one.

The confused borrower will feel like he or she is talking to a robot (on a recorded line, being monitored by a supervisor). Eventually, if the borrower does not sign and execute the new modification, the bank will begin to refuse their payments on the old modification.

The servicer will also create a paper trail that tells a different story than what is actually happening. If the bank is trying to stick a borrower with a new modification, the paper trail will show the borrower is refusing the modification and mention nothing about the old one. Eventually, the servicer will stop accepting payments unless the homeowner acquiesces to the new modification.

Bank Trick #4: Extra Fees & Escrow Accounts

The homeowner receives a bill for extra fees out of nowhere so that the mortgage payment becomes something the homeowner suddenly can’t afford. The servicer refuses to accept any “partial payment.” After that, the bank continues adding on fees each month, increasing the amount the borrower has to pay to reinstate. They may offer the homeowner a loan modification as a distraction to trick the homeowner into a longer default. Because the borrower thinks they are getting a modification, they will spend the money they would have put towards their mortgage and be unprepared to pay their arrears if the modification falls through, as it most likely will. The servicer does all this while telling the borrower they are there to help.

The servicer may pay homeowner taxes early and then accuse the homeowner of not paying them. The servicer may point to a clause in the mortgage that says if the homeowner doesn’t pay the taxes, they can raise the interest rate. They may begin charging the homeowner for forced place insurance at a high rate even though the homeowner already has insurance. This is something the homeowner only finds out after-the-fact when trying to pay property taxes.

Bank Trick #5: False Notices

In a non-judicial foreclosure state, such as California, foreclosure is done by recorded notice. The Notice of Default states the amount of arrears that a homeowner must pay back to reinstate the loan.

Servicers uniformly overstate this amount by up to $20,000, which serves two purposes: (1) It scares borrowers with an inflated amount of arrears that they believe they can’t cure; and (2) It creates a paper trail for the bank so they can claim more money from investors.

Bank Trick #6: Multiple Modifications and Dual Tracking

The bank must respond to the loan modification application with a denial or approval within a definite period. A denial must be in writing and must inform the borrower of the right to appeal. The bank cannot “ dual track ” a borrower by posting Notices of Foreclosure and Trustee’s Sale while reviewing the borrower for a modification.

There are big penalties for “ dual tracking ” by the bank, but only if it is the borrower’s first time applying. This is why a servicer will often deny a modification over the phone or encourage a borrower to apply again. Once a borrower becomes a serial modifier, the bank can dual track the borrower all it wants without statutory penalties. And, it will.

You don’t have to let the banks get away with these tricks and scams! According to a government audit 83% of the mortgages contain legal violations, legal errors, contract breaches, appraisal fraud, mortgage fraud, and other legal issues that can be legally problematic for banks attempting to foreclose.

However, thanks to groundbreaking cases like the Glaski v. Bank of America case and the Jesinoski v. Countrywide Home Loans , case there is hope for homeowners who want to fight to save their homes from mortgage and foreclosure fraud.

The Glaski decision (California State Court) presents the idea that if some entity wants to collect a debt or foreclosure on your property, they must first legally own the debt. Furthermore, if that entity is claiming ownership by way of an Assignment, it must prove that Assignment is legally valid.

The Jesinoski decision (Federal Supreme Court) deals with a homeowner’s right to rescind (or cancel) the loan agreement, and stated that the loan is rescinded the moment the rescission letter is mailed! Furthermore if the lender wants to challenge the rescission it only has 20 days to do it!

The Supreme Court stated in Carpenter v. Longan that “the mortgage follows the note” and that the note and mortgage are inseparable because the assignment of the note carries the mortgage with it, while the assignment of the mortgage alone is a legal void!

Our research shows that the majority of Assignments are void; because most pooling and servicing agreements are trust that are governed by New York law. New York law says that if you are not punctilious in following the trust documents for a transfer, the transfer is void. It doesn’t matter if you intended it or not, it’s void.

That transfer is void even if the transfer would have otherwise been compliant with law. And if the transfer is void, that would mean that the trust do not own the mortgages; and therefore lacks standing to foreclose.

It’s axiomatic that in order to bring forth legal action, the plaintiff must have legal standing. Only the mortgagee has such standing. Thus various problems like false or faulty affidavits, as well as back dated mortgage assignments, and altered or wholly counterfeited notes, mortgages, and assignments all relates to the evidentiary need to prove standing.

I cannot decide for you the moral obligations you should pursue; but if a wrong has been committed against you (such as a clouded title or a fraud resulting from a mortgage loan) you have the duty as an American property owner to correct it. Filing a lawsuit (in my book) reflects one’s personal responsibility. Furthermore if you read your mortgage or deed of trust you agreed to defend the title to your property against any false or faulty liens or encumbrances.

If you have a broken chain of title, or cloud on title, it is your legal right and duty to file a quiet title lawsuit in order to obtain clear and equitable title to your home!

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What is a Deed of Assignment? Definition and Examples
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COMMENTS

What Is the Difference Between the Deed of Absolute Sale and the Deed
The difference between a deed of sale and a deed of assignment is that the deed of sale is used once and has no conditions other than the purchase price of the property, while the deed of...
Sale deed versus 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.
Deed of Absolute Sale vs. Deed of Assignment
A deed of assignment occurs when a debtor transfers property to a creditor, usually a bankruptcy court trustee. The bankruptcy court trustee is then responsible for facilitating the sale of the property. Once the property sells, the trustee splits the proceeds equally among the creditors.
Deed of Assignment
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.
What is an Assignment of Deed & How Does it Work
An assignment of deed is used to show the deed of a property changing from one party to another, such as when a sale is made. It is used as the written proof to show who has rightful ownership of the property.
Assignment of Deed of Trust Vs. Deed or Grant Deed
An assignment of deed of trust is used by a lender when it sells its loan secured by a deed of trust. Property Deeds Real estate transactions that involve the transfer of property rights...
Understanding a deed of assignment for intellectual property
A deed of transfer is used to change the ownership of intellectual property, a common occurrence in business. Explore how and when to use one. This article is for informational purposes. This content is not legal advice, it is the expression of the author and has not been evaluated by LegalZoom for accuracy or changes in the law. Contents
Understanding Property Deeds
A property deed is a written and signed legal instrument that is used to transfer ownership of the real property from the old owner (the grantor) to the new owner (the grantee). Historically, real ...
What's the difference between a mortgage assignment and an ...
An assignment transfers all the original mortgagee's interest under the mortgage or deed of trust to the new bank. Generally, the mortgage or deed of trust is recorded shortly after the mortgagors sign it, and, if the mortgage is subsequently transferred, each assignment is recorded in the county land records.
Deed of Assignment: Everything You Need to Know
A Deed of Assignment refers to a legal document in which an assignor states his willingness to assign the ownership of his property to the assignee. The Deed of Assignment is required to effect a transfer of property and to show the legal right to possess it.
Completing and Recording Deeds
A quitclaim deed (sometimes misspelled " quick claim ") is used when someone gives up (waives or disclaims) ownership rights in favor of another person. The grantor may or may not be on the current deed. A quitclaim deed is often used in divorces or inheritance situations, when a spouse or heir gives up any potential rights to real estate.
Difference Between Assignment and Transfer
The difference between assignment and transfer is that assign means it's legal to transfer property or a legal right from one person to another, while transfer means it's legal to arrange for something to be controlled by or officially belong to another person. When used as verbs, assign means to set apart or designate something for a purpose ...
What Is the Difference Between the Deed of Absolute Sale and the Deed
There can a browse by finite technical differences between a deed of absolute sale (used in truly succession sales) and a deed off assignment (used among mortgage lenders). The primary difference involves the specific specific imposed during property transfer among the rights holders.
DEED OF ASSIGNMENT
DEED OF ASSIGNMENT definition: a legal agreement to give an asset or to sell a debt to someone else: . Learn more.
Difference Between Contract of Sale and Deed of Assignment
A deed of assignment is said to have been delivered when interest has passed to the Assignee and the interest can be passed with or without a physical handover. Another major difference between a contract of sale and deed is that under a deed of assignment, the title of land acquired is required to be perfected upon payment of the full ...
Deed of Reconveyance
Summary. A deed of reconveyance refers to a document that transfers the title of a property to the borrower from the bank or mortgage holder once a mortgage is paid off. It is used to clear the deed of trust from the title to the property. The deed of reconveyance is completed and signed by the trustee, whose signature must be notarized.
Agreement to Sell vs Sale Deed/Assignment Deed
An agreement for Sale is the base document on which the deed of assignment or sale deed is drafted (Deed of assignment/sale deed is the document prepared at the time of full payment made by the buyer and when the actual transfer of the property takes place). Stamp Duty and Registration Charges -
Differences between Deed of Lease and Deed of Assignment
While the Deed of Assignment is the more commonly used of the two documents in land transactions, a Deed of Lease can also be used depending on the nature of the seller's title or interest or the scheme purchased from. A Deed of Assignment transfers to you ALL OF THE SELLER'S RIGHTS TO THE LAND OR HOUSE.
What Do You Need To Know About The Deed of Assignment?
Essentially, the Deed of Assignment (DOA) is a legal document that transfers the ownership of a property from one party to another. A DOA is also a document that you'll need to provide if you're applying for a home loan in Malaysia. Where Does The Deed Of Assignment Come In When Buying Or Selling A Property?
California Blank Documents
Deed of Trust - Assignment of Rents / Due on Sale. (for use with Note containing Due on Sale provision) MS Word. PDF. Request for Copy of Notice of Default. MS Word. PDF. Request for Notice of Delinquency. MS Word.
Deed of Assignment vs Deed of Conveyance: Differences
April 27, 2023 at 10:46 pm Reply The terms "conveyance deed" and "deed of assignment" are not uncommon in real estate transactions. It is important to know what they mean and what is the difference between the two. Let me share the deed of assignment vs deed of conveyance here in simple words for your understanding.
Millions of Mortgages Maybe Legally Void Due To
Look to see if an Assignment of Deed of Trust was filed. If so, your lender does not likely own your note. If the recording date of the Assignment is near the time of foreclosure, then that entity had no legal right to foreclose. ... Application for Temporary Restraining Order (to stop a foreclosure sale or stop an eviction), Lis Pendens (to ...
DEED OF ASSIGNMENT definition
deed of assignment meaning: a legal agreement to give an asset or to sell a debt to someone else: . Learn more.