How to Make A Legal Assignment in Word
A legal assignment is a legal term for the transfer of ownership, rights, and obligations from one party (the assignor) to another person or entity (the assignee). The document that states this transfer or transaction is called a legal assignment agreement or assignment agreement.
A legal assignment should only be created with the express consent of the assignee. Other conditions or contract stipulations may also exist that prohibits assignments. So, make sure to read the original contract or agreement and consult your lawyer prior to finalizing a legal assignment.
Just like other forms of documents, legal assignments can be created using various word processing software tools like Microsoft Word. They can then be printed out or stored electronically. Below, we have collated a few document-making tips to help you create a seamless legal assignment agreement. Read and study all these best practices.
1. Inform Your Intended Assignee
As we have emphasized earlier, a legal assignment may only be executed if the assignee agrees to the transfer of property, rights, or obligations. You may negotiate with the assignee yourself or you may have your lawyer do it. An assignee needs to be informed that once he or she agrees to be the new assignee, he or she will assume all rights, benefits, or duties due to him and by him under the original agreement. For example, under a mortgage contract, the assignee will have to pay the monthly mortgage once the legal assignment is in effect.
2. Follow a Standard Legal Document Format
Legal documents take time to prepare. That is why, if you are a lawyer, business owner, or private person who wishes to quickly create your own legal assignments, following a standard document format may be what you need to do. You may download pre-made assignment letters and smart contract templates online (a few examples are shown above). And then just edit them to match the specific contract, case, deed, or circumstance you are making the assignment document for.
3. Verify All Information
Just like making other kinds of legal documents and agreements between two parties, it is crucial to maintain the veracity of your legal assignment. Make sure that all the names, designations, agreement terms, specific notes, and stipulations are accurately reflected on the final assignment of rights document. Doing so prevents future lawsuits and having anyone challenge the validity of your legal assignment agreement.
4. Check If There is an Anti-Assignment Clause
Before transferring your rights to any asset, property, or contract to another person or entity, make sure that the original contract does not have an anti-assignment clause. This simple check can help you save time and money down the road. And if you find an anti-assignment clause, you may contact the obligor (the third party) to have the original contract agreement amended to allow you to assign your rights or duties to another person.
5. Have The Document Reviewed By A Real Estate or Contract Lawyer
Never forget to let your lawyer review the legal agreement or assignment document you’ve created. He or she may recommend the right legal phrasing on the document. Or, he can also check if the document adheres to local business and property laws. Trust in your lawyer because he will put your best business interests in mind.