Deed of assignment

A deed of assignment transfers a party's rights under an existing agreement to a third party, who then completes the transaction in their place.

How it differs from nomination and novation

• Nomination — a nominee is named to take title; the original purchaser generally remains liable
• Assignment — rights are transferred; the assignor generally remains liable for obligations, and consent from the other contracting party is usually not required
• Novation — a full substitution of one party for another; requires the other party's consent and releases the original party

Where it appears in property

Assigning a contract before settlement — sometimes marketed as "flipping the contract." This is legally possible where the agreement permits it, but:

• Many agreements expressly prohibit assignment.
• The profit is almost certainly taxable, and a pattern of it makes you a trader
• Vendors frequently object, and some will resist consenting where consent is needed

Common misunderstanding

Assigning a contract for profit is not a tax-free arbitrage. It is trading income. Anyone presenting it otherwise is wrong.

Related terms

Last reviewed: 1 August 2026 · General information only, not legal advice.

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