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 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. in order to be valid, a deed of assignment must contain certain types of information and meet a number of requirements. 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. when you sell a piece of property, you are making an assignment of it to the buyer through the paperwork you sign at closing. a deed of assignment refers to a legal document that facilitates the legal transfer of ownership of real estate property. 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.