Transfer agreements

 

Transfer agreements are legally binding contracts in which one party (the transferor) effectively sells its rights and obligations to another party (the transferee). These rights are normally governed by another contract. Transfer agreements are commonly drawn up to deal with commercial agreements and property leases.

For example, transfer agreements may be entered into between two banks. The transferor bank will have signed a loan agreement with one of its clients, but for some reason it no longer wishes to service the loan. If the bank assigns the loan (rather than transfers it), it will still be obliged to make future loan payments to its client.

This is because assignment of a contract only allows assignment of the benefit, not the burden. By transferring the loan the transferor bank is released from all responsibilities associated with the original loan, and the transferee bank steps in instead.

When you enter into transfer agreements, it is crucial that you are aware of all the terms of the existing contract. There are many different regulations and procedures regarding transfer agreements, and they vary depending on the industry the contract relates to, the age and length of the original contract and other similar factors.

If you have any concerns or you are not sure of the legal obligations associated with entering into transfer agreements, you should discuss the situation with a legal professional. Doing so will ensure that you do not find yourself signed up to unwanted contracts or over-expose yourself to unnecessary risk. 

If you would like to obtain legal advice on transfer agreements, Contact Law can put you in touch with a local specialist property solicitor free of charge. So, if you have any questions or would like our help in finding local specialist property solicitors please call us on 0800 1777 162 or complete the web-form above.

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