What document is used to formally transfer ownership of a right from one entity to another?

The document that is used to formally transfer ownership of a right from one entity to another is the assignment. An assignment is a legal instrument through which one party conveys its rights and interests in a particular asset or right to another party. This transfer can pertain to various types of rights, including lease rights, intellectual property rights, or claims under a contract.

In a real estate context, assignments are often employed to transfer contractual rights or obligations associated with the property, such as lease agreements or options to purchase. The effectiveness of an assignment typically depends on the intent of the parties and compliance with any relevant legal requirements, such as the necessity of being in writing.

When compared to the other options, the affidavit is a sworn statement of facts, a settlement statement outlines financial details at closing, and an escrow agreement involves an arrangement that allows a third party to hold funds or documents until certain conditions are met. None of these documents is specifically designed to transfer ownership rights in the same manner that an assignment does.