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What precisely is transferred depends on the contract and the legal jurisdiction.

I have some clients that were gypped for a lot more than USD2.5k - they thought they were getting the IP and instead they were getting a non-transferable license to use (and the software was buggy and had - appallingly - developer backdoors and remote off-switches).

Explicit terms in contracts is a very smart move; don't assume anything about what the local version of contract and tort law will deliver to you.

Of course, off-shored development makes it all a bit more complicated - which party actually holds source code and can be sued? It's a bit of a mine-field.