Often, people use the words Deed of Conveyance and Deed of Assignment interchangeably. But is this right? The two are actually legal documents that are used in relation to possession or transfer of properties.
A Deed of Conveyance is a legally binding document that transfers the ownership of real property from one party usually the seller or grantor, to another party i.e., the buyer or grantee while Deed of Assignment is a contract or an agreement between the seller of a piece of land and the buyer showing details and evidence that all title, rights and interest of ownership of the land have been transferred to the buyer.
In legal terms, a Deed of Assignment is an agreement where an assignor declares a promise that from the assignment date or any date stated within the contract, the assignor allocates the entirety of its stake in that land or property to the assignee.
Why collect a receipt after a purchase? All these documents likewise deed of assignment for land is all important because they serve as legal proof. Deed of assignment is one of the very important land documents to acquire if ownership of land is to be authentic.
The significant difference is that a deed of Conveyance can transfer the legal title of the property’s ownership from one individual to another in the form of a mortgage, gift or other real estate transactions while a deed of assignment is primarily based on transferring ownership through sales from one person to another.
A Deed of assignment is a legal document which serves as a proof that the property purchased will be transferred to the buyer on a defined date by the rightful owner. The deed of assignment for land has to be recorded in the land registry to show legal proof and to bring to the notice of everyone that the property has been transferred from the seller to the buyer.
A Deed of Conveyance is a legal requirement to establish ownership transfer of real property; it must be executed in writing, signed by both parties, and properly stamped to be legally valid and should contain a clear and accurate description of the property being transferred, including its size, location, boundaries, and any distinguishing features.
READ ALSO: Is there a difference between Deed of Conveyance and Deed of Assignment?
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