What you need to know about Conveyance Deed and Deed of Assignment.
The document you need to get when buying a property for yourself is different from the one you need to get when you want to buy the property for someone else.
At times people get confused when it comes to obtaining certain documents for property acquisition.
If you don’t really know the difference between Deed of assignment and Conveyance deed.
I’m here to make you understand!
You know if you buy an item, you would be given receipt as an evidence of legally purchasing the item. the receipt is enough for you to claim ownership of the item purchased if the seller want to play to outsmart you.
But reverse is the case, when you are buying a property. Receipt is never enough to claim your property back if the seller sells the property to someone else.
I have seen several cases where a land is sold to more than one person. It is the buyer who has the perfect document that will eventually win the dispute. That is why it is very important to get the right document when buying your property.
Conveyance Deed and Deed of Assignment
When it comes to conveyance deed and deed of assignment, there is a slight difference between the two.
Deed of Assignment
Deed of assignment is one of the most important land documents to acquire which shows the authentic owner of a property.
It’s a legal document which serves as a proof that the property purchased has been transferred from the seller to the buyer. It is always drawn by a property lawyer.
When ownership is transferred, the deed shows the new legal owner of the property with pertinent information such as;
- The names of the buyer and the seller.
- The address of both parties.
- The agreed cost and the size of the land to be sold.
- The signature of the both parties etc.
The deed of assignment for land has to be recorded in the land registry to show legal proof and publicity.
A deed of Conveyance is used to transfer the legal title of the property’s ownership from one individual to another in the form of a mortgage gift.
There is no much difference between Deed of assignment and Conveyance deed, but the significant difference is that conveyance deed is used to transfer property ownership from one person to another in form of a gift.
While a deed of assignment on the other hand is primarily based on transferring ownership through sales from the seller to the buyer.