Deed of Assignment
3 years ago
I (Manoj Singh) have purchased a resale property from Mr Gholap (First Owner) in Navi Mumbai. I have taken a loan from a bank and submitted the required document. Below is the list of the document submitted:
Cidco Transfer Letter
Registered Sale Deed
Mortgage NOC from CIDCO
Original NOC from Society
Registration Receipt of MOE
Stamp Duty, Transfer Letter from CIDCO
Orignal Regd sale agreement With me
Orignal Regd sale agreement WithMr Gholap (First Owner)
Now bank is asking for
Deed of Assignment Favouring me (Manoj Singh)
Deed of Assignment between me(Manoj Singh) and Mr. Gholap (First owner)
I was not knowing what documents I need to maintain, and now I realize that I don't have a Deed of Assignment. What can be done in this case? Is it really required because already I have submitted Registered Sale Deed. Please guide on this
You may take assistance of local property lawyer and bank people in furnishing relevant proformas.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A deed of assignment refers to a legal document that facilitates the legal transfer of ownership of real estate property. It is an important document that must be securely stored at all times, especially in the case of real estate. The contents of the Deed of assignment are;
Names of parties to the agreement
Addresses of the parties and how they are binding on the parties' successors, friends, and other people who represent them in any capacity
History of the property being transferred, from the time it was first acquired to the time it is about to be sold
Agreed price of the property
Size and description of the property
Promises or covenants the parties will undertake to execute the deed
Signatures of the parties
Section for the Governors Consent or Commissioner of Oaths to sign and verify the agreement
Though the document is very important, however, it depends upon banks that whether they require the document or not. in your case, as bank is asking for the same you need to submit the same.
Yes Deed of Assignment is very important document however, it depends upon the terms and conditions of the respective bank,
The deed of assignment is the main document between the seller and buyer that proves ownership in favor of the seller. In general, this document can be described as a document that is drafted and signed to promise or guarantee the transfer of ownership of a real estate property on a specified date. In other words, it serves as the evidence of the transfer of ownership of the property, with the stipulation that there is a certain timeframe in which actual ownership will begin.
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