What does consideration mean on a deed?
What does consideration mean on a deed?
Consideration is a legal term used to describe the value that changes hands as part of an agreement between two or more parties. The contract will also require the seller to sign and deliver a deed (usually a Warranty Deed or Special Warranty/Grant/Covenant Deed) as consideration to the buyer.
Can you sign a deed on behalf of someone else?
There are circumstances in which individuals will be executing a deed not in connection with their own affairs but in some official capacity, which entitles them to act on behalf of someone else.
Does a stock transfer form need to be signed as a deed?
The Stock Transfer Act 1963 (STA 1963), s 1 does not require shares to be transferred by deed, stating instead that shares may be transferred by means of an instrument under hand in the form set out in Schedule 1 to the STA 1963 (a stock transfer form (STF)), executed by the transferor only, and specifying (in addition …
Can a deed be executed by an Authorised representative?
Companies usually authorise representatives to sign documents by a resolution of the company’s board. However, if a company wishes to authorise an agent to execute a deed as opposed to a mere agreement, common law requires the agent’s authority itself to be granted by deed, rather than by a mere resolution.
When should a document be a deed?
Legal requirements For a deed to be legally binding and valid, it must: be in writing; be clear from the face of the document that it is intended to take effect as a deed – the instrument does not need to have the word ‘deed’ on its front cover, but it must contain the word deed within the document.
Who can witness a property transfer deed?
The civil partner, spouse or cohabitee of the signatory can act as a witness so long as they are not a party to the deed, however, it is recommended to avoid this. The Land Registry also advises that no-one under the age of 18 or of insufficient maturity should be relied upon to witness the deed signing.
Are property deeds legally binding?
Title deed covenants are legal restrictions on what you can and cannot do with your property. Whatever the detail, a covenant is legally binding and you could face severe penalties if you breach it.
