deed

  

Definition

Legal document (instrument) by which an asset owner (the grantor) transfers his or her right of ownership (title) in an asset to another party (the grantee). To be enforceable, a deed must (1) state on its face that it is a deed, (2) accurately describe the property which is the subject matter of the deed, (3) be validly signed (executed) in presence of the prescribed number of witnesses, and (4) be handed over (delivered) to the grantee as a deed. Deeds may contain limitations or promises (covenants) which are enforceable even if unwarranted or not supported by a consideration. Some deeds (such as a deed of arrangement) serve as evidence of a pledge to carry out one or more specified actions, whereas others (such as a deed of protest) evidence that such actions have actually been carried out.

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