Deed of Assignment is a transitional indenture in the chain of subsequent transfers of a flat, initiating from the Societal Final Conveyance and constantly continuing to the succeeding purchasers and is one of the forms of Sale/Purchase Deed and is drawn and devised accordingly where the nature of the flat ownership is societal.
The rights and benefits of the Buyer of a flat under the Builder’s Agreement once concluded in the Societal Final Conveyance, all the transferable and inheritable title, ownership, rights, and interest in the flat, in the building in which the flat situates and in the land over which the building with the flat is constructed and in the common amenities and areas, vest in the Buyer who being a member of the Housing Society formed by the Developers now owns all the estate in the flat.
The buyer of a flat thus having become the first owner of the flat with the dominating ownership rights and control over the flat also enjoys the unequivocal right to transfer and sell the flat to the subsequent purchaser in accordance with the enactments and byelaws governing such co-operative housing society.
For making all the subsequent transfers of the flat having societal ownership the Deed of Assignment is the legal instrument which helps in the juridical and effectual passage of all the rights, title and interest in the flat to and favour of the successive taker thereof for value.
While drafting the Deed of Assignment a law firm is entrusted with the responsibility of ensuring in its strictest sense that all the pre-transfer and post-transfer compliances are made with a view to secure the interest of the successive purchaser in the flat. It is the duty of the law firm to make certain that the seller has made and completed all the formalities under the societal and property enactments, bye-laws, statutory procedures, etc. The law firm has to observe the same degree of care in the documentation of societal flat transfers as in case of Sale/Purchase Deed.
Deed of Assignment is made subject to the enactments governing Co-operative Societies, Contract, Transfer of Property, Stamp duty, Registration and all other relevant enactments.