Cession

Definition:

Cession is the act of transferring ownership or control of land or other assets from one party to another. It is a legal process that creates a new owner or controller.

Elements of Cessation:

• Transferor: The party who owns or controls the asset being ceded.
• Transferee: The party who receives the asset.
• Asset: The land or other asset being transferred.
• Consideration: The payment or other incentive offered to the transferee.
• Consent: The agreement of both parties to the transfer.

Types of Cessation:

• Absolute cession: The transfer of complete ownership and control of the asset.
• Conditional cession: The transfer of ownership or control subject to certain conditions being met.
• Leasehold cession: The transfer of a leasehold interest in land.
• Mortgages: The transfer of a security interest in land as collateral for a loan.

Examples:

• A landlord cedes a rental property to a new tenant.
• A homeowner sells their house to a buyer.
• A company assigns its lease to a new lessee.

Legal Considerations:

• Cessation must be made in accordance with applicable law.
• Consent of all parties involved is required.
• The transfer of ownership or control must be properly documented.

Additional Notes:

• Cessation can be voluntary or involuntary.
• It can be used to transfer a variety of assets, including land, buildings, and equipment.
• The process of cession can vary depending on the jurisdiction.