In a transfer document, which of the following details is essential?

The inclusion of a description of the property and contract numbers in a transfer document is essential for several reasons. Firstly, a clear and accurate description of the property ensures that all parties are in agreement regarding which specific asset is being transferred. This reduces the risk of disputes over property boundaries, characteristics, or conditions, all of which are crucial for proper identification and legal clarity.

Additionally, contract numbers provide a reference point for related agreements or documents and can help link the transfer to a broader transaction context. This organizational aspect contributes to effective record-keeping and makes it easier for parties to track obligations or rights associated with the property transfer.

In contrast, while the names of the parties involved are important for identifying who is transferring and receiving the property, they alone do not specify what property is being transferred. Previous transaction reports and social security numbers, although they may have their own relevance, are not essential for the basic understanding of the transfer. They might not directly pertain to the specifics of the transfer and may raise concerns about privacy, thus making them less critical than a clear description of the property and relevant contract identifiers.