Deed of absolute sale contract - jargon free translation please

[Shane]

we were looking to use a company for a merchant credit card account so we can take online subscription payments and theres a "deed of absolute sale" in there which looks to my untrained eye like I'm giving them the domain we are going to use for $1 however I'd welcome input from those with more legally/jargon orientated points of view as I got confused at vendor/vendee lol

anyone got another take on this as all I see is rights to the domain for a dollar :

This Deed of Absolute Sale is made and entered into in Subic Bay Freeport Zone this _________ day of ________, 200____, a corporation duly organized and existing under (British Virgin Islands) law with business address at (xxxxxxxxxxxxxx), represented herein by its authorized representative, ( ), hereinafter referred to as Vendee;

and xxxxxxxxxxxxxxx a corporation duly organized and existing under United Kingdom law with business address at _________, represented herein by its authorized representative, ______________hereinafter referred to as Vendor;

WITNESSETH

That for good and in consideration of the amount of One United States Dollar (US$1.00), receipt of which sum in full is hereby acknowledge and confessed by the Vendor from the Vendee, its heirs, successors and assigns the registered domain name described below, as follows:

blahdeblahdeblah.com

The Vendor warrants that it is the registered owner of the above described properly and that the same is free from all liens and encumbrances and/or legal impediments and from any and all claims whatsoever nature or kind.
IN WITNESS WHEREOF: the parties have hereunto affixed their signatures on;
Reference ID: __ __ __ __ __ __ __ _
Date Lodged: ____ / ____ / 200 ____

Signatures
Authorized Signature (Vendee):
Print Name (Authorised Representative):
Company Name:
Merchant Authorized Signature (Vendor)

all input welcome as I'm sat here scratching my head, two things really, A) is it basically what i think it is, they own the domain for $1 and B) if so why would they need to do this to provide us with a merchant account

[nickhx]

Hey Shane,

Yor're right -- the wording of this deed implies that there is a transfer of ownership of your domain to them.

In particular, the wording that states "that the same is free from all liens and encumbrances and/or legal impediments and from any and all claims whatsoever nature" is usually used in a situation where title (ie. legal ownership of property) is being transferred to the buyer and the buyer wants to protect himself from claims from other third parties who may assert ownership rights in the property (e.g. a bank in the case of the mortgage of a house).

As to why, I have no idea, but maybe they have sent you the wrong document?!

Hope that helps.