A bit of narrative of what I have read and then the specific words in the document.
King John of England, B. 1166- D. 1216 AD (the one who singed the Magna Carta under threat of death [contract law says no contract agreed to under duress or fraud is valid]) had not been known as a particularly nice fellow. He had angered the Catholic Pope Innocent III who excommunicated John. John becoming obsessed about burning in Hell for all eternity sent a messenger to the Pope asking for forgiveness which the Pope declined to do, scolding John for his bad behavior. John then sent a letter to the Pope begging for forgiveness and that he would do and or give anything within his power that the Pope asked if he would only be granted dispensation to be able to enter into heaven.
Pope Innocent (don't you love that name?) III told John he would accept King John back into the Holy Roman Church and be accepted into heaven on his death for specific compensation. What the Pope demanded and John gave was all the assets of the British Crown, that is England and Ireland. Not only this but also to pay the sum of 1000 oz. per year of silver. The only thing John was allowed to keep was the trappings or appearance of Royalty and the right to utilize ( or farm ) England and Ireland. The agreement was forever and binding on all descendants or successors. In other words, the Crown could keep up appearances and as a tenant use the property (that includes human animals) for what ever the Crown could gather for income and pay a yearly rent.
In fact, sovereignty over the Kingdom and all its possessions became the property of the Catholic Church.
I'll copy some sections of the agreement below but if you want to read the whole contract visit
http://amazingdiscoveries.org/S-deception-King-Johns-Concession_Pope_fealty
I've also seen a photo copy on line of the contract reprinted in a 15th century book. Obviously this is not the original exact text but updated into modern English so today's commoners can easily understand it.
"We wish it to be known to all of you, through this our charter, furnished with our seal, that inasmuch as we had offended in many ways God and our mother the holy church, and in consequence are known to have very, much needed the divine mercy, and can not offer anything worthy for making due satisfaction to God and to the church unless we humiliate ourselves and our kingdoms:... do offer and freely concede to God and His holy apostles Peter and Paul and to our mother the holy Roman church, and to our lord pope Innocent and to his Catholic successors, the whole kingdom of England and the whole kingdom Ireland, with all their rights and appurtenances, for the remission of our own sins and of those of our whole race as well for the living as for the dead; and now receiving and holding them, as it were a vassal, from God and the Roman church,... binding our successors and our heirs by our wife forever, in similar manner to perform fealty and show homage to him who shall be chief pontiff at that time, and to the Roman church without demur.
"As a sign, moreover, of this our own, we will and establish perpetual obligation and concession we will establish that from the proper and especial revenues of our aforesaid kingdoms, for all the service and customs which we ought to render for them, saving in all things the penny of St. Peter, the Roman church shall receive yearly a thousand marks sterling,....saving to us and to our heirs our rights, liberties and regalia; all of which things, as they have been described above, we wish to have perpetually valid and firm; and we bind ourselves and our successors not to act counter to them."