A Deed of Assignment is an essential legal land document that records a sale of land. Besides that, it transfers interest and title in real property from one party to another, starting from the commencement date stated in the document. Any reputable real estate company in Nigeria would provide you with this document at the conclusion of a property transaction. It’s an essential land document required to bind the legality of transactions between two parties. Extensively, it transfers the ownership of land or property from a seller {an assignor} to a new buyer {the Assignee}
A Deed of Assignment can only be prepared by a lawyer. In cases where the property is part of an estate, the assignor’s lawyer may prepare the deed for examination by the assignee’s lawyer.
Before the Deed of Assignment can be issued, there are details that should be included:
Requirements for a Deed of Assignment
In order to be legally enforceable, an absolute sale deed must provide a clear description of the property being transferred, such as its address or other information that distinguishes it from other properties. In addition, it must clearly identify the buyer and seller and state the date when the transfer will become legally effective, the purchase price, and other relevant information.
In today’s real estate transactions, contracting parties usually use an ancillary real estate sale contract in an attempt to cram all the required information into a deed. Nonetheless, the information found in the contract must be referenced by the deed.