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:
- Particulars of the transaction’s participants (names, address, status).
- Day on which they transferred the property from the vendor to the buyer.
- The nature of the assignor’s (vendors’) title.
- Entire description/ specifications, including any fittings and fixtures of the property.
- The history of the property being transferred from the time it was initially obtained to the current moment of sale, including all preceding documentation.
- Details about a verifiable document the property bears.
- The amount of money paid in a property transaction (buy price) and the vendor’s readiness to accept the price paid for the property.
- The nature of the transaction and the assignor’s capacity (vendor).
- Both parties to the transaction agree to keep the agreements.
- The parties’ signatures, as well as the signatures of the witnesses to the transaction, are necessary.
- Plan for the survey.
- Information about the lawyer who prepared the deed.
- The Governor’s assent must be signed and validated in this section.
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.
