What is a deed of assignment in real estate industry?
A deed of assignment is one of the most important documents you must have when you complete a land transaction.
In Nigeria, buying and selling of real estate property requires quite a number of legal documents to sign After all, the transfer of property from one party to another (some of which can amount to millions of Naira), is no small matter!
A lot of people who have bought landed property have no deed of assignment and they are always the first to complain that Omonile ( the traditional land owners) has defrauded them but they have no proof to show that the ownership of the property has been transferred to them other than the purchase receipt.
It is kind of funny that everyone has the title documents to their car showing the details of both the seller and the buyer but when it comes to landed properties which are ten times more valuable than cars, they fail to ask for this one very important document that can prove ownership of their land.
A deed of assignment is an agreement between the seller of a land or property and the buyer
of that land or property showing evidence that the seller has transferred all his rights, his interests, his title and ownership to the buyer who has just bought the land.
The deed of assignment spells out the date when the ownership of the property transfers from one owner to the other.
The deed also gives a specific description of the property that is included in the transfer of ownership.
When the deed of assignment has been transferred between both the buyer and the seller,it has to be registered in the land registry to show legal proof that the land has exchanged hands and that the public should be aware of the transaction.
This is primarily the job of the PURCHASER. It is very compulsory and mandatory for a Deed of Assignment to be recorded at the appropriate land registry to show legal evidence as to the exchange of ownership in any land/landed property transaction in order to make the general public and government aware of such exchange and/or transaction.
A recorded Deed of Assignment at the appropriate land registry will be authenticated in form of either a Governor’s consent or Registered Conveyance after it has been stamped at the Stamp Duties office.
Therefore,when you buy landed property, ALWAYS INSIST ON A DEED OF ASSIGNMENT FROM THE VENDOR. Never let swindlers convince you that a mere receipt is enough proof of land purchase.
Don’t listen to any one that tells you that he or his family doesn’t sign a deed of assignment and that it is only a receipt you need. He is only looking for a way to resell your land to another person and to use receipt as a ploy to prevent you from establishing true ownership of your land.
The Importance Of A Deed of Assignment in Real Estate Industry
The importance of a deed of assignment cannot be over emphasized in landed transaction as it is the first document that shows good title to property.
There are instances where an inconclusive Certificate of Occupancy alone without corroborative evidence can be displaced as a bad title.
However, a duly perfected deed of assignment which; Transfers both the legal and equitable interest in the property, Clearly describes the property and extent of interest being conveyed, Clearly states the owner of the property, States that it is not subject to any higher interest over the property and nothing on the face of the title should cast doubt of its authenticity – Therefore, a Deed of Assignment should be executed at the end of every land transaction together with receipt of purchase and not only receipt of purchase.
When you invest in landed property with Gasvine Properties Ltd, we ensure that you get your money’s worth, we give you value for less with no hassle and you never have to worry for a Deed of Assignment or Registered Survey Plan, it is your RIGHT.
Real Estate legal agreements may be lengthy and dreary to read through, but it’s important to not simply gloss over one. if you’re going to end up signing it, always try to engage a real estate professionals like Gasvine Properties Ltd to lead you through the processes.