28/07/2021
Why Deed Of Assignment Is Important In Every Property Transaction.
Tochito
May 10, 2021
12:28 pm
The importance of deed of assignment in every property transaction cannot be over-emphasized. It is quite unfortunate that many real estate investors overlook its importance especially when they buy from the so-called omo-oniles which are popularly known as Land Grabbers. Without a deed of assignment, a real estate transaction is not conclusive. In fact, some investors have been duped just because they cannot profer the deed to show the property has been sold to them other than the receipt.
However, the cost of the deed of assignment varies from location to location.
Let us take a look at this scenario: When you buy a Nigerian used car, you have the title document that gives details of how the car was transferred from the seller to the buyer. The same thing applies to when buying a property, there has to be a document that shows how the property was transferred from the buyer to the seller in order to show the proof of ownership.
Let us now dive into what a deed of assignment truly is?
What is a deed of assignment? A deed of assignment is a legal document that shows the agreement between the seller of a property and the buyer showing evidence that the seller of the property has transferred his interest and title to the buyer.
Going deeper, there are some cases whereby after the deed of assignment has been exchanged between the buyer and the seller, a record has to be submitted to the land registry to show that the exchange is deemed in the eye of the public. This comes in the form of the Governor’s consent.
FEATURES OF A DEED OF ASSIGNMENT
The features include the following;
Details of the parties that are involved in the property transaction (names, address, and status).
The date of transfer of ownership from the vendor (real estate company or omo-oniles) to the purchaser.
The description and size of the land that is transferred.
The agreed cost of the land.
The history of the landed property on how it was firstly gotten to the moment its been sold and including all its previous documents.
The promises both parties undertake on perfection of the transferred document.
Signature of both parties.
Governor’s consent to validate and sign the agreement.
Also read: Documents you should know when purchasing land
In conclusion
It is pertinent to seek the services of a property lawyer when buying a property from Omo-oniles, to help prepare a deed of assignment. Thanks to reputable real estate companies that have made real estate transactions easier. You might not need a property lawyer when dealing with real estate companies because you don’t have to deal with omo-oniles in your transaction. Although they charge a reasonable amount for deed of assignment and the fee differs from one location to another.
Kindly share this post if you find it useful
