04/06/2020
The Deed of Assignment is a very important document required for any property transfer in Nigeria. It must be demanded and given to a buyer after the conclusion of a land or property transaction between the buyer and the seller (property owner) of land or property. A Deed of Assignment is there an agreement between the seller (assignor) and buyer (assignee). It is where the assignor states the details of the transaction with the assignee, which includes his promise to assign the ownership of the property or land from a specific date to the assignee. In the deed, the details of the contract are spelt out: the date when the ownership is transferred from one person to the other, the specific description of the property, location etc.
A Deed of Assignment, therefore, is an agreement where an assignor states his promise that from the date of the assignment or any date stipulated therein, the assignor assigns his ownership in that Land to the assignee.
The deed contains very important information of any real estate transaction. Apart from the Certificate of Occupancy, the deed of assignment is the most recognized document with matters related to land in Nigeria. It helps to trace the history of how a land or property got to the present owner, as well as any dispute that might have occurred.
The document must contain the names and descriptions of the parties, detailed description of the property, agreed purchase price, acknowledgement of receipt of that amount, the capacity in which the vendor is selling, a warranty that he had the right to sell etc.
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