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Deed of Assignment Explained - With Realtor Diamond Bekee



Are you planning on buying your first plot of land and find the whole documentation process confusing? if yes then this article is specifically created for you.
It's natural to be careful when purchasing a real estate property, especially when it's your first property. Don't be shy to ask questions of you don't understand anything, it is your right to ask questions because it's your money involved. Don't allow any real estate agent/realtor pressure you into what you don't understand, if they cannot answer your questions or explain to you everything you wish to know about the whole process it's better to walk away. 

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Now having said that let's dive into the world or real estate and documentation. Firstly I would like you to take the next five minutes to answer the following questions: 
  1. Why do we collect a certificate after graduating from a school? 
  2. Why collect a receipt after a purchase? 
All these documents likewise deed of assignment for lands are all very important because they serve as legal proof.  Deed of assignment is one of the very important land documents to acquire if ownership of land is to be authentic. Not collecting a deed of assignment for the property purchased from the buyer is tantamount to throwing your money in the ocean and hoping the waves won’t carry it away. In case of litigation, the deed of assignment contains important information concerning the real estate transaction.

As a buyer, it is advisable to not rush the buying process and to work with a solicitor to ensure that all necessary land ownership documents, such as the Certificate of Occupancy and the Survey Plan, are in place. The presence of these documents, in addition to the Deed of Assignment, provides added protection for the buyer and eliminates the risk of scams and fraud.

Contents


1) What is a Deed of Assignment?


A Deed of Assignment is a legal document that transfers the ownership of a property from one person to another. It is a vital document in real estate transactions and provides proof of ownership of the property. The Deed of Assignment contains important details about the real estate transaction, including the names of the buyer and seller, the date of the transaction, the description of the property, and the terms and conditions of the transfer.

It is essential to obtain a Deed of Assignment because it protects the buyer's investment and ensures that the property is legally transferred to the buyer. Without a Deed of Assignment, the property may not be recognized as legally belonging to the buyer, leaving them vulnerable to disputes and other legal issues.

Note that, the deed of assignment for land has to be recorded in the land registry to show legal proof and to bring to the notice of everyone that the property has been transferred from the seller to the buyer. Never accept only receipt for the property bought as an evidence of ownership. 

The seller who transfers his rights to that property is usually called the assignor and the person who receives such right from the seller is called the assignee.

In conclusion, obtaining a Deed of Assignment is crucial in real estate transactions because it serves as legal proof of ownership and protects the buyer's investment. It is important to work with a solicitor and ensure that all necessary land ownership documents are in place before making a purchase.



2) Difference between deed of assignment and deed of October conveyance

A deed of conveyance and a deed of assignment are two important documents in the transfer of ownership of real estate properties in Nigeria. It is essential to understand the difference between the two because they serve different purposes and have different consequences in a real estate transaction.

A Deed of Conveyance is a legal document that conveys the title of the property from one person to another. It transfers the legal ownership of a property and records the change in ownership in the government’s land registry. This document is used when there is a mortgage, gift, or other types of real estate transactions that involve the transfer of ownership. The Deed of Conveyance must be signed by the grantor, who is the person transferring the ownership, and the grantee, who is the person receiving the ownership. This document also contains the details of the property, the consideration for the transfer, and the conditions for the transfer.

A Deed of Assignment, on the other hand, is a document used specifically for transferring ownership through a sale. It is a legal agreement between the seller and the buyer that specifies the terms of the sale and transfers the ownership of the property from the seller to the buyer. The Deed of Assignment contains the details of the property, the consideration for the sale, and the conditions for the transfer. This document must also be signed by both the seller and the buyer and must be registered with the government’s land registry to become legally binding.

In summary, the difference between a Deed of Conveyance and a Deed of Assignment is that the former transfers the ownership of a property through a mortgage, gift, or other real estate transactions while the latter transfers ownership through a sale. It is important to have a clear understanding of these two documents and their purpose to ensure a smooth and legally binding transfer of ownership in real estate transactions in Nigeria.



3) Deed of assignment format

Deed of assignment format in Nigeria must follow this particular order listed below:

i) The cover page
The cover page of the deed of assignment must show both parties involved in the transaction( assignor and the assignee)and the description of the land sold.

ii) The second page
The second page of the deed of assignment must contain the parties to the real estate transaction and the brief history of how the land became the Seller’s property.

iii) The third page
The third page of the deed of assignment must contain the description of the land to be sold, the surveyor that carried out the survey, the cost of the land, the acceptance of the cost of the land and the promises both parties will make to themselves to abide with after the deal has been sealed.

iv) The final page
The final page of the deed of assignment must show the signatures of the parties and the witnesses to that transaction and finally below, the section for the commissioner of oaths to endorse or the governor to assent his consent to this transaction.



4) Components of a deed of assignment


As explained earlier, a deed of assignment is a legal document that transfers the ownership of a piece of real estate from one person to another. To ensure the validity of the transfer, there are several important components that must be included in the deed. These components include:

▪️ Names of the parties involved: The names of the individuals involved in the agreement, including the seller and the buyer, must be clearly stated in the deed.

▪️ History of the land: A description of the origin and history of the land in relation to the transfer of ownership, including the date it was first obtained and the timeline of ownership transfers, should be included.

▪️ Addresses of parties: The addresses of both the seller and the buyer must be included in the deed.

▪️ Successors and representatives: Any successors or representatives who may be involved in the transaction should also be named in the deed.

▪️ Description of land: The size and description of the land being transferred must be detailed in the deed, including any boundaries and landmarks.

▪️ Signatures: The signature of the parties involved in the transaction and the witnesses to the signing of the deed must be included.

▪️ Commissioner of oaths or governor's consent: Space for the signature of the commissioner of oaths or the governor's consent should be included, as this is necessary to make the transfer of ownership official and binding.

It is essential to consult a lawyer before purchasing land in order to ensure that the deed of assignment is properly drawn up and includes all the necessary components. This will help prevent scams and protect your investment.








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