DEED OF ASSIGNMENT
It is amazing that everyone has
ownership title to their respective car(s) showing who the seller was and how
it was transferred from the seller of that car to you the new Owner but when it
comes to landed property (ies) which are 100 times more valuable than cars, we
fail to ask for this one very significant document that can prove ownership of
that land.
A deed of Assignment is one of the most
vital documents YOU MUST HAVE when you conclude a LANDED PROPERTY transaction.
It is estimated that out of every 10
persons who have bought landed properties in the past, 6 did not have deed of
assignment. They are always the first to
complain that some Land-owners have defrauded them, but they have no proof of
ownership or proof to show the property has been sold to them other than a
receipt.
What then is this almighty important
DEED OF ASSIGNMENT I am talking about?
A DEED OF ASSIGNMENT is an Agreement
between the Seller of the Land or property and a Buyer of that Landed Property
showing evidence that the Seller has transferred all his rights, his title, his
interest and ownership of that land to the Seller that has just bought the
land.
The Deed of Assignment acts as the main
document between the Buyer and Seller to show proof of Ownership in favour of
the Seller. The person or Seller who transfers his rights or interests in that
Property is usually called the Assignor and the person who receives such right
or interest to the Seller is called the Assignee.
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
pertinent information for a Real Estate transaction. For one, it 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.
Signing of Deed of Assignment and having that Deed is your number one evidence
against another person that is trying to claim ownership of that same land
too. If you have a land and no deed is
yet, I feel sorry for you. Please
consult your Lawyer to go draft one for you now to save yourself from future
problems.
In most situations, when the Deed of
Assignment has been exchanged between both parties, It has to be recorded in
the land registry to show legal proof that the land has exchanged hands and the
public should be aware of the transaction.
Such recorded Deed of Assignment comes in the form of either a Governor’s
Consent or Registered Conveyance.
To be continued...
For Further enquiries, site inspection and presentation, please contact:
Divine Access Homes
T: +234 7011406853 or +234 8110227156
E: simeono@divineaccesshomes.com.ng
W:www.divineaccesshomes.com.ng
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