A deed of assignment is a document that is often used in real estate transactions in Lagos. But many potential home owners do not understand what it is. Partly because it is prepared by lawyers and filled with legal words. However, as long as you are looking to buy a property in Lagos, you are required to sign a deed of assignment. That’s exactly why we are going to take some time to explain what it is.
In this article, we would explain what a deed of assignment is. We would also attempt to answer all your questions regarding the deed of assignment. If you have any questions, please feel free to reach out.
What is a deed of assignment?
It is a legal document that is used to transfer ownership of a property from a vendor to a purchaser. A vendor is the owner of a property who is selling the property to another person. A deed of assignment is required because that is the legal document recognised by law. If you buy a property in Lagos State, you are required to become the owner through written document. The documents are the contract of sale and deed of assignment. While the contract of sale serves as the receipt of payment, the deed serves as the title document.
Who Prepares the Deed of Assignment?
The deed of assignment is a legal document and is usually prepared by lawyers. It is constructed in a sequential order and must contain certain details. The details include the names of the buyer and seller/owner of the property, the description of the property, and other details. Once the deed has been signed, ownership of the property has been transferred.
What does a deed contain?
As earlier mentioned, the deed of assignment is a document that shows that the ownership of a property has changed. Since the person who sold is no longer the owner, then the deed is used to establish this. A standard deed of assignment would normally have several clauses, including:
- Names of the Parties
- Description of the Property
- The history of ownership of the property
- The price paid for the purchase of the property
- A place for both parties to sign
- A place for witnesses to sign
- A space for the governor or his representative to sign
A deed of assignment is a serious document. When both parties sign there must be witnesses. Also a deed is usually signed after the sale and purchase transaction has been concluded.
What To Do With Your Deed
After the close of the transaction, the buyer, the seller, and their witnesses would sign the deed of assignment. The next step is usually to apply for the registration of the deed. During this process, the governor of the state is also required to approve the transaction by signing on the last page. This process is known as governor’s consent. Once the deed has been registered, it becomes a public record which can be viewed by anyone at the land registry.
Importance of Having a Deed
There are many benefits associated with having a deed or other similar title document. Some of them include:
- Mortgage: You can obtain a loan from the bank with your property documents. In this case, your property would serve as the collateral. With a property document, you can obtain very huge amount, unlike someone without a property or without documents.
- Security: Your deed gives security to your property. With the deed, you can easily prove that you are the owner of the property. Without a deed of assignment, you may find it hard to do so.
- Recognition by the government: When you register your deed at the land registry, your ownership is recognised by the government.
Frequently Asked Questions
Question: What if I misplace my deed of assignment? Can I get a fresh copy?
Answer: If your documents are registered with the government, you can apply for a certified true copy. If however, you are not a registered owner, then please reach out to the seller for a fresh copy. Going back to the seller may cost some money, but its important you have your deed.
Question: Does a Deed Expire?
Answer: A deed of does not expire. Only a C of O expires.
Question: Can I sell my property if I don’t have a deed?
Answer: If you have a C of O in your name, you can sell your property without a deed.
