- September 26, 2017
- Posted by: Ikenna Agina
- Category: Important Terms
A deed of Assignment is one of the most important documents you must have when you conclude a Land Transaction. The title documents to cars show 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 properties which are 10 times more valuable than cars, we fail to ask for this one simple important document that can prove ownership of that land.
What then is this all important deed of Assignment I am alluding to? This can be found from the following definitions below: A deed of Assignment is an Agreement between the Seller of a Land or Property and a Buyer of that Land or property showing evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to that the Seller that has just bought land.
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. 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 come in the form of either a Governor’s consent or registered conveyance.
The Deed of Assignment spells out the key issues in the transaction between the Seller and the Buyer so that there won’t be any confusion or assumption after the property has been transferred to the new owner. Such Key issues include:
1. The Parties’ to the Agreement e.g. between Mr A and Mrs K.
2. The addresses of both parties and how it is binding on their successors, friends, colleagues and those representing them in any capacity.
3. The history of the land in question how it was first obtained down to the moment its about to be sold including and documents it previously had till this date
4. The agreed cost of the land and the willingness of the Seller to finally accept that price paid for the land
5. The description and size of the land to be transferred.
6. The covenants or promises both parties choose to undertake to perfect the transfer of the document
7. The signature of the parties to the Assignment and Witnesses to the Transaction
8. Finally the section for the Commissioner of Oaths or Governors Consent to sign and validate the agreement. These are the important features of a Deed of Assignment and must be included in all Documents for it to be valid.
In Virgin-Landmarts, we put the stress off you by providing you with the Deed of Assignment and the Power of Attorney depending on the State you are acquiring the property. Contact us now for your real estate needs, CLICK HERE TO SEND A MESSAGE