DEED OF ASSIGNMENT
A deed of assignment is one of the most important documents needed in a real estate transaction. It's a legal document that shows a contractual agreement between a seller and a buyer concerning the transfer of land or property in real estate transactions. So what exactly does a 'deed' mean?
A deed is actually a special type of binding promise or commitment to do something.
Thus, a deed of assignment can be defined as A legal document that shows a contractual 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, title, interest and ownership of that land or property to the buyer that has just bought the land or property .
The person/seller who transfers his rights or interests in the land/property is known in law as the Assignor, while the person/buyer who receives such right or interest from the seller is known as the Assignee
CONTENTS OF A DEED OF ASSIGNMENT
A deed of assignment contains very pertinent information about a real estate transaction, e.g.
a) Names of people (assignor and assignee)to the agreement.
b) Date when ownership of the land/property transfers from one owner to the other.
c) Addresses of both parties (assignor and asignee ) involved in the transaction.
d) Specific description and location of the land/property that's to be transferred from seller to buyer.
e) Readiness, willingness and approval of the seller to give away the land/property to the buyer at the agreed price must also be indicated.
f) The history of the land in relation to the transfer of ownership of the land to the assignor (seller) from the specific period it was obtained by the assignor to the present date of sale.
g) Assignor and Assignee covenants.
h) Signature of assignor and assignee to the deed of assignment.
I) Names and signatures of witnesses from both parties (assignor and assignee).
j) Section for the Commissioner of oaths or Governor's consent to sign and validate the agreement.
It is important to note that a receipt should never substitute a deed of assignment. Even when a receipt is issued to the buyer, a deed of assignment needs to be drawn to make the transaction legal and binding to both parties involved in the transaction.
Finally, it is pertinent to point out that
A deed of assignment has to be recorded in the land registry to show legal proof and to bring to the notice of all and sundry that the property has exchanged hands.
DR. B.A. OYENEYIN
M.B.CH.B., A.C.S., A.C.S.I(UK)
Medical Doctor, Associate Chartered Stockbroker, Certified Financial and Investment Analyst and Real estate consultant.
