This have been a case for debate in the real estate industry. Agents, investors, developers and consultants have argued on this subject of Deed of Assignment.
This argument have always ended up in a stalemate. It’s therefore understandable that over 80% of Real estate agents, consultants and investors really don’t understand the importance, functions and features of Deed Of Assignment and over 35% of land owners in Nigeria don’t have a Deed
This article is therefore written by a real estate expert to settle this argument by exploring the functions and importance of Deed of Assignment as well as explaining the relationship between a Deed and a Title.
You will also understand the attributes/features to help you recognize a perfect and imperfect Deed of Assignment
WHAT IS A DEED—
Simply put, A Deed is a document of Title or legal rights.
The Oxford dictionary defines a Deed as a legal document that is signed and delivered, especially one regarding the ownership of property or legal rights
WHAT IS DEED OF ASSIGNMENT?—
A Deed of Assignment also known as Deed of Property or Deed of Conveyance is a legal document that transfers right of ownership of a property from assignor (who can be addressed as seller) to assignee( who is the buyer or new owner of the property)
For a Deed to be legal it must state the name of the buyer and the seller, describe the property that is being transferred, and include the signature of the party that is transferring the property
Every Deed of Assignment therefore must contain the following—
- The names of the parties to the agreement
- The address of both parties. (Assignor and Assignee)
- A brief history of the land in question. Such history may include how it was first obtained down to the moment of right transfer
- The agreed cost of the land and the willingness of the seller to finally accept the price paid for the land
- The description and size of the land to be transferred
- The covenants or promises both parties choose to undertake to perfect the transfer of the document
- The signature of the parties to the assignment and witnesses to the transaction
Finally, the section for the Governor’s Consent that must be signed by the Governor or any government official designated by Governor for such purpose in the course of registration or perfection of the deed.
The Deed is referred to as the vehicle of the property interest or title transfer. The transfer can be less than the Title that you actually have.
Deed must be recorded in the Courthouse or Assessor’s office to make them fully binding in most states, but a failure to file them does not change the transfer of title. It just means that the Deed is not perfected. An imperfect Deed does not mean that there is a problem with the title. It’s just a problem with the way that the paperwork surrounding the Deed was handled.
Having explained Deed and Deed of Assignment, let’s explain Title and Title documents
WHAT IS A TITLE?
A title is the name giving to a particular right a holder have on a particular property.
A Title document is a document that shows the ownership of a property or that gives the person possessing it the right to deal with the property as if they owned it → title.
Therefore a land title defines a legal right a person have on his land.
The Title may be a partial interest in the property or it may be the full. However, because you have title, you can access the land and potentially modify it (the Title) as you see fit.
Your Title on a property may be transferred using the vehicle called DEED OF ASSIGNMENT or DEED of CONVEYANCE
To learn more about titles and documents that secure your real estate investment,use the link— LAND TITLES AND DOCUMENTATION THAT SECURE MY PROPERTY INVESTMENT IN NIGERIA
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