An investor must be one hundred percent sure about ownership rights while investing in property in Nigeria. The Deed of Assignment is an important legal proof for the transfer of the title from the seller (assignor) to the buyer (assignee). This means that if there is no such vital document, there might be an ownership tussle or even a fraud case with the owner. This article highlights the importance of the Deed of Assignment and Acquisition and the common mistakes to avoid when securing property ownership in Nigeria.

What is a Deed of Assignment?

A Deed of Assignment is a formal, legally binding agreement on the transfer of title to property ownership. This deed describes the contract terms, legally recognizing the buyer as the new owner of the property.

Key Features

• Parties Involved: This identifies the assignor, who is the seller, and the assignee, who is the buyer.
• Description of Property: This includes the size, boundaries, and location.
• Terms of Transaction: This covers the purchase price, date of agreement, and conditions.
• Ownership History: Verification of the right of the seller to transfer ownership.
• Signatures and Witnesses: Requires the signing of both parties, witnesses, and affixing of legal seals.

Why a Deed of Assignment is Important

• Proof of Ownership

It legally establishes the buyer’s ownership, hence making him a recognized owner under Nigerian law.

• Legal Protection

It protects buyers against fraud, third-party claims and ownership disputes.

• Mandatory for Registration

A Deed of Assignment is a document needed to register property ownership at the State Land Registry.

How to Get a Deed of Assignment

1. Conduct Due Diligence

• Verify the seller’s title, such as a Certificate of Occupancy or Excision.
• Verify that the property has no disputes or encumbrances with a search from the Land Registry.

2. Preparation of the Deed

• Engage a qualified real estate lawyer to draft the document.
• Ensure the Deed contains the correct property description, terms of the transaction, and ownership history.

3. Review and Signing

• Both parties should review the document and then sign in the presence of witnesses.

4. Stamp Duty Payment

• Make payment for stamp duty to the Federal Inland Revenue Service (FIRS) to legalize the Deed.

5. Registration at the Land Registry

• Summit stamped Deed to the appropriate State Land Registry.
• Pay for the registration fee for the buyer to become the legal proprietor.

Key Components of a Deed of Assignment

• Parties to the Agreement: Identifies the assignor and assignee.
• Property Description: The description is done with a survey plan, showing boundaries.
• Consideration (Purchase Price): The price paid for the property.
• Title (Root of Title): Confirms the right of ownership of the seller.
• Warranties and Covenants: Ensures that the buyer will own the property free from encumbrances.
• Signatures: Signed by both parties and witnessed by legal representatives.

Common Mistakes to Avoid

• Not conducting due diligence: This is failure to verify the seller’s title, which may lead to fraud or disputes.
• Not Seeking a Lawyer: Preparing the Deed without a lawyer can lead to mistakes and omissions that invalidate the document.
• Non-Registration: Unregistered Deeds make buyers prone to disputes over ownership.
• Disregarding Stamp Duty: An unstamped Deed is not admissible in court, and thus ownership is not protected.

Conclusion

A Deed of Assignment is the bedrock of property ownership in Nigeria and provides legal security to protect one’s investment. A buyer, by conducting due diligence, involving lawyers, and registering the Deed, secures his property rights and avoids costly disputes.

Disclaimer:

Though MyPlace.ng is a trusted estate listing website, we do not verify the title or documents of a property on our website. It is the job of the agencies and professionals listed on this site to ensure proper ownership and valid documents such as the Deed of Assignment. We, however, try to make sure that listing standards are up to par by cooperating with genuine real estate professionals who pledge to take responsibility for their listings’ integrity.

MyPlace.ng Commitment to Secure Property Ownership

At MyPlace.ng, we care about the security of your property investment. While we do not verify Deeds of Assignment or other ownership documents, transparency is ensured, and we only deal with trusted real estate professionals. We encourage all buyers to take due diligence, including verification of the authenticity of property documents and engagement with qualified legal professionals.

Secure your property journey with confidence by exploring trusted listings on MyPlace.ng, today!