{"id":630,"date":"2021-05-10T12:28:38","date_gmt":"2021-05-10T12:28:38","guid":{"rendered":"https:\/\/www.thinkmint.ng\/buyrealestate\/?p=630"},"modified":"2021-06-28T14:31:28","modified_gmt":"2021-06-28T14:31:28","slug":"why-deed-of-assignment-is-important-in-every-property-transaction","status":"publish","type":"post","link":"https:\/\/www.thinkmint.ng\/buyrealestate\/why-deed-of-assignment-is-important-in-every-property-transaction\/","title":{"rendered":"Why Deed Of Assignment Is Important In Every Property Transaction."},"content":{"rendered":"

The importance of deed of assignment in every property transaction cannot be over-emphasized. It is quite unfortunate that many real estate investors overlook its importance especially when they buy from the so-called omo-oniles<\/a> which are popularly known as Land Grabbers. Without a deed of assignment, a real estate transaction<\/a> is not conclusive. In fact, some investors have been duped just because they cannot profer the deed to show the property has been sold to them other than the receipt.<\/p>\n

However, the cost of the deed of assignment varies from location to location.<\/p>\n

Let us take a look at this scenario: When you buy a Nigerian used car, you have the title document that gives details of how the car was transferred from the seller to the buyer. The same thing applies to when buying a property, there has to be a document that shows how the property was transferred from the buyer to the seller in order to show the proof of ownership.<\/p>\n

Let us now dive into what a deed of assignment truly is?<\/p>\n

What is a deed of assignment? A deed of assignment is a legal document that shows the agreement between the seller of a property and the buyer showing evidence that the seller of the property has transferred his interest and title to the buyer.<\/p>\n

Going deeper, there are some cases whereby after the deed of assignment has been exchanged between the buyer and the seller, a record has to be submitted to the land registry<\/a> to show that the exchange is deemed in the eye of the public. This comes in the form of the Governor\u2019s consent<\/a>.<\/p>\n

FEATURES OF A DEED OF ASSIGNMENT<\/strong><\/h4>\n

The features include the following;<\/p>\n

    \n
  1. Details of the parties that are involved in the property transaction (names, address, and status).<\/li>\n
  2. The date of transfer of ownership from the vendor (real estate company or omo-oniles) to the purchaser.<\/li>\n
  3. The description and size of the land that is transferred.<\/li>\n
  4. The agreed cost of the land.<\/li>\n
  5. The history of the landed property on how it was firstly gotten to the moment its been sold and including all its previous documents.<\/li>\n
  6. The promises both parties undertake on perfection of the transferred document.<\/li>\n
  7. Signature of both parties.<\/li>\n
  8. Governor\u2019s consent to validate and sign the agreement.<\/li>\n<\/ol>\n

    Also read: Documents you should know when purchasing land\u00a0<\/a><\/p>\n

    In conclusion<\/p>\n

    It is pertinent to seek the services of a property lawyer when buying a property from Omo-oniles, to help prepare a deed of assignment. Thanks to reputable real estate companies<\/a> that have made real estate transactions easier. You might not need a property lawyer when dealing with real estate companies because you don\u2019t have to deal with omo-oniles in your transaction. Although they charge a reasonable amount for deed of assignment and the fee differs from one location to another. Kindly share this post if you find it useful<\/p>\n

     <\/p>\n

     <\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    The importance of deed of assignment in every property transaction cannot be over-emphasized. It is quite unfortunate that many real estate investors overlook its importance especially when they buy from the so-called omo-oniles which are popularly known as Land Grabbers. Without a deed of assignment, a real estate transaction is not conclusive. In fact, some […]<\/p>\n","protected":false},"author":2,"featured_media":631,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[200,158,201,196,86,85,199,197,198],"class_list":["post-630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-deed-of-agreement","tag-deed-of-assignment","tag-governors-consent","tag-importance-of-deed-of-assignment","tag-land-document-in-nigeria","tag-land-documents","tag-property-document","tag-property-transaction","tag-real-estate-transaactions","entry"],"yoast_head":"\nWhy Deed Of Assignment Is Important In Every Property Transaction. - Buy Real Estate %<\/title>\n<meta name=\"description\" content=\"The deed of assignment is a very important document that is required in every real estate transactions. 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