A deed of Assignment is one of the most important documents
YOU MUST HAVE when you conclude a Land Transaction. In fact it baffles me that
6 out of 10 people I know who have bought lands in the past have no deed of assignment. They are always the first to complain that Omonile has defrauded them but they have no proof to show the property has been sold to them other than a receipt.
It’s funny that everyone has the title documents to their car showing 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.
The Deed of Assignment acts a main document between the buyer and seller to
show proof of ownership in favour of the seller. The person or Seller who transfers his rights or interests in that property is usually called the Assignor and the person who receives such right or interest from the Seller is called the Assignee.
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.
Signing a Deed of Assignment and having that Deed is your number 1 evidence against another person that is trying to claim ownership of that same land too. If you have a land and no deed yet, i feel sorry for you! Better consult your Lawyer to go draft one for you now to save yourself future problems