A Deed of Assignment is one of the most important documents a buyer YOU SHOULD GET after purchasing a property. About 6 out of 10 people who have bought properties in the past don’t always request for the Deed of Assignment as they do not see the need to have one.
Aside from the Purchase Receipt which show that money has been exchanged during the process of purchasing a property, the Deeds of Assignment is the next proof a property buyer must have to show that the property has been totally and finally handed-over.
The Deeds of Assignment establishes the true ownership of a property.
SO WHAT IS A DEED OF ASSIGNMENT
A Deed of Assignment is an AGREEMENT between the Seller of a Property and a Buyer of this property showing evidence that the Seller has transferred all rights, title, interest and ownership of the property to the Seller that has just bought property.
The Deed of Assignment acts a main document between the Buyer and the Seller to show proof of ownership in favour of the Buyer. The Seller who transfers the rights, title, interest and ownership of a property is usually called the ASSIGNOR and the person who receives such right, title, interest and owner from the Seller is called the ASSIGNEE.
A Deed of Assignment therefore is an Agreement where an assignor promises that from the date of the assignment or any date stipulated therein on the document, the assignor assigns all rights, titles, interests and ownership of that property to the assignee.
KEY INFORMATION IN A DEED OF ASSIGNMENT
The Deed of Assignment contains very pertinent information for a real estate transaction. These information are very important features in a Deed of Assignment and must be included for it to be valid.
- The DATE when the ownership of the property transfers from one seller to the buyer.
- The PARTIES’ TO THE AGREEMENT e.g. between Mr A and Mrs K
- The ADDRESSES OF BOTH PARTIES and how it is binding on their successors, friends, colleagues and those representing them in any capacity.
- The HISTORY OF THE PROPERTY in question how it was first obtained down to the moment it is about to be sold including and documents it previously had till that date
- The AGREED COST OF THE PROPERTY and the willingness of the Seller to accept that as the price paid for the property.
- The DESCRIPTION AND SIZE OF THE PROPERTY 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
- Section for the Commissioner of Oaths or Governors Consent to sign and validate the agreement
In most situations, when the Deed of Assignment has been exchanged between both parties, it has to be recorded in the property registry to show legal proof that the property has exchanged hands and the public should be aware of the transaction. Such recorded Deed of Assignment come in the form of either a Governor’s consent or registered conveyance. The Deed of Assignment spells out the key issues in the transaction between the Seller and the Buyer so that there won’t be any confusion or assumption after the property has been transferred to the new owner.
WHAT COULD HAPPEN IF YOU DON’T HAVE A DEED OF ASSINGMENT
Having a signed Deed of Assignment is the FIRST evidence against anyone that is trying to claim ownership of that same property you have. Many without the Deeds of Assignment have been defrauded by omoniles or have their property taken over by another person when they could not proof beyond doubt that the said property belong to them.
If you are in the process of purchasing a property, consult a property lawyer before buying to prepare a Deed of Assignment and if you have a property without a Deed of Assignment yet, consult a Property Lawyer to draft one for you now to save yourself future problems.
Ignore anyone who insists on not signing a Deed of Assignment with you, it is a ploy to defraud you of your money and a way to resell the property to another buyer.
It will be a great mistake if you don’t have one.