Nigeria Real Estate Dictionary Definition: Define Deed of Assignment - Definition of Deed of Assignment

by samson
(Lagos)

Nigeria Real Estate Dictionary Definition: Define Deed of Assignment - Definition of Deed of Assignment

Deed of assignment is the transactional document drawn up by a real estate attorney between the current title holder for a particular property and the new buyer.

The deed of assignment document essentially says that the previous owner has transferred his title on the said property to the new owner for financial benefit (or at a price), which the new owner has paid in full and therefore all his interests (and that of his heirs and assigns) in the aforementioned property ceases from the date the contract was signed.

For example, if a property has a certificate of occupancy from the Lagos state government, it means that the government recognizes the person whose name appears on the title document as the bona fide owner of the said property.

When the title holder sells the property to Mr. XYZ, the real estate attorney prepares a deed of assignment that specifically states the seller has transferred his title to Mr XYZ.

The deed of assignment is usually signed on the date the buyer pays for the property and it is one of the documents required by the state government when the new owner goes to the government to perfect his title.

Note that the deed of assignment document is not the only document indicating transfer of owner.

The following documents are usually involved when you purchase a property.

1. The purchase receipt

2. The contract of sale and

3. The deed of assignment

The seller signs all three documents above when you complete he transaction. Thereafter he hands over the following documents to the buyer:

1. The house plan

2. The title documents (c of o or registered conveyance document)

3. The purchase receipt he received from the original owners who sold to him

4. The survey plan

. . . and any other applicable document.

P.S: Please note that this is not legal advice. Consult your attorney for legal advice.

Related Content:

Apartment Guide

Buying A House

How To Build A House

How To Sell Your House

Bank Owned Properties

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