![]() ![]() The document is created before your eyes as you respond to the questions.Īt the end, you receive it in Word and PDF formats. The Property and Conveyancing Law of 1989, Lagos State Registration of Titles Law, 2004 and the Registration of Titles laws of various states are also applicable to this document. The Land Use Act 1978 applies to this document. The Assignor can also keep a signed copy of this document for their record. The Assignor should deliver at least three or four signed copies of this document to the Assignee for registration at the requisite lands registry. If either of the parties is a company, the common seal of the company should be affixed on the document and either two directors or one director and one company secretary should sign the document.Īfter the documents have been properly executed, either of the parties (particularly the assignee) should take steps to register the property at the Ministry of Lands if the property is within the purview of the state government and the Federal Ministry of Housing and Urban Development if the property is within the purview of the federal government or located in the federal capital territory, Abuja. If either of the parties is an individual, the individual should sign the document and the document must be attested by one witness who will put their name, occupation, address and signature. The document should outline the names and addresses of the parties, a detailed description of the property being conveyed, the origin of the property, covenants and representations of the assignor.Īfter completing this document, the parties should sign the document. A Deed of Assignment is used when the owner wants to transfer ownership (and the rights and obligations) over property to another person. Note that if a person gifts another a real property, a Deed of Gift should be executed for this purpose. A Deed of Assignment is a contract where the owner (the assignor) transfers ownership over property to another person (the assignee) by way of assignment. ![]() Consequently, a person who acquires ownership of land in Nigeria is granted a certain term of years (usually 99 years) and is not referred to as the owner but the holder of a term of years and can assign the remainder of such term to another under a deed of assignment. It is used as the written proof to show who has rightful ownership of the property. On the other hand, a registered deed of assignment not only transfers legal interest in real property but also serves as the assignee's root of title.Īccording to the Land Use Act, all state and federal lands are vested in the governor of each state and the federal government respectively, who hold the lands as trustees for Nigerians. An assignment of deed is used to show the deed of a property changing from one party to another, such as when a sale is made. This document is different from the Contract of Sale because although it is a vital document in real property sale and purchase transactions, the contract of sale alone does not convey legal interest in real estate. This is a very important document that should be delivered to the purchaser after the conclusion of the sale of any real property. The conveyance is done in writing, signed, sealed and delivered by the parties to the transaction. This type of conveyance is used by mortgage lenders when a borrower has paid off their mortgage with the debt having been satisfied, the lender no longer has conditional claims to the property.A Deed of Assignment is an instrument of transfer which is used in real estate transactions to transfer legal title or the ownership of a land or building from the title holder (called the assignor) to another called the assignee, usually for a consideration (money or money's worth). Reconveyance deeds are used when prevailing conditions have changed and the deed needs to be "re-conveyed". 3.Registration: The importance of registering a deed of assignment or conveyance that alienates a land interest is that it is a document affecting land in which one party confers, transfers.Quitclaim deeds are often used for gifting title as it is a basic type of deed that simply convey that the grantor does not hold any interest in the property being transferred. The grantor of a quitclaim deed makes no assertion over the ownership or condition of the property. ![]() Quitclaim deeds are used to convey title without any covenants.Commonly used by banks on foreclosed properties, these type of conveyances hold little to no claims regarding prior ownership of the property. Bargain and sale deeds, sometimes called special warranty in other states, occur when the grantor makes assertions about the title, but the covenants in the agreement only relate to any time period in which the grantor owned the property. ![]()
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