How Much Does A Deed Of Assignment Cost?
Under Nigerian law, a Deed of Assignment can only be prepared by a lawyer.
There is a scale of charges to govern the charges of lawyers for handling land matters. But because this scale of charges is archaic, lawyers would rather prefer to negotiate their percentage in real estate transactions based on the value of assets to be purchased, since lawyers are also entitled to enter into a simple contract to render any services, including preparation of deeds.
There are various factors that determine the percentage a lawyer might charge to prepare a deed of assignment. These factors include the expertise or experience and value of the property to be purchased.
Usually, most lawyers in Nigeria charges between 5% to 10% of the cost of the property to prepare a deed of assignment. So, for a property being purchased at N20,000,000, a lawyer may charge N1,000,000 (5%) of the cost to prepare deeds and other necessary documents.
In most cases, the higher the value of the property, the lower the percentage. There are circumstances where a lawyer might charge beyond 10% where the purchase price is very low or even below 5% of the total cost of the property where the value of the property is very high or other circumstances such an existing relationship between the lawyer and the purchaser.
Finally, there is no static rate or price for preparing of deed of assignment in Nigeria. The cost for a deed of assignment are usually determined by the cost of purchase and other circumstances such as a preexisting relationship.
By Real Estate Law Team at Resolution Law Firm