A deed of assignment is the legal instrument prepared and drafted by a lawyer of an assignor (seller) or assignee (buyer) upon the negotiation and completion of a sale of the land transaction. It is used to transfer legal title and ownership to land from the assignor to the assignee for a consideration paid and accepted by the assignor.
Deed of assignment is evidenced in writing to be signed, sealed, and delivered by parties to the transaction. A deed of assignment is said to have been delivered when interest has passed and the interest can be passed with or without a physical handover.
Requirements to Prepare a Deed of Assignment In Lagos
There are important information to be requested from parties when preparing a deed of assignment in Lagos, as they would form the particulars contained in a valid deed of assignment that can be enforced by the court. The same requirements are applicable in other parts of the country. These particulars are as follows;
- Full details of parties to the transaction (names, address, status). the parties must be persons at law, i.e. individuals or corporate entities.
- Nature of assignor’s (vendors) title.
- The full description/particulars of the property with fittings & fixtures where applicable.
- History of the property being transferred from the first time it was acquired to the current time of sale, including documents it previously had to date.
- Details of the document that the property possesses.
- The consideration paid in respect of the property transaction (purchase price) and the willingness of the assignor to accept the price paid for the property.
- The nature of the transaction and the capacity of the assignor (vendor).
- Covenants both parties to the transaction undertake to fulfill to perfect the transfer of the title.
- Signature of the parties and that of the witnesses to the transaction and where either party to the transaction is a company, the common seal of the company will be affixed to the deed and will be signed by two directors or one director and a secretary of the company.
- Survey plan, local authority, and town planning authority of the area.
- Name and address of the Legal practitioner who prepared the deed.
- Illiterate jurat which is to be attested before a Magistrate or Notary Public (this is particularly necessary where either party to the transaction is illiterate).
- Section for the Governor’s consent to be signed by Governor or designated representative of the Governor.
Where the above information has been had and obtained, the deed of assignment is subsequently prepared by the solicitor acting on behalf of the assignee or acting on behalf of both parties to the transaction and copies will be delivered to each party.
Upon payment of the full consideration and due execution of the deed, the assignee is to take steps to register the deed of assignment for the perfection of title at the Land Registry, where the following process will be followed;
- Obtaining Governors Consent upon application and payment of prescribed fees, such as charting fee, application fee, administrative charges, and endorsement fee, etc.
- Stamping of the deed of assignment by the Lagos State Internal Revenue Service (SIRS) where the parties to the transaction are individuals or the Federal Inland Revenue Service (FIRS) where either party to the transaction is a company.
- Registration of the deed of assignment by presenting the deed of assignment to the Lagos State Lands Registry within 60 days of execution of the deed, for registration which subsequently signifies the completion of the registration process.
A deed of assignment which is also called a deed of conveyance in some jurisdictions is a legal document that transfers ownership and interest in land from an assignor to the assignee. It is prepared by a lawyer representing the buyer or representing both parties to the transaction.
A deed of assignment after due execution should be registered with the state government where the land is registered. A registered deed of assignment transfers a legal interest in the property and serves as a good root of title that signifies the transfer of title from one person to another.
By Real Estate Law Team at Resolution Law Firm