how to get deed of assignment in nigeria

Deed of Assignment: Importance & How to Obtain it

Just so you know, handshakes and pinky swears don’t work when it comes to real estate.

Lol, the thought itself is laughable.

When it comes to Nigerian real estate, locking down ownership requires a Deed of Assignment!

This legal document is your official ticket to your dream property.

So, buckle up, future homeowner (or landlord!), because we’re about to dive into all you need to know about a deed of assignment in Nigeria!

What is a Deed of Assignment?

A deed of assignment is a legal document used in Nigeria to formally transfer ownership of real property (land) from a seller (assignor) to a buyer (assignee).

It acts as a permanent record of this transfer, specifying the date ownership changes hands.

In essence, it’s a critical piece of documentation you’ll receive upon finalizing a property purchase or sale in Nigeria.

After you finish buying or selling a property in Nigeria, a good real estate company will give you this document.

A deed of assignment does an important job: it moves property ownership from a seller (called an assignor) to a new buyer (known as the assignee).

There has to be an agreement between a buyer and seller for a transaction to be completed.

The process is different from an agreement between a landlord and a tenant .

What’s Included in a Deed of Assignment

Here’s a list of things you would find in a typical deed of assignment in Nigeria:

• Particulars of the transaction’s participants (names, address, status).
• Day on which they transferred the property from the vendor to the buyer.
• The nature of the assignor’s (vendors’) title.
• Entire description/ specifications, including any fittings and fixtures of the property.
• The history of the property being transferred from the time it was initially obtained to the current moment of sale, including all preceding documentation.
• Details about a verifiable document the property bears.
• The amount of money paid in a property transaction (buy price) and the vendor’s readiness to accept the price paid for the property.
• The nature of the transaction and the assignor’s capacity (vendor).
• The parties’ signatures, as well as the signatures of the witnesses to the transaction, are necessary.
• Plan for the survey.
• Information about the lawyer who prepared the deed.
• The Governor’s assent must be signed and validated in this section.

Importance/ Benefits of Having a Deed of Assignment

Here are reasons why a deed of assignment is important:

1. To transfer land to the other party

A real estate lawyer makes sure that a deed of assignment includes the important details agreed upon by everyone involved in the deal.

This legal document is created by the person receiving the property (assignee’s lawyer) and then reviewed and signed by the person selling it (assignor or vendor).

If the property is part of an estate, the seller’s lawyer might prepare the deed for the buyer’s lawyer to check.

2. It acts as a legal root of title to the property

A deed of assignment is also important since it serves as a valid root of title to the land.

If people argue about who owns the land or if someone else says they own it, this document can be proof that the land was transferred properly.

Cost of Deed of Assignment in Nigeria

The cost of obtaining a Deed of Assignment in Nigeria typically varies depending on the property value and the lawyer’s experience.

Lawyers generally charge between 5% and 10% of the property’s sale price to prepare the deed of assignment and other necessary documents.

For example, if the property you’re purchasing costs N40,000,000, you can expect to pay a lawyer between N2,000,000 (5%) and N4,000,000 (10%) for their services.

Here are some additional factors that may influence the cost:

Complexity of the transaction

Lawyer’s location and reputation

Negotiation with the lawyer

Note: It’s recommended to discuss the fees upfront with your chosen lawyer before proceeding.

How To Obtain a Deed of Assignment in Nigeria

Obtaining a Deed of Assignment in Nigeria typically involves the following steps:

Consult a Lawyer: A qualified real estate lawyer can ensure your Deed of Assignment is comprehensive and legally sound. They can also guide you through the entire process.

Gather Necessary Documents: Your lawyer will advise on the specific documents needed, but these might include:

Proof of ownership for the seller (assignor)

Sale agreement between buyer (assignee) and seller

Property Details and Survey Plan

Identity documents for all parties involved

Lawyer Drafts the Deed: The lawyer will draft the Deed of Assignment based on the agreed-upon terms and the provided documents.

Review and Signature: Both buyer and seller, along with their lawyers and witnesses, will carefully review the Deed of Assignment before signing.

Governor’s Consent: Once signed by all parties, the Deed of Assignment requires the Governor’s consent for final approval. This process may involve additional fees.

Registration: After obtaining the Governor’s consent, the Deed is registered with the relevant land registry office.

Final Thoughts

In Nigeria, when you buy or sell land, a deed of assignment is really important. It’s the main document between the seller and the buyer.

This paper says they finished all talks, checks, and other important steps. Also, it proves they paid the price and met all the needed conditions.

Note: The land-use legislation states that the registration of a land title must start with the governor’s approval.

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DEED OF ASSIGNMENT: EVERYTHING YOU NEED TO KNOW.

A Deed of Assignment refers to a legal document in which an assignor states his willingness to assign the ownership of his property to the assignee. The Deed of Assignment is required to effect a transfer of property and to show the legal right to possess it. It is always a subject of debate whether Deed of Assignment is a contract; a Deed of Assignment is actually a contract where the owner (the “assignor”) transfers ownership over certain property to another person (the “assignee”) by way of assignment. As a result of the assignment, the assignee steps into the shoes of the assignor and assumes all the rights and obligations pertaining to the property.

In Nigeria, a Deed of Assignment is one of the legal documents that transfer authentic legal ownership in a property. There are several other documents like a deed of gifts, Assent, etc. However, this article focuses on the deed of assignment.

It is the written proof of ownership that stipulates the kind of rights or interests being transferred to the buyer which is a legal interest.

Read Also: DIFFERENCE BETWEEN TRANSFER OF PROPERTY THROUGH WILLS AND DEED OF GIFT

CONTENTS OF A DEED OF ASSIGNMENT

Content of a Deed of Assignment matters a lot to the transaction and special skill is needed for a hitch-free transaction. The contents of a deed of assignment can be divided into 3 namely; the introductory part, the second (usually the operative part), and the concluding part.

• THE INTRODUCTORY PART: This part enumerates the preliminary matters such as the commencement date, parties in the transaction, and recitals. The parties mentioned in the deed must be legal persons which can consist of natural persons and entities with corporate personality, the name, address, and status of the parties must be included. The proper descriptions of the parties are the assignor (seller) and assignee (buyer). The Recitals give the material facts constituting the background to the current transaction in chronological order.
• THE SECOND PART (USUALLY THE OPERATIVE PART): This is the part where the interest or title in the property is actually transferred from the assignor to the assignee. It is more like the engine room of the deed of assignment. The operative part usually starts with testatum and it provides for other important clauses such as the consideration (price) of the property, the accepted receipt by the assignor, the description of the property, and the terms and conditions of the transaction.
• The testimonium : this shows that all the parties are involved in the execution of the deed.
• Execution : this means signing. The capacity of the parties (either individual, corporate bodies, illiterates) is of great essence in the mode of execution.  It is important to note that the type of parties involved determines how they will sign. Example 2 directors or a director/secretary will sign if a company is involved. In the same way, if an association, couple, individual, illiterate, family land (omonile), firm, unregistered association, etc. is involved the format of signature would be different.
• Attestation : this refers to the witnessing of the execution of the deed by witnesses.

For a Deed of Assignment to be effective, it must include a column for the Governor of the state or a representative of the Government where the property is, to sign/consent to the transaction. By virtue of Sec. 22 of the Land Use Act, and Sec. 10 Land Instrument Registration Law, the Governor must consent to the transaction.

Do you have any further questions? feel free to call Ibejulekkilawyer on 08034869295 or send a mail to [email protected] and we shall respond accordingly.

Disclaimer: The above is for information purposes only and should not be construed as legal advice. Ibejulekkilawyer.com (blog) shall not be liable to any person(s) for any damage or liability arising whatsoever following the reliance of the information contained herein. Consult us or your legal practitioner for legal advice.

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Deed of Assignment

What is a deed of assignment.

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 person (called the assignee ), usually for a consideration (money or money's worth).

In a contract of sale of real property, the title transfer is done in writing, signed, sealed and delivered by the parties to the transaction.

This is a very important document that should be delivered to the purchaser after the conclusion of the sale of any real property .

What is the difference between a contract of sale of land and a deed of assignment?

The contract of sale and a deed of assignment are vital documents in real property sale and purchase transactions.

However, a contract of sale alone does not transfer ownership or interest in real 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 . This means that a registered deed of assignment serves as proof of ownership of real property.

Is it mandatory to have a deed of assignment?

Yes , a deed of assignment is required as it typically needs to be registered with the Land Registry .

What must a deed of assignment contain?

The following are the essential components of a deed of assignment:

• Information about the parties: The deed of assignment should specify the full names, addresses, and other relevant information about the assignor and assignee.
• Description of the real property: A deed of assignment should contain a detailed description of the property the assignor is transferring to the assignee, such as the size, location, and registration number of the real property.
• Transfer of real property: The deed should contain a clear statement indicating that the assignor intends to transfer their ownership or title in the real property to the assignee.
• Consideration: A deed of assignment should include consideration, which is the amount the assignee paid the assignor for the property.

Who is involved in a deed of assignment?

The parties to a deed of assignment are the assignor and the assignee. The assignor is the party that owns title to the property they are transferring to the assignee. The assignee , on the other hand, becomes the new title holder of the property transferred under the deed of assignment.

Who cannot be a party to a deed of assignment?

Generally, minors (persons who are below the age of 18 years) cannot validly enter a binding contract, including a deed of assignment.

If the assignee is a minor, the legal guardian of the minor should sign the deed of assignment on behalf of the minor.

What should be done once the deed of assignment is ready?

After signing the four copies of the deed of assignment:

• Both the assignor and assignee should sign the deed of assignment. If either of the parties is a company, the common seal of the company, and one company director and one secretary should sign the deed of assignment. If either of the parties is an organization other than a company, one authorized representative (for example, a manager, director, or senior officer of the organization) of the organization should sign the deed of assignment.
• After signing, the four copies of the deed of assignment should be notarized.

After signing and notarization:

• The assignee should deliver at least 4 (four) signed copies of the deed of assignment for registration along with the attached document at the requisite Land Registry.
• After this, the deed of assignment requires the governor's consent for approval.
• After obtaining the governor's consent and paying the requisite stamp duty fees , the deed of assignment should be registered within weeks.

Which documents should be attached to the deed of assignment?

The following should be attached to a deed of assignment for registration at the Land Registry:

• receipt of purchase of property;
• title documents of the real property, such as the assignor's certificate of occupancy, deed of assignment, etc.;
• survey plan of property;
• copies of a valid means of identification of the assignee, such as an international passport, driver's licence, or national ID card; and
• evidence of payment of registration fees.

Is it necessary to notarize a deed of assignment for it to be valid?

Yes, all original copies of the deed of assignment should be notarized before registration.

Notarization happens when a notary public certifies the authenticity of a document by placing a seal and signing the document.

Is it necessary to register the deed of assignment?

Yes, it is necessary to r egister the deed of assignment at the requisite Land Registry , as registration serves as evidence of ownership of title .

Is it necessary to have witnesses for the deed of assignment?

Yes, the deed of assignment needs to be witnessed to be valid . After the parties have signed, the deed of assignment should be witnessed by at least one person. The witness is required to hand fill in their names, addresses, and occupations and also sign the deed of assignment.

What are the costs involved in the finalization of the deed of assignment?

The cost of finalizing a deed of assignment varies, particularly a deed of assignment intended for the transfer of real property, as it includes the cost of notarization, registration, the requisite taxes, and attorney fees.

It is important to consult the Land Registry for updated details of the cost .

What happens after the deed of assignment is registered?

After registration of the deed of assignment, the title of the real property is transferred to the assignee . However, the assignee is not necessarily referred to as the owner but the title holder.

This is because under 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. 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.

Which laws apply to a deed of assignment?

The Land Use Act of 1978 applies to the deed of assignment. The Property and Conveyancing Law of 1959 , Lagos State Registration of Titles Law 2004 and the Registration of Titles laws of various states are also applicable to the deed of assignment.

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A guide to help you: How to Acquire Real Property in Nigeria

Deed of Assignment - FREE - sample template

Country: Nigeria

Commercial Real Estate - Other downloadable templates of legal documents

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Importance & Purpose Of Deed Of Assignment In Nigeria

Contributor.

A Deed of Assignment is an important legal land document that records a sale of land and transfers interest and title in real property from one party to another starting from the commencement date stipulated in the document. It is a document usually demanded by the buyer of the real property at the conclusion of a property transaction and for it to be valid and binding on parties to the transaction; it must contain certain information. A deed of assignment is considered a must for the transaction of ownership in land.

The main purpose of a deed of assignment is to transfer an interest or assign the title of property from the seller (an assignor) to a new buyer called (the Assignee). For a deed of assignment to fit the above purpose, it must contain certain details or particulars that will be briefly discussed below:

• Particulars of the parties to the transaction (names, address, status).
• Date of transfer of ownership of the property from the vendor to the purchaser.
• 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 a verifiable document that the property possesses.
• The consideration paid in respect of the property transaction (purchase price) and the willingness of the vendor 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 fulfil.
• Signature of the parties and that of the witnesses to the transaction.
• Survey plan.
• Details of the Legal practitioner who prepared the deed.
• Section for the Governor's consent to be signed and verified.

The importance of a deed of assignment cannot be overemphasized, as it is a formal contract duly entered and executed between two parties to a real property transaction, to transfer all the unexpired residue of land to the other party. It contains not only the basic requirements but goes further to include detailed terms of what the parties to the transaction have agreed upon.

It is important that a deed of assignment is drafted by a property lawyer, to ensure that the best interests of the parties to the transaction are duly represented. The deed of assignment is usually drafted by the assignee's legal practitioner and given to the assignor (vendor) for vetting and execution. Where the property falls within an estate, the assignor's legal practitioner may prepare the deed for the assignee's lawyer to review.

Another great importance of a deed of assignment is that it serves as a valid root of title to the land. It acts as valid evidence of transfer, especially where there is a contention as to the validity of the land or where a third party tries to claim ownership of the same land.

It is also important that when the deed of assignment has been exchanged between the parties to the transaction, it is recorded or registered with the appropriate land registry where the land is situated for perfection purposes. Perfection comes at the post-completion stage which involves obtaining the governor's consent, stamping of the deed of assignment, and finally, registration of the document to show legal proof that the property has exchanged hands and also to create public awareness that the property belongs to a new owner.

A deed of assignment is important in any land transaction because it acts as the main document between the vendor and the purchaser to show that all negotiations, investigations, and other necessary due diligence have been done; the purchase price has been paid; other necessary conditions have been fulfilled by the parties to the transaction and the vendor has transferred all his rights in the property to the purchaser.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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