In Nigeria, having the relevant document like deed of assignment and others is one of the ways to prove the ownership of a property. If you say you paid for the property then you must present your proof. In the absence of these, it is your word against whoever is contesting the legitimacy of the land with you.
If you are in a city like Lagos, you need to have the Deed of Assignment readied. In this article, we let you into the need for the document and what to do to get one.
When Will I Get the Deed of Assignment in Lagos?
Usually, the Deed of Assignment is issued at the end of a land transaction. The document shows the transfer of ownership from the seller to the buyer. That’s exactly how we do it at Greenish Estate.
What is the Deed of Assignment Document?
Let us start by breaking down the concept called “deed.” A deed is basically a documentation of the facts, conditions, terms and or the specifications of a business transaction.
In real estate, a Deed of Assignment is a document used to outline the agreement between the seller and the buyer in a property transaction. It’s not the same as contract of sale. In Lagos State, this document is used to record the sale of a land.
The following are some of the reasons why the Deed of Assignment is relevant in any property purchase or transaction in Lagos State:
- A specific description of the property is given or captured in the Deed of Assignment.
- It’s one of the land documents that shows that the seller of the property has transferred the land or property to the buyer. The ownership transfer includes the seller’s interest, rights and the title of the land.
- The Deed of Assignment is also used to specify any acts or reasons for which a property was transferred. It is not necessarily not when a land or property is bought. The document can also be used to transfer the seller’s rights, titles and interests in the property, when the said property was freely-given to the assignee (the new owner).
What is the Content of the Deed of Assignment in Lagos?
The most important detail in the document is the date of the transaction. The date shows that the day the transaction was made and the document was signed, both parties (the seller and buyer) witnessed it.
The following are some of the additional details to look for in the document:
a. The Transacting Parties
The details of the transacting parties (seller and buyer) will be included. These details are provided:
- Status
- Telephone numbers
- Full names and;
- Addresses
b. Transaction Amount
If the property was purchased (i.e., you paid for it), then it is important to include the amount of money paid. Your lawyer can also help with specifying the terms of the seller’s readiness to accept the quoted amount.
Other details provided in the Deed of Assignment include:
- The vendor (assignor)’s capacity and the nature of the transaction.
- The nature of the vendor (assignor)’s title.
- Both parties (seller and buyer) must be willing to keep to the agreement spelt-out in the document.
- The details of the legal practitioner/attorney who prepared the Deed. The details include the name, office address and telephone number.
- Details of the verifiable document of the property.
- The specifications of the property, including any fixtures and or fittings.
- The signatures of both the buyer and the seller. The signatures of the witnesses are also required.
How Can I Prepare the Deed of Assignment in Lagos?
Now that the basics have been covered, let us now talk about how to get your hands and signature down on the document.
The document is exclusively prepared by a lawyer and the responsibility is commonly designated to the assignee (buyer)’s lawyer or attorney.
The legal counsel/attorney will take charge of the document’s preparation, specifying the terms agreed upon for the transaction. This is why it is advised for you, the assignee/buyer to literally “carry your lawyer along” with the property purchase. Being a part of the transaction from the word “go,” the attorney knows the nitty gritty and the preparation of the document will be simpler.
Most attorneys prepare the Deed of Assignment to favor or cover the interests of the client, the buyer/assignee.
After the preparation, the lawyer sends the document to the assignor or the seller for perusal and approval. It is also pertinent for the seller to have a lawyer/attorney too, to help go through the drafts before approval.
However, the tables may turn and the assignee/buyer’s lawyer wouldn’t be the one to prepare the document. This is the case when the property in question is a part of an estate. If this is the case, it is up to the assignor or seller’s attorney to prepare the Deed of Assignment and pass it along to the buyer’s lawyer to examine before they put their signatures.
Legalizing the Deed of Assignment – How Long Does It Take?
The examination, confirmation and signature of the document is the “basic aspect.” Once you do that, you will have to legalize the Deed of Assignment and this is a three-stage process.
a. Obtain the Consent of the Governor
These processes are a way to register the document with the Lagos State Land Registry. The first step is to obtain the Governor’s consent, by obtaining, filing and submitting the Land Form 1c.
Both the seller and the buyer, and any other party to the transaction. The application will then be sworn to before a Magistrate and forwarded to the relevant office (usually a Commissioner designated by the Lagos State Governor for that purpose).
b. Deed of Assignment Stamping
The solicitor will pay stamp the duties charged on the transaction and proceed to the registration.
c. Register the Deed
The last stage is the registration of the Deed of Assignment. This grants the assignee or the buyer, the legal coverage, in the cause of a dispute and or the “omission of instruments when the title is deduced.”
Conclusion
The time it takes to get a Deed of Assignment in Lagos can range between a few days and a couple of weeks. The attorney may take a few days to study the agreements and draft a document. The attorney sends this document to the seller/assignor’s lawyer for evaluation and confirmation of the agreement.
The other waiting period is when the Deed of Assignment is awaiting the Governor’s consent, down to when it would be registered.
In all, having the document legitimizes your ownership of the property, and serves as a formal document covering the details of the transaction.
If you need to purchase a property in Lagos, call me today.
