What Is Deed Of Assignment In Nigeria

A deed of conveyance or assignment traces the history of how the property or land has reached the present owner till date.

What is deed of assignment in nigeria. The deed of assignment in other words is a document that is evidence of a transfer of ownership with the stipulation that there is a certain time period in which actual ownership is to commence. This the conveyance is done in writing signed sealed and delivered by the parties to the transaction. By nairaland lawyer this is the second most important document you need to do a personal search. In fact it baffles me that 6 out of 10 people i know who have bought lands in the past have no deed of assignment.

A deed of assignment is an instrument of transfer used in real estate transactions to transfer legal title or the ownership in 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. The deed of assignment otherwise known as deed of conveyancing in other states in nigeria is the document transferring the sale of land or property from one buyer to another. A deed of assignment is one of the most important documents you must have when you conclude a land transaction. The governor when giving his consent to an assignment mortgage or sublease may require the holder of a statutory right of occupancy to submit an instrument deed of assignment deed of legal mortgage deed of lease etc executed in evidence of the assignment mortgage or sublease and the holder shall when so required deliver the said instrument to the governor in order that the.

Advertisement if the deed of assignment transfers a debt instrument such as a mortgage it shows the new holder of that debt and that person or entity becomes the recipient of the mortgage payments. 2 the deed of assignment or conveyance. The deed of assignment does not state any renewal except that the c of o is 99yrs that can be renewed with govt. They are always the first to complain that omonile has defrauded them but they have no proof to show the property has been sold to them other than a receipt.

Nigeria covered by certificate of occupancy registered as number 5 at page 5 in volume 422 of the lands registry at akure. According to land use act of 1978. The deed of sublease is for 99 years and subject to renew at expiration on the sub lesssor s term which include renewal fee to be determined by the sub lessor. In nigeria it is believed that 6 out of 10 people have been victims to property fraudsters that pretend to be owners of a piece of land.

Deed of assignment is a contract or an agreement between the seller of a piece of land and the buyer showing details evidence that all title. When ownership is transferred the deed of assignment shows the new legal owner of the property. The duly executed deed of assignment and the original certificate of occupancy to the assignee.