HOW TO PREPARE A DEED OF ASSIGNMENT IN NIGERIA
A deed of assignment is essential in Nigeria, as it transfers ownership of land or property from one party to the other.
HOW TO PREPARE A DEED OF ASSIGNMENT IN NIGERIA
A deed of assignment is essential in Nigeria, as it transfers ownership of land or property from one party to the other. 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. The assignor (the seller) and assignee (the buyer) are the parties to the deed of assignment, respectively (the purchaser).
REQUIREMENTS TO PREPARE A DEED OF ASSIGNMENT IN NIGERIA
When drafting a deed of assignment in Nigeria, it is crucial to obtain certain information from the parties involved since this information will help to establish the details of a document that will be enforceable in court. In other regions of the nation, the same requirements apply. Following are these specifics:
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). Both parties to the transaction agree to keep the agreements. 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.
WHAT IS THE PURPOSE OF THE DEED
In particular if you wish to purchase land, it is crucial to carefully discuss matters like these with your attorney for clarification. A deed is used to legally change the ownership of a piece of property or asset from one person or business to another.
WHO NEEDS TO SIGN A DEED OF ASSIGNMENT
The deed must be signed by both the assignor and the assignee(s), who must also check the appropriate box(es) for each signature. However, if two people own the policy and they are both joint tenants. Thus, both policyholders are required to serve as assignors.
HOW MUCH DOES THE DEED OF ASSIGNMENT COST IN NIGERIA
A Deed of Assignment can only be prepared by a lawyer in Nigeria.
To control the fees that lawyers charge for handling land matters, there is a scale of fees. However, given the crude nature of this scale of charges. Lawyers prefer to negotiate their percentage based on the value of the assets being purchased in real estate deals. This is due to the fact that they also provide them permission to enter into a simple contract for any services, including the creation of deeds.
The percentage that a lawyer may charge for creating a deed of assignment is based on a number of factors. Among these criteria are expertise or experience, as well as the cost of the prospective acquisition. To create a deed of assignment, the majority of lawyers in Nigeria normally charge between 5% and 10% of the price of the property.
WHO PREPARES THE DEED OF ASSIGNMENT
You should be aware of who is responsible for creating the assignment deed to prevent misunderstandings along the process. The deed of assignment is created by the assignee's attorney, who then gives it to the assignor (vendor) for approval and execution.
HOW TO REGISTER A DEED OF ASSIGNMENT IN NIGERIA
The process and methods for registering an executed deed of assignment in Lagos State or any other Nigerian jurisdiction essentially consist of three main parts: obtaining the governor's consent, stamping the deed, and registration.
NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com
WRITTEN BY CHAMAN LAW FIRM TEAM
EMAIL: chamanlawfirm@gmail.com
TEL: 08065553671, 08024230080