In recent years, the real estate industry has experienced an impressive optimism from both local residents and from the diaspora; they’ve seen success stories on how property investment can grow to you a fortune especially in the big cities in Nigeria.
The surge is also a credit to the emergence of lots of credible property developers who have made property ownership simplified and less risky, who have also delivered their promises. Interestingly most first time home buyers feel more comfortable buying from them. After buying what do they get? DEED OF ASSIGNMENT.
What’s a DEED of ASSIGNMENT?
According to Cambridge Business English Dictionary; a DEED OF ASSIGNMENT is a legal agreement to give an asset or to sell a debt to someone else. In property transaction, it’s an agreement between a Seller (owner of the property sometimes referred to as “Vendor”) and a Purchaser. It is, however, a proof of transfer of ownership of rights, title and other interest to the buyer.
It’s one of the most important documents in property acquisition, not only that it’s a proof of ownership, it’s also one of the documents required to get any land title from the Government.
How BANKABLE is the DEED of ASSIGNMENT?
having said a lot about how vital is a deed of assignment is in property acquisition, what’s most important to a first-time or returning property buyer is how relevant is it to the govt? is it recognised as a collateral at any financial institution? is it transferable?
Well, first and foremost, a DEED OF ASSIGNMENT is not transferable, it’s a title that’s transferable using a DEED OF ASSIGNMENT, however, someone with DEED OF ASSIGNMENT can still sell but through the original owner of the land. To avoid such, get a lawyer to process a title for the property at the relevant government agency in charge of land in your state, a C of O if the land doesn’t have and if it does, get a Governors Consent, these titles are recognised by the financial institutions as collateral.
Write me at: