“Deed of Assignment”
Yayy!! today on another episode on terms used in real estate. There is high possibilites you might have heard the statement Deed of Assignment but keep wondering what that is. Read Below in details.
What Exactly is Deed of Assignment?
Deed of assignment can be termed as an instrument of transfer used in real estate transactions that is used to transfer a legal title of ownership from the title holder (Assignor) to another called the asssignee, usually after maybe a verbal agreement or conditions. But Mostly on Funds like selling or handing over.
Deed of Assignment is very beneficial since it serves as a valid root of title to the Land. it serves as a valid proof of transfer incase any one or third party is about claiming ownership of the property.
Who can prepare deed of asssignment?
In Nigeria, a registered lawyer can prepare a valid deed of assignment for you. Cost on his on conditions. Make Sure He/She is registered.
Basically, the process to obtain the deed of assignment involve three stages.
- Obtaining Governors consent
- Stamping of Deed
- Registration
After completion of the documents, the two parties will then sign and it stamped.
It may have people call it some alternative names:
Deed of Assignment for contract, deed of assignment for Land, Deed of assignment of real property.
Can Deed of Assignment be revoked?
Hmm, probably under unforseen circumstances or issues, then the two party wants to revoke. Yess it can be revoked.
The Assignment can only be revoked if both the taxpayer who made the assignment and the assignee to signed it to both agree been revoked. Then it can be revoked.
The Agreement to revoke assignment must be in writing and signed by both parties before being sent to HMRC.
Note: Deed of Assignment is different from Contract of Sale.