One of the most important moment of every successful transaction is that moment when ownership is transfered from the seller to buyer. Real estate transactions require tact and expertise to guarantee a fruitful execution and this is the basic reason it's usually advisable you involve a trusted real estate practitioner to help guide you thorough the process of acquiring a property from beginning to end.

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The common mistake most new and budding real estate investors make is that they usually assume that buying a property is the same as the conventional exchange of money for goods & services - IT IS NOT. Every property possesses its own unique talking point(s) and as a result, there's rarely a one-size-fits-all approach except cases involving Estate lands and buildings with the same land size and building structures run by one company or agency. In the process of trying to purchase a property, you must pay special attention and record what the seller is saying about their property, and also ask probing questions about anything "unusual" that piques your curiosity so as to extract necessary talking points which will come in handy during negotiation(s). The Deed of Assignment is usually prepared highlighting various agreements reached by both parties during and after negotiation so, never forget that as important as a Receipt is, you should never be satisfied that a successful transaction has taken place if that is the only document received from seller.

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So what is a Deed of Assignment and why is it absolutely necessary you request for it?

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A DEED OF ASSIGNMENT is a document containing the terms of agreement between the buyer and the seller of a Land or building concerning the ownership of the land or a building. It is a very important document because it shows evidence that the Seller has transferred all his rights, title, interest and ownership of the property to the Buyer. It clearly stipulates and itemizes any pending or existing issues that relates to the property (if any).


A genuine Deed of Assignment must contain the following: 




---- Full names of both parties (Buyer and seller)




---- A column for date (which should initially be left blank because if you don’t stamp it within 60 days of stated date, you will attract a penalty for everyday in default after the 60days).




---- The addresses of both parties.




---- The history of the property i.e how it was first obtained from original owner, the documents it possesses, how many "hands" it has passed through, etc




---- The price of the property which seller accepts to be paid




---- Details of verifiable documents the property possesses.




---- A comprehensive description of the property.




---- The covenants or promises both parties agree to undertake to finalise the transaction




---- The signature of both parties and Witnesses to the Transaction




---- The section for the Governor or its representative to consent and validate the agreement. 




---- The name and address of Lawyer that prepared the Deed



From these contents of Deed of Assignment listed above, you'll notice it's almost impossible for you to have any litigation issue in future that may threaten your legitimate right to claim ownership of your property if your deed of assignment is well prepared and all terms spelled out with the consent of the government. 



Always insist on a copy of your Deed of Assignment!
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Owning a property is a worthwhile investment and luxurious necessity.
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It's the same as Agreement in local parlance. Right?

Well, technically, I'll say yes....It's called a deed in Real Estate and MUST contain all the above listed features and maybe more

KolaShangOne:
It's the same as Agreement in local parlance. Right?