Most people have the title documents to their cars intact and in safe places but fail to ask for the Deed of assignment to their properties which is several times more valuable than cars
A Deed of assignment is one of the transaction document drawn up by a real estate attorney between the current title holder for a particular property and the new buyer.
In real property transactions, a deed of assignment is a legal document that transfers the interest of the owner of that interest to the person to whom it is assigned, the assignee. When ownership is transferred, the deed of assignment shows the new legal owner of the property.
The deed contains very pertinent information for a real estate transaction. It spells out the date when the ownership of the property transfers from one owner to the other. The deed also gives a specific description of the property that is included in the transfer of ownership.
It is very compulsory and mandatory for a Deed of Assignment document to be recorded at the appropriate land registry to show legal evidence as to the exchange of ownership in any land/landed property transaction in order to make the general public and government aware of such exchange or transaction.
Any recorded Deed of Assignment at the appropriate land registry will be authenticated in form of either a Governor’s consent or Registered Conveyance after it has been stamped at the Stamp Duties office.
It is important to Note that the deed of assignment document is not the only document indicating transfer of owner.
The following documents are usually involved when you a purchase is made.
- The purchase receipt
- The contract of sale and
- The deed of assignment
- The survey plan
- The Building plan for housing investment
- Any other title document that may apply
Each of these document can come at separate times in the transaction process. The seller signs all documents when the transaction is complete and hands over the documents to the buyer.