The significance of Deed of Assignment
A Deed of Assignment is an agreement between the seller (an assignor) of land or property and the buyer (an assignee) of such Land or property, demonstrating that the seller (an assignor) has transferred all of his rights, title, interest, and ownership of that land to the seller (assignor) who has recently purchased land.
A deed of assignment must include the following details or particulars, which will be briefly detailed below:
Particulars of the transaction’s participants (names, address, status).
The day on which the property is transferred from the vendor to the buyer.
The assignor’s (vendors’) title is of a certain nature.
The property’s entire description/specifications, including any fittings and fixtures.
- The nature of the transaction and the assignor’s capacity (vendor).
- Both parties to the transaction agree to keep the covenants.
- The parties’ signatures, as well as the signatures of the witnesses to the transaction, are required.
- Plan for the survey.
- Information about the lawyer who prepared the deed.
- The Governor’s Consent must be signed and validated in this section.
- 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 held by the property.
- The amount of money paid in a property transaction, and the vendor’s readiness to accept the price for the property.
When buying a property, make sure you get a deed of assignment because a property transaction without one is incomplete. It proves that you are not the legal owner of the property.