DEED OF ASSIGNMENT

What Is A Deed Of Assignment?

A deed of assignment is a legal contract written as evidence of a real estate transaction to structure the transfer of ownership between the seller(s) and the buyer(s) of a property or properties.

These are important formS of contract in real estate acquisition whether it is outright buying of land or property or instalment payments formula of purchase including the lease of land or property. Deeds help put into contract terms of transfer of ownership of the property either you are giving full controls or limited controls.

Types Of Deed

We have different types of deeds in real estate transactions and we will list the following below, the listed are a few types of deeds but not limited to:

Deed of conveyance

Deed of gift

Deed of partnership

Deed of the lease.

Why You Need A Deed In Real Estate Transaction

These contracts help cement the terms in which a property is purchased. It will be out of ignorance for a property to be purchased or a term of payment to be drafted without a contract to bind the terms in which the transactions proceed.

When buying a property the buyer should make sure all terms of the deed are structured in his or her favour these include terms of contract termination. Most times people buying make the mistake of not carefully studying a deed before signing especially people buying on instalment who believes the sellers are doing them a favour.

If the seller refuses to allow your lawyer to draft the contract at least they should allow proofreading to make sure the clauses in the contract are interpreted to you and at least have your best interest at hand.

Why Do You Need A Lawyer To Investigate Your Deed Before Signing When The Seller Insist On Using His Or Her Own Lawyer:

Firstly this is a flawed approach to acquiring properties because as the buyer of the property you should be the one to present your lawyer to draft the agreement and conditions you will want on your newly acquired property, but due to the ignorance of some sellers (Especially estates management when payments are made in instalments), which is to also protect their businesses or right to the land since it is not an outright payment but this concept is not advised when an outright purchase is to be made.

Either buyer outrightly or in instalments, a lawyer is advised to proofread the documents presented to you before signing in any transaction because in the case of purchasing properties some conditions can be inserted into a deed of assignment presented by the seller to the buyer of the property which might not be accurately interpreted and understood by the buyer of the property.

For example, a clause to terminate a contract of purchase when payment is skipped in intervals of 1 to 2 months this is in most cases where the buyer is paying in instalments which results in the client losing money and the intended property of purchase.

Another example of a condition that can be inserted into a deed is an agreement that the terms of a deed changed after an interval of time or after making certain payments, these types are calls for special attention we also have some deeds that internally carry clauses of the lease and not sale also in some cases you as the buyer cant sell your property until you revert back to contact the person who sold you the property which means you don't own absolute control of the property.

At OME LAND SURVEYOR AND CONSULTANTS we have decided to serve as brokers to provide the best-suited professionals when dealing with property documentation and to save time because we are in the real estate industry to represent the clients interest.