“Buy Land, they’re not making it anymore”
-Mark Trwain, Write & Humorist
Continued from last Tuesday
By Akhigbe Dominic.M. Esq
TUE, JULY 24 2018-theG&BJournal-2. THE SURVEY PLAN: The Survey Plan is a very important variable in transacting in Real Estate or acquiring Lands. You cannot process a final title document over land without a Survey Plan; quote me! The survey Plan is akin to the Pilot’s Compass. Without a Compass; the pilot is decreed into oblivion in the flying quest. The survey plan carries very vital information such as names of property owners, dimension of land, specific topological information, location of land amongst other very vital information. It is therefore a nullity to acquire a land or landed property without a valid survey devoid of ambiguities. In fact, a registered Survey is as good as a semi final title. This is how important the Survey plan is.
- DEED OF ASSIGNMENT
The Deed of assignment is the compiled document executed between the Assignor (Seller) and the Assignee (Buyer) as a proof of land purchase and transfer of ownership. In the Deed of Assignment, the purchase receipt and the survey plans are conspicuously referenced. This document is expected, as a matter of practice, to be signed by all parties related to these transactions. It is also expected to be witnessed by actual and traceable persons both from the Assignors and Assignees sides. It is mandatory for a Deed of Assignment to be recorded at the appropriate land registry to show legal proof of evidence with respect to the exchange of ownership in any landed property as a way of putting the general public and the state government on Notice. Mere notarization of Deed is not sufficient legal proof.
A Deed of Assignment is to be prepared by a qualified Real Estate Lawyer who should seal the same.
In the course of practice, I have run into some concoctions called Deed of Assignments. This is very laughable and a panacea to disaster. Land Agents are the worst culprits in this exercise in futility. In real estate property transactions, a deed of assignment is a legal document that transfers the interest of the owner to the person to whom it is assigned. When ownership is transferred, the deed of assignment shows the new legal owner of the property. This document can only be done by an individual who is legally qualified to do so.
The deed contains very vital information for Real estate transactions. This spells out very vital details such as the date the ownership of the property from the former owner to the new owner, the names of parties, a brief history of how the initial owner acquired same, compensation clauses and other very pertinent facts are therein contained. The deed also gives specific descriptions of the property that is the subject in transaction in the property deal.
I have had some funny experiences where land agents just clone earlier Deeds EXECUTED by other Parties and they hand such over to ignorant buyers who walk away with a sense of satisfaction that they have valid proof of transactions. Such Deeds collapse like a pack of cards when subjected to legal fireworks when issues arise. In today’s Nigeria, it is impossible to procure your final titles such as Certificate of Occupancy with such lifted or cloned Deed of Assignment. The best way to go is for the Assignor to engage a competent and experienced Property Lawyer to prepare this all important document for a fee usually 10% of the value of the property under consideration. Doing otherwise as a way of escaping additional cost is playing the ostrich game. It is pennywise pound foolish! Deed of Assignment is sacrosanct in the process of acquiring statutory land titles. Do not work round it!
TO BE CONTINUED.
Akhigbe Dominic.M. Esq., /Property Law Expert/CEO, PROPERTYLogic Homes| www.propertylogichomeslimited.com for listed properties & Property information.|Call us on: +234-8034846294 & +234-1-2166914|Seasoned Business Coach/Columnist of The BusinessDay/Contributing Editor,govandbusinessjournal.com.ng <https://govandbusinessjournal.ng>
