Dennis Isong: Common Deed Of Assignment Errors We Make in Real Estate

In buying and selling property, the Deed of Assignment (D of A) is a crucial document. This document ensures that everything related to the property is legal and accurate, acting as the main character in a story that helps the property change hands properly. But there are common mistakes people make when preparing this important document.

Verify Your Name

When reviewing a Deed of Assignment, it is important to check the accuracy of your name. It is crucial to carefully examine your name in three different sections of the document: the cover page, the section in between, and the execution page. Even a small mistake in spelling or arrangement could make the entire document invalid, which makes it extremely important to verify your name meticulously to protect your investment.

Lawyer Details and NBA Seal

Every Deed of Assignment must specify the lawyer responsible for preparing the document, along with the Nigerian Bar Association (NBA) Seal. The NBA Seal is a crucial element that affirms the authenticity of the legal representation. Paying attention to detail in this aspect is crucial, ensuring not only the presence of the NBA Seal but also the accurate information about the lawyer facilitating the transaction. This step provides additional security to the real estate transaction.

Survey Plan Details

Before preparing a Deed of Assignment, it is often required to have a survey plan. The survey plan number is essential for validation purposes, and it is recommended that property buyers verify its presence on the first page or within the schedule section. Delays in obtaining a survey plan can directly impact the timeline for the Deed of Assignment, so it is an important checkpoint for buyers to consider.

Land and Title History

The part of the property documents that record the land and title history is equally important. It is crucial to verify whether file numbers, excision numbers, Certificate of Occupancy (C of O) numbers, or governor’s consent numbers are present. This information establishes the legitimacy of the property’s history and title, which contributes to the overall transparency of the transaction. As a property buyer, it is essential to examine this section carefully to ensure that the chain of ownership is clear and undisputed.

Execution Page

The execution page is a crucial part of the Deed of Assignment and requires careful attention from the seller. If the seller does not sign this page, the document will not be considered valid. It is important to note that buyers should not sign the section that is reserved for government consent, as this step is only necessary for future transactions involving the property. To ensure that the document is complete and authentic, it is essential to meticulously scrutinize the execution page.

The Deed of Assignment plays a crucial role in the real estate process, and its accuracy is essential for a secure investment. To avoid potential issues, property buyers should carefully examine five key areas. These include verifying names, checking lawyer details, ensuring the survey plan is included, reviewing the land and title history, and analyzing the execution page. Remember, being well-informed is the best way to avoid scams and issues in your real estate journey. Stay vigilant, stay informed, and embark on your real estate endeavours with confidence.