LAND MATTERS 11.0.
*The Significance of a Deed of Assignment*
It is usually the case that the initial document one receives when one buys any article including a piece of land is a Purchase Receipt. For transactions involving land, however, of much importance is a Deed of Assignment. While a Receipt is evidence of some sought of payment, it does not confer title to a land to the holder. A Deed of Assignment, well-prepared and duly registered in the Land Registry, is the first indicia of title.
A Deed of Assignment is a document which shows that the assignor (seller) has transferred his whole interest and title in the property to the assignee (the buyer). It is of utmost importance as it contains details of:
- the parties to the transaction i.e. the vendor and the buyer;
-the addresses (or place of business) of the parties;
- the date of the transaction;
-covenants binding the successors of the original parties;
-the history of the land;
-the cost of the land and acceptance of price by the vendor;
-the size and other descriptions of the land;
-the promises made by each party as conditions for the transfer of title;
-the signature of the parties as well as signatures of witnesses;
- the section for Governor's consent.
All these are evidently always absent in a Receipt. Considering the peculiarity of land transactions, one should always insist on a Deed of Assignment, prepared in good time to validate the transaction.
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