Stamp Duty gets changed as per the property location, for example – usually, Stamp Duty is less in Rural Areas compared to Corporations. 30,000/- or 1% of the Transaction Value (whichever is lower). In Maharashtra, the Registration Charges are fixed, which are Rs. ![]() An agreement for Sale is the base document on which the deed of assignment or sale deed is drafted (Deed of assignment/sale deed is the document prepared at the time of full payment made by the buyer and when the actual transfer of the property takes place). It obligates the buyer and seller that throughout the sale process they must follow the terms and conditions mentioned in the agreement for sale until the final sale deed gets registered. Benefits of registration of Agreement to Sell– In this document, the ownership/title of the property gets transferred to the buyer. ![]() It includes token amount detail and the terms and conditions regarding the amount at which the flat to be sold, the time limit for both the parties to complete the sale, and the buyer’s promise to make full payment within a certain time. Benefits of registration of Agreement to Sell–Īn Agreement to sell is a document that contains terms and conditions of the sale of a property.The document is created before your eyes as you respond to the questions.Īt the end, you receive it in Word and PDF formats. It is used as the written proof to show who has rightful ownership of the property. The Property and Conveyancing Law of 1989, Lagos State Registration of Titles Law, 2004 and the Registration of Titles laws of various states are also applicable to this document. An assignment of deed is used to show the deed of a property changing from one party to another, such as when a sale is made. The Land Use Act 1978 applies to this document. The Assignor can also keep a signed copy of this document for their record. The Assignor should deliver at least three or four signed copies of this document to the Assignee for registration at the requisite lands registry. If either of the parties is a company, the common seal of the company should be affixed on the document and either two directors or one director and one company secretary should sign the document.Īfter the documents have been properly executed, either of the parties (particularly the assignee) should take steps to register the property at the Ministry of Lands if the property is within the purview of the state government and the Federal Ministry of Housing and Urban Development if the property is within the purview of the federal government or located in the federal capital territory, Abuja. If either of the parties is an individual, the individual should sign the document and the document must be attested by one witness who will put their name, occupation, address and signature. The document should outline the names and addresses of the parties, a detailed description of the property being conveyed, the origin of the property, covenants and representations of the assignor.Īfter completing this document, the parties should sign the document. Note that if a person gifts another a real property, a Deed of Gift should be executed for this purpose. Consequently, a person who acquires ownership of land in Nigeria is granted a certain term of years (usually 99 years) and is not referred to as the owner but the holder of a term of years and can assign the remainder of such term to another under a deed of assignment. On the other hand, a registered deed of assignment not only transfers legal interest in real property but also serves as the assignee's root of title.Īccording to the Land Use Act, all state and federal lands are vested in the governor of each state and the federal government respectively, who hold the lands as trustees for Nigerians. ![]() ![]() This document is different from the Contract of Sale because although it is a vital document in real property sale and purchase transactions, the contract of sale alone does not convey legal interest in real estate. This is a very important document that should be delivered to the purchaser after the conclusion of the sale of any real property. The conveyance is done in writing, signed, sealed and delivered by the parties to the transaction. A Deed of Assignment is an instrument of transfer which is used in real estate transactions to transfer legal title or the ownership of a land or building from the title holder (called the assignor) to another called the assignee, usually for a consideration (money or money's worth).
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