DEED OF ASSIGNMENT AS A MEANS OF TRANSFER OF REAL PROPERTY IN NIGERIA, ISSUES, CHALLENGES AND PROSPECTS
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- NGN 3000
ABSTRACT
Acquisition of real property in Nigeria is a right enshrined under the constitution of Nigeria 1999 (as amended). Transaction in land formed part of the economic sector of the country. Transfer of interest in land or acquisition of real property can be through state grant, gift, purchase (conveyance), inheritance (probate) and allotment of family land. Of all these means of acquisition real property in Nigeria only purchase and gift are demanded to be by deed. This factor gravel affects the titles acquired by customary grant, probate, state grant and allotment of family land. As a legal requirement transfer of interest in land must with up with the requirement of governor‟s consent o the state were the land is situated or the local government authority within jurisdiction. The law also requires payment of stamp duties and the registration of the instrument (deed of assignment). Deed of assignment is the instrument that transfers interest in land from one party of another. The instrument contains the date, parties and terms of sale. It must be executed by the two parties and attested by witnesses. The law specifically requires that a deed must be signed, sealed and delivered for it to be valid. Transfer of interest in land is governed by many laws which differ from state to state of the federation. There are also various steps to be taken in the registration of title deed. This renders the transaction difficult and cumbersome. This research examined the means of acquiring real property in Nigeria, deed of assignment in particular and the challenges pose by the bureaucracy in the registration of title deed. The way forward has been proffered such as harmonization of conveyancing laws in Nigeria, review of the Land Use Act to make the requirement of governor‟s consent unnecessary, reducing the time frame within which to register title deeds, reduction of fees payable for the registration of title deed and the such other similar problems.
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