By Opeyemi Quadri
In the 40s, 50s, and 60s, our forefathers acquired hectares of land from friends and
community members without any sort of legal documents. Some of them only needed a witness, that’s all. But that has changed. Even those who inherited property from such lineage are now backing up ownership with legal documents. One of such important land documents is Deed of Assignment.
Today, let’s quickly talk about the cost and how to calculate the charges of Deed of Assignment.
Deed of Assignment is an agreement where the owner of property assigns his or her ownership in land or property to the buyer (who is also known as assignee). It is prepared by a lawyer. The Deed of Assignment contains very important information for a real estate transaction. They include:
1) Names of the parties to the agreement
2) Address of both parties
3) History of the property
4) Agreed cost
5) Description of the land
6) Size of the land
7) Signature of both parties
8) Governor’s Consent
How to calculate the cost of Deed of Assignment
Most times, property lawyers in Nigeria charge between 5% to 10% of the cost of the property. In Lagos, for instance, the cost of deed of assignment is 10% of the cost of the property.
If you bought a plot of land at FESTAC Town for N50,000,000, a property lawyer would charge you N5,000,000 (10% of N50M) as legal fee to prepare the deed of assignment.
NOTE:
Deed of Assignment is negotiable.
About the writer:
Opeyemi Quadri is a Lagos-based Real Estate Broker. He helps real estate investors and buyers within and outside Nigeria to find legit property. He’s the founder of BuyLandLagos (BLL). BLL is property listing website exclusively for his verified plots of land and completed apartments in Lagos.
You can reach him on 08065277758 (Call/WhatsApp). He tweets @OpeQuadri.
