Purchasers of Real property are of the mistaken opinion that provision of a deed of assignment by a vendor passes good title and that in its self finalizes a purchase but this is not true. It is essential that a purchaser perfects a purchase by registering the acquired interest in that property as it is only when the State or Federal government has consented to a sale where there is an existing right of occupancy that the sale can be said to be concluded and a valid transfer of interest done.
It is also for the benefit of the purchaser who should with immediate effect commence the registration of title as this will offer protection from any fraudulent seller or mischevious 3rd party and protect the legal interest of the purchaser.
To register interest acquired from a purchase it is essential to have a valid transfer document (Deed of Assignment). The Deed must contain essential elements like the names of the parties and their designation, the root title, the nature of interest being passed, adequate description of the property- this includes type of property, size, value of the property, survey plan number, location, signature, date, and provision of space for the Governors consent.
In Lagos State, there should be 4 copies of the executed Deed of Assignment with a registered survey plan attached to each Deed and enclosed with the following documents for an application to obtain Governors consent:
- Dated letter of application with address and telephone numbers
- Completed Form 1c
- Certified true copy of Title of vendor
- Vendors tax clearance certificate
- Purchaser’s tax clearance certificate
- Evidence of payment of charting & endorsement fee.
- Photograph of the property
- Means of Identification of the Purchaser
- Evidence of lodgment of survey plan at the Surveyor-General’s office.
After the application is submitted and it is found that all the documents are valid, an assessment on fees payable will be calculated. The fees to be paid include capital gains tax, stamp duty, consent fee.
When evidence of payment is provided the Deed will be processed for Governor’s consent after which a purchaser may then register that deed at the Lands Registry.
It is only after these processes have been complied with can one be rest-assured of the validity of a purchase.
It is worthy of note that the name and signature of the lawyer must be on the Deed of Assignment before it can be accepted by the Lands registry for procession of governors consent.
Also note that an unregistered Deed of Assignment is an inadmissible document in court.
As usual, we look forward to your questions and comments on this issue or any other property related matter.