@lexiann2020_: A POORLY DRAFTED DEED OF ASSIGNMENT MAY Create serious legal and financial problems for both the buyer and seller. Some of the common issues include: 1. Unclear Description of the Property such as location, size, survey plan number, title details, boundaries, disputes may arise over what was actually sold. 2. Defective Transfer of Title A Deed of Assignment is the document that transfers ownership from the seller to the buyer. 3. Difficulty in Obtaining Governor's Consent. 4. Future Ownership Disputes Poorly drafted clauses may allow the seller or third parties to challenge the buyer's ownership in the future. 5. Absence of Proper Warranties and Covenants The seller should warrant that: a. He has the right to sell the property. b. The property is free from encumbrances (unless disclosed). c. There is no pending litigation affecting the property. 6. Failure to State Consideration Properly Where the purchase price is not clearly stated, it may create difficulties in proving the transaction and calculating stamp duties and registration fees. 7. Boundary and Encroachment Issues Failure to reference an accurate survey plan may result in overlapping claims, encroachment disputes, or acquisition of the wrong parcel of land. 8. Problems May Arise During Resale A future purchaser conducting due diligence may discover defects in the Deed and refuse to proceed with the transaction. 9. Exposure to Fraud Poor drafting may leave loopholes that fraudsters can exploit, especially where the parties, property details, and title history are not properly captured. 10. Difficulty in Obtaining Loans, Mortgages or stand in as a surety for someone. 11. Litigation and Financial Loss A badly drafted Deed can lead to costly court cases, delays, loss of property rights, and substantial legal expenses. #deedofassignment #realestatetips #lagosinvestors #lexiannsproperty #realestatedocuments

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Tuesday 21 July 2026 13:16:45 GMT