WHAT IS DEED OF CONVEYANCE?

A deed of conveyance is a legal document in real estate transactions that transfer the legal title from the seller to the buyer. It acts as the official transfer of ownership from a seller (grantor) to a buyer (grantee). This document ensures a smooth handover and establishes a clear record of ownership for the property.

Read Also:

1. Deed of Assignment.
2. Deed of Gift.

Key Parts of a Deed of Conveyance:

1. The Deed: This functions as a formal contract between the buyer and seller, outlining the agreed-upon terms of the sale. Both parties must sign the deed for it to be valid.
2. Conveyance: This section specifically transfers the legal title of the property from the seller to the buyer. It defines the exact interest being conveyed, whether it’s full ownership or a specific right within the property.

What’s Included in a Deed of Conveyance?

• Property Identification: This section precisely describes the property being transferred. It includes details like boundaries, size, and any unique features.
• Signatures: The deed requires signatures from both the buyer and seller, along with witnesses to verify the signing process.
• Root of Title: This part establishes the seller’s legal right to sell the property. It traces the ownership history back to a clear and undisputed source.
• Conditions of Transfer: If there are any specific conditions attached to the sale, such as outstanding payments or repairs, they’ll be detailed here.
• Memo of Consideration: This section explains how the property is being received by the buyer. It typically states the purchase price or details any exchange of goods or services involved.
• Delivery to Buyer: Once signed and witnessed, the deed is delivered to the buyer, signifying the official transfer of ownership.

Processing a Deed of Conveyance.

To ensure a smooth and legally sound conveyance process, it’s crucial to involve a qualified professional.

1. Lawyer involvement: A licensed lawyer drafts the deed of conveyance, meticulously outlining all the conditions and details specific to the transaction.
2. Signing and witnessing: Both buyer and seller sign the completed deed in the presence of witnesses.
3. Recording the deed: The lawyer typically submits a copy of the signed deed to the local land use office for official record-keeping purposes. This establishes a public record of the ownership transfer.

By understanding the significance and content of a deed of conveyance, you can navigate the property buying process with confidence. Remember, consulting with a lawyer is vital to ensuring the deed is drafted accurately and protects your interests in the transaction.

For a more in-depth understanding of this topic, consider purchasing our comprehensive eBook, “A Comprehensive Guide to Understanding the types of land Titles Recognized in Lagos and how to process the documents.” available now on selar.