Element of a Valid Deed- Documents and Requirements

A Deed is an instrument which people use to transfer interest in property. before we go into discussing those Element of a Valid Deed in Nigeria, it is important that we first of all talk about the meaning of a Deed.

What is Deed?

Deed is a document of transfer of property which is signed, sealed and delivered which effects the transfer of interest in property or creates a binding obligation between parties.

Purposes of Deed

There are three main purposes of a Deed which includes to be:

1. It creates an obligation to bind parties.
2. It confirms some act whereby an interest right of property have already passed.
3. To effect transfer of interest or right in a property.

Requirements of a Deed

When is a Deed required?

It is important to know that it is not every transaction that requires  a deed. Thus, some transactions will not be complete without such Deed however.

The requirements of a deed is necessary:

1. Deed of gift or Gratitous transfer of interest in property.
2. When a transaction is required to acquire or transfer a legal estate in a land.
3. To appoint an agent who is to sign a deed
4. Statutory requirements – A deed is required by a statute. that is, when a deed is required by a statute. Example, signing a case for more than two years; the law requires that it should be by deed.
5. Creation and discharge of legal mortgage
6. Shares transfer. That is, a company shares being transferred must be by deed.
7. Trustee vesting Declaration- (the period where the trustee is vesting the property on the beneficiary)
8. The deed must clearly state that it is a deed.

Documents of a  Valid Deed.

This means documents of transaction that must be under a deed.

• Short time Lease of Tenancy: example- if you have a landlord that…
• Receipt: although this is not required by law.
• Disclaimer: let’s say, if you have been working with a company for some years and they happen to discover that you are fraudulent, they can issue you a disclaimer indicating that you are no longer working there.
• Surrender by Operation of the Law: if someone is in possession of a property and surrenders it to another person.
• Conveyances by taking effects Operating of Law
• Vesting Order of Court.

Elements of a Valid Deed

1. Signature: A deed must be signed by the grantor in order for it to be executed.
2. Sealing:
3. Delivery: until it is presented to and accepted by the grantee by the grantor a deed would not be complete.
   A deed of transfer is not yet complete until it is delivered by the grantor to the grantee which now calls for acceptance.
4. Acceptance: thus, such deed must be accepted by the grantee in order to be complete and valid
5. Consideration: In a contract, the consideration is item of value that is committed to the other party in order to bring such contract into effect. the most commonest form of Consideration in this modern days is money, although consideration is not limited to such.

Overview of a Deed (Quick note on Elements of a valid deed)

Any written legal document or instrument that grants control or specific rights over an asset to a particular person. in some events, for the effectiveness of such rights provided, it is important that certain requirements be satisfied.

However, in common law, a deed is any legally binding document or instrument  that confirms, passes, or affirms the interest in the property or right.  The deed is acknowledged by assenting a signature, sealed and delivered.

The commonest knowledge about a Deed is that it is used to transfer title or  ownership of a property and as such it is being recognized to be so valid.

Deed can be classified to be:

1. Bilateral (between two parties) and
2. unilateral (one party)

This Unilateral and Bilateral can include powers of attorney, patents, licenses, diplomas, commissions and etc, as the noted examples.

The functional Feature of  a Deed

How does a deed work?

One of the primary functions and features of a deed is the transfer of property from one party to another.

Hence, a tittle is a legal document which gives confirmation or which ascertains proof of ownership of an asset.

For a deed to be legally binding and enforceable, a government official whose duty is to keep Record and Documentation must enter the deed into the public record.

A deed may be regarded as incomplete if it is not in writing, notarized, and/or recorded in the public records.

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