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THE MOST IMPORTANT DOCUMENTS FOR LAND PURCHASE IN NIGERIA

I have come to realize that most often than none, people are always being carried away with the rush and euphoria of owning a real estate property such that they tend to pay attention to paper works and the necessary documentations required in securing and sealing the ownership of such property bought.
 
As an individual who have had access to such blog as this, it is expected that going forward you would know and also ensure proper paper works and documentation whenever you buy any real estate property or invest in one from now.
 
Have you ever wondered why a lot of people lose their hard-earned money in real estate?
 
They do because they had refused to put their hearts to where their money is going by not seeking to know the vital documents to request/acquire to seal their real estate transactions.
 
Before money exchange hands in the real estate transactions, the following must be established:
 
1. Is the seller the primary owner of the land/property?_
 
2. Is there any third party interest? Family land, government land/interest etc_
 
These have to be found to be answered or discovered before you commit your money into any of such transaction. Having done due diligence to the this, the following documents are guarantees of your ownership after purchase:
 
1. Certificate of Occupancy
 
This is owned by the primary owner as issued by the government and it last for 99years. It is believed to be issued once in a lifetime. Note that only one C of O can only be issued for a land over a lifetime. However, whenever there is transfer of property by the reason of sale/purchase, the buyer will have to emback on what is called “Document perfection” by applying for Government Consent. Hence, the reason why government Consent is being refered to as C of O in some quarters.
 
2. Deed of Assignment
 
This is the agreement that seals the “permanent transfer/ownership” of the property to the buyer. This is a legal document that validates (from the seller) the possession of the property by the buyer. This is very essential as this will be required in the processing of C of O, Government Consent etc (depending on the situation as explained in the first point)
 
 
3. Purchase Receipt
 
Definitely, this is essential as the property can only be said to have been bought through the evidence of payment. This may not be required to be held for long provided all other major documents are gotten and perfected. However, if the major documents have not been perfected, having a receipt is as good as holding the rope of your money tight to the property in your hand while you urgently perfect all the needed documents on the property.
 
 
4. Approved Survey Plan
 
This is important in order to know the boundary of such property and to confirm if it has not encroached into the government’s committed lands. This is also required for the processing of the C of O or Government Consent. It is one of the major documents that you wouldn’t want to miss out in the archive of your Documents for real estate assets.
 
 
5. Government Consent
 
Many people assume this document carries the same weight as a “C of O” document. Well, this is true. However, to differentiate both, a “C of O” is only issued once in the lifespan of a land. If you buy a virgin land, void of government acquisition or a previous owner, then you get a C of O. If the owner decides to sell the land to a new owner, the new owner gets a Governor’s consent. This is one of the best way to differentiate the two documents.
 
 
 Other Documents which are only required base on peculiarities/situations are:
 
  • Deed of Mortgage
  • Power of Attorney
Should you plan investing in the real estate sector or buy a landed property, do well to ensure the above are made available during the transaction to avoid losing your money.
 
At propertyforsaleinnigeria.com, we ensure all the above major documents are gotten by you whenever you buy any property through us. In fact, in our property brochure, you would have been told those things to expect when you buy such property.
 
We know that money is not easy to come by and as such, we take much pleasure at helping you secure your assets and Investment towards achieving your desired goal/dreams.
 
To your assets/business success!
 
Cheers!
 
 
Babalola Samson
+2347063400787 [WhatsApp]
 
 
P/S
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