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IMPORTANT DOCUMENTS YOU NEED TO HAVE WHEN YOU BUY A PROPERTY IN NIGERIA
IMPORTANT DOCUMENTS YOU NEED TO HAVE WHEN YOU BUY A PROPERTY IN NIGERIA
BY DENNIS ISONG
Thomas had inherited a house from his mother which he lived in since he got married. He had no reason to buy land, let alone build a house because he was contended with his inheritance.
When he turned 40, he decided that he would like to give back to society by building an old people’s home in his hometown. Then, he had to buy land to build on. As someone who had no prior experience when it comes to buying properties, he was deceived by people who posed to have an expanse of land for sale.
Quite alright, he was given a few documents but not the accurate ones. He didn’t realize this until the rightful owner with all the required documents showed up.
Unfortunately, he tried to find the people who sold the land but they were nowhere to be found. That’s how Thomas lost all his money.
This is one of the many experiences of people when it comes to buying land in Nigeria. Incomplete documents can make you lose a property you have invested so much on.
Let me highlight the documents you are supposed to have in possession when you buy any property.
1.Deed of Assignment/ Deed of Transfer
This document shows the transfer of legal ownership of the property to the buyer subject, but, to perfection. This document is very important, the buyer needs to request it when buying a property from someone who previously bought it from another person.
Although, the abstract of title, the epitome of title, and payment receipt ought to have been different documents, they are all contained in the Deed of Assignment.
2.Certificate of Occupancy
The Certificate of Occupancy is one of the most important land documents in Nigeria. It can be used to certify the legal ownership status of any land in Nigeria. It is the document that indicates that an individual has been granted a statutory right of occupancy by the Governor of the state or a customary right of occupancy by the Local Government Chairman, where the land is situated in a rural area. This document is also very important where the property in question is on a land that was acquired through a state grant.
3.Approved Survey Plan
Another important document to ask when buying a land in Nigeria is the approved survey plan, because it clearly marks and defines legal boundaries, helps reveal the true ownership status of a property, and also reveals if the land is under any government acquisition or committed area.
This document will become even more important where the house is bought along with surrounding land.
4.Duly Perfected Assent
The personal representatives divest themselves of the real estate of the deceased through an assent. This is required where the house belongs to the estate of a deceased, in this situation, it becomes mandatory for the buyer to request for a duly perfected assent from the personal representatives. He can even go further to verify if letters of administration/probate have been granted.
5.The Sale and Purchase Agreement
The Sale and Purchase Agreement contains a list of terms and conditions that are agreed to by both the buyer and the seller. An excellent example of this would be the negotiation for the price of the flat. The agreement would contain the agreed amount of the flat by both-the buyer and the seller.
6.The Building Approval Plan
Before the commencement of construction, the builder is required to get the necessary sanctions under the provisions of the Building Bylaws, Master Plan and Local Body Acts. This sanction involves two factors:
A) The Building Plan
B) The Layout Approval
One mistake that first time land or house buyers often make is not ensuring that the builder meets the terms and conditions of the Building Plan and Layout Approval before buying the house. Not meeting the terms and conditions could end up in negative results if the local authorities come in for spot checks, which are quite common in newer buildings.
7.The Mother Deed
The Mother Deed is an important document which traces the ownership of the property. This document is generally required by banks when a buyer avails a loan against the property. An individual may approach the local authorities for help while creating this document.
Dennis Isong helps individuals invest right in Real estate. For questions on this article or enquiring about Real estate. Email: [email protected] or Whatsapp/Call +2348164741041
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Laffmattazz: Lagos 3rd Coming Features Star-Studded Lineup with Dbanj Gandoki, Akpororo, Taooma, Seriki Dariya, others
We Must Build A Virile Legislature For The Future, Speaker Obasa Says
Speaker Mudashiru Obasa of the Lagos State House of Assembly, on Sunday, counselled members of the House to strengthen the legislative arm of government ahead of the future.
Dr. Obasa gave the advice in Abeokuta, Ogun State at the opening of a three-day budget retreat for lawmakers and staff of the House with the theme: ‘Optimising the legislature’s power of the Purse’ for effective service delivery in Lagos State’.
The Speaker challenged the lawmakers to be committed in their legislative duties as they must leave lasting legacies for the future, strengthen governance, responsibility and accountability.
He charged the lawmakers on improved and effective legislative oversight functions being one of the responsibilities of the legislature.
“What we do now is really not about us; it is for the totality of the system.
“I appreciate this budget retreat. Each one of us must be responsible in carrying out the assignments we are tasked with. This is very essential.
“We carry out budget scrutiny based on what is presented by the executive. Once we give a go-ahead, it means the executive must comply and treat it accordingly because it has become a law.
“Going forward, all the reports of each committee must be presented at the floor of the House. This will help us decide on how to act for the sake of transparency and accountability,” the Speaker said.
He advised the lawmakers against docility in the task of ensuring that Lagos continues to weather economic storms.
“We all have roles to play and, in doing that, sentiments and self-benefits must be removed. The day you start with self-benefit, you have become a failure.
“If you do your job the way you should do it, you will earn your respect and will be held in high esteem by the Ministries, Departments and Agencies (MDAs).
“We are here today again to look at how we can improve on the laws we make at the House of Assembly as well as our oversight functions.
‘Let’s continue to be dedicated and loyal and I am sure we will get there. Let’s always straighten the path for Lagosians and those coming behind us,” he urged.
In his opening remark, the Clerk and Head of Service of the House, Barr. Olalekan Onafeko, described the retreat as an avenue to have insights into the state’s budget.
While commending the Speaker, he urged the participants to “be attentive and take home fresh ideas and knowledge.”
Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly.
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