IMPORTANT INFORMATION TO ALL LAND AND PROPERTIES BUYERS.

SOME LAND DOCUMENTS YOU WILL NEED TO HAVE AS A LAND OWNER TO PROVE YOU ARE THE REAL OWNER OF A PROPERTY (REAL ESTATE REVELATION…

Land documents are let me say land documentation are the important aspect of land purchasing process, as real estate investor you need to understand it so as to avoid you losing your landed property to land grabbers

As a Land or Home Owner you need to understand it so that you can have something to prove you are the Real Owner of a Property.

No alt text provided for this image — A picture of landed property

A lot of people have been scammed because some of them did not understand the Documents they must have before they can call themselves the real owner of a property, some people will buy a land they will be giving family receipt without a title documents and deed of assignment to prove their ownership as the real landlord of the land or property.

The following documents are the necessary documents you must have before you can claim a property 👇.

1 .Receipt :The Receipt of purchase for Real Property is a document that acknowledges that real estate company or land owner has received payment for a land or building following the sale of real property.

Features of a Receipt

✅ Full name of the seller

✅ Address of the seller

✅ Full name of the buyer making payment

✅ Address of the buyer that made the payment.

✅ Description of the land

✅ Amount paid and balance (if any)

✅ Date of payment

✅ Space of append signature of buyer and seller

2. Letter of Acknowledgement: An acknowledgement letter is a Document used by seller of a property to formally acknowledge the receipt of a real estate transaction.

It is used to confirm the payment of Real estate transaction between the buyer and Real estate company or indigenous family.

Sample of letter of Acknowledgement

I, Ojo Hassan Adesope of No 52,Odoguyan street, Ojota,Lagos, Nigeria hereby acknowledge the receipt of the sum of #2,000,000(two million naira).

The payment was made Olowolagba Adesewa of No 27,biodun lawal street,Ikeja, Lagos, Nigeria as full payment for the purchase of all that Property described as follows:

A plot of land measuring 50ft by 100ft situated in Idado village, Ibeju-Lekki L.G.A Lagos, Nigeria.

The payment was made outright on 2nd October,2021

............... ...............

Buyer seller

3. Contract of sale: This is a document to shows that a transaction has been taken place between the Subscriber or Land purchaser and Real estate Company or land owner.

Features of contract of sale

✅ Full details of the parties(name and address)

✅ Location of the Property

✅ Structure of payment, may be outright or 6 months payment plan or 12 months.

✅ Balance and Interest on unpaid purchase sum where the payment is to be paid in installments.

✅ Risk and Insurances

✅ Completion date of the transaction

✅ Provisions for fixtures and fittings

✅ Specific terms,risks e.t.c

Where a contract of sale has been excecuted between parties an equitable right to the title is passed to the buyers as vendor still retains legal title to the land and holds the same in trust for the buyer.

A vendor cannot transact with the land contrary to the agreement in the contract and no party can rescind the contract without being liable for a breach of contract.

Important of contract of sale

✅ In a contract of sale, the vendor is committed to the transaction and the purchaser has sufficient time to investigate the title before the final completion of the transaction.

✅ The death of either party to the transaction does not terminate the contract as personal representatives can proceed with the contract of sale.

✅ A contract of sale prevents last minute withdrawal would amount to a breach of the contract.

✅ A contract of sale protects the equitable interest of the purchaser.

✅ It crystallizes the position of the parties as terms have been expressly agreed upon.

✅ The vendor cannot unilaterally and subsequently increase the purchase price has already been fixed in the contract

✅ Payment of lesser stump duties.

4 Deed of Assignment: This is a legal document that shows that seller or the Real company has transferred the property to purchaser and it is always given after conclusion of the property transaction between the buyer and the seller.

It is legal instrument executed between a buyer and seller upon the negotiation and Completion phase of a sale of land transaction, subject to perfection.It is usually demanded by the buyer of the real property at the conclusion of the property transaction as the final legal documents that transfers the interest of title without any conditions attached beyond the payment of the consideration price of the property.

In a deed of assignment,the nomenclature of parties changes from vendor to Assignor and from Buyer to Assignee

Upon the execution of a deed of assignment between parties, there is a permanent transfer of legal title and owner to land from the assignor for a consideration paid and accepted by the assignee.

Deed of Assignment is normally prepared by a lawyer.

Difference between Deed of Assignment and contract of sale

In contract of sale, the buyer only acquire equitable interest in the property while the seller retains the legal interest in trust for the buyer while In the deed of assignment, the assignee or land purchaser acquires legal interest in the property .

5. Survey plan: This is also an important property Document that helps to reveal the ownership status of the property. It spelled out the size of a parcel of land, with survey plan you can know if the property is committed or not.

Features of survey plan

✅ The title of the survey (the name of owner)

✅ The address and description of the land

✅ The size of the land surveyed.

✅ The drawn out portion of the land surveyed

✅ The beacon numbers

✅ The surveyor who drew up the survey plan and date it was drawn up.

✅ A stamp showing the land is free from acquisition or not.

6.) Title Documents : This can be Certificate of Occupancy Documents or Governor's Consent Documents, or Gazette Documents .

All this above 👆 documents are necessary to protect your land from Land Grabbers.

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For more information or you need Consultancy Advice on your next Property purchase contact CARDOTZ PROPERTIES MANAGEMENT 08030703841 or 08051827241

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