Connect with us

Business

Important documents you need to have when buying a property in Nigeria by Dennis Isong

Published

on

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.

Important documents you need to have when buying a property in Nigeria by Dennis Isong 1

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.

Important documents you need to have when buying a property in Nigeria by Dennis Isong 2

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.

Important documents you need to have when buying a property in Nigeria by Dennis Isong 3

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.

Important documents you need to have when buying a property in Nigeria by Dennis Isong 4

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

LATEST NEWS

"Good Night, Till We Meet Again" - Actress Bisola Badmus Says As She Loses Her Mother "Good Night, Till We Meet Again" - Actress Bisola Badmus Says As She Loses Her Mother
Entertainment2 hours ago

“Good Night, Till We Meet Again” – Actress Bisola Badmus Says As She Loses Her Mother

Nollywood actress, Bisola Badmus has taken to social media to announce the death of her beloved mother. Sharing a beautiful...

James Brown Shows Off N2million Credit Alert His Potential Lover Sent Him As Birthday Gift James Brown Shows Off N2million Credit Alert His Potential Lover Sent Him As Birthday Gift
Celebrities3 hours ago

James Brown Shows Off N2million Credit Alert His Potential Lover Sent Him As Birthday Gift

Nigerian crossdresser, James Brown has taken to social media to show off the money his potential lover sent him for...

You Rock In So Many Ways - Mabel Makun Celebrates First Daughter At 15 5 You Rock In So Many Ways - Mabel Makun Celebrates First Daughter At 15 6
Celebrities3 hours ago

You Rock In So Many Ways – Mabel Makun Celebrates First Daughter At 15

Mabel Makun, wife to popular comedian and actor, AY Makun has celebrated her first child and daughter, Michelle as she...

Korra Obidi's Ex-husband, Justin Dean Threatens To Sue Her For Releasing A New Book [Video] Korra Obidi's Ex-husband, Justin Dean Threatens To Sue Her For Releasing A New Book [Video]
Entertainment3 hours ago

Korra Obidi’s Ex-husband, Justin Dean Threatens To Sue Her For Releasing A New Book [Video]

Justin Dean, the American ex-husband of Nigerian dancer, Korra Obidi, has threathen to sue her for releasing a new book. The...

BBTitans: "Don't do that" - Jenni O Says As She Gets Into Argument With Fellow Housemate, Mmeli [Video] BBTitans: "Don't do that" - Jenni O Says As She Gets Into Argument With Fellow Housemate, Mmeli [Video]
Entertainment4 hours ago

BBTitans: “Don’t do that” – Jenni O Says As She Gets Into Argument With Fellow Housemate, Mmeli [Video]

Big Brother Titans Housemate, Jenni O has gotten into an heated argument with fellow contestant and partner, Mmeli following a...

"You Will Continue To Be Marginalised Until You Support Me" - Tinubu Tell Igbos [Video] "You Will Continue To Be Marginalised Until You Support Me" - Tinubu Tell Igbos [Video]
Politics6 hours ago

Why Some ‘Elements’ In Aso Rock Are Working Against Tinubu’s Victory – Nasir El-Rufai

Governor Nasir El-Rufai of Kaduna State has revealed that some persons in Aso Rock villa are working to frustrate the...

Dollar May Crash To N200 If Naira Is Redesign – EFCC chairman, Abdulrasheed Bawa Dollar May Crash To N200 If Naira Is Redesign – EFCC chairman, Abdulrasheed Bawa
News8 hours ago

Daniel Regha Offers Advice To EFCC On How To Effectively Deal With ‘Yahoo Boys’

Popular Twitter influencer Daniel Regha has offered a piece of advice to the Economic and Financial Crimes Commission (EFCC) on...

Nigerian Entrepreneur Nigerian Entrepreneur
Gossip10 hours ago

Nigerian Entrepreneur Reacts After Discovering Person Who Stole His N3.5m, Now Works For Bank Of America

A Nigerian entrepreneur, Edmund Olotu, has disclosed that someone stole the sum of N3.5m from him in 2014, ran out...

BBTitans: I Felt Excluded On The Show- Theo Traw BBTitans: I Felt Excluded On The Show- Theo Traw
Celebrities12 hours ago

BBTitans: I Felt Excluded On The Show – Theo Traw

Big Brother Titans housemate, Theo Traw hints that his personality might have been a reason for his eviction. During an...

President Buhari’s Convoy Wasn’t Attacked By Stone Pelters In Kano - Garba Shehu President Buhari’s Convoy Wasn’t Attacked By Stone Pelters In Kano - Garba Shehu
News13 hours ago

President Buhari’s Convoy Wasn’t Attacked By Stone Pelters In Kano – Garba Shehu

The Senior Special Assistant to President Muhammadu Buhari on Media and Publicity, Garba Shehu has denied reports that his principal...

close