1. Carry out a thorough Land verification search: Land Verification is a mandatory thing to do before you buy a land. Make sure to involve the service of a land verification
experts to confirm the validity of that land you intend to buy unless
you risk losing your life saving to Land fraudsters because you
were too greedy or ignorant to perform one. So, you should not play I know it all with your money.
Do not let the occasional grumblings from the seller or agent weigh you down or push you to do something rash such as
” A lot of people are rushing to buy this land and if you don’t pay now, the land may be gone” etc. Don’t listen to them".
The land was there before you decided to pay interest in acquiring it
and it would still be there after you do your search. The seller and
agent are just eager to line up their pockets with your money so they
throw you that line to you to scare you.
The reasons you must do the search is because you must verify the
owner, how he got the land previously, why he wants to sell, what is
prompting him to sell whether there is any dispute or litigation that he
wants to shift the burden to you or he has bought a very bad land and
wants to dispose it quickly before the problem manifests into something
bigger or he has dubious and unreliable documents that do not confer
title or ownership to him, so he is looking for the nearest fool or
unsuspecting buyer to pass that problem to.
Also you will have to investigate the land to know whether it’s
genuinely a good land, a land that isn’t under government acquisition or
not, a land that is not subject to any communal or legal dispute, a
land that doesn’t run afoul of government regulations etc.
And finally investigating all the documents the owner has and ought
to have such a;
- Survey plan,
- deed of assignment,
- contract of sale,
- C
of O,
- Governors Consent,
- Gazette,
- Letter of Allocation,
- Receipts,
- Deed
of Transfer,
- Power of Attorney etc.
The check list is too much but it
must be done so that you are satisfied 100% of the title. This is the
only thing that will give you piece of mind and you must contract a land
verification expert to do it to give you that extra comfort or peace of
mind.
2. Do not pay for any Landed Transaction in cash: Everything must be properly documented from the
cost of the land down to the Receipt or survey fees. This is the only way you can be saved from problem tomorrow in case you want to track
down a fraudulent seller of land. I do hear people giving land sellers cash
to make them feel comfortable but it’s not right. Even if the signing
fees is Small, try your personal best to document it through a
recognized bank instrument by paying through either
Checks or
Bank Drafts so that there would be a history of the transaction? Also
engage a lawyer to prepare a purchase receipt in your favour so that all
parties would acknowledge receipt of these Bank instruments as this would
prevent the seller from trying to play smart about the exact amount he was paid and when he
was paid and for what purpose.
3. Document all your Landed Transaction details in writing: All your Land Transactions must be documented to avoid problem later. There are so many documents you need to
make sure the title of that land is properly transferred to you such as a
deed of assignment, contract of sale, letter of allocation, affidavits,
purchase receipt, letters of administration, survey plan, deed of gifts,
etc.
Not having some of these documents is Akin to just assuming you
own a land but when you are ready to take possession of the land you now
realized someone else has taken over your land and has done his
documents to claim ownership over you. Please always consult a property
lawyer experienced in real estate to guide you on the documents you need
to prove ownership of that land.
4. Do not buy a Landed Property without physical investigation: Viewing a land in Lagos is one of the most mandatory steps you must take
before you purchase a land unless you would be opening yourself to be defrauded by real estate agents or dubious sellers. It is very important
to check the status of the land to know whether it is a swampy land that
would cost you millions of Naira to sand fill or an erosion filled land
or you might be buying another person’s land. Don’t buy land’s from the
comfort of your office or what your family, friend or colleague has
told you. Visit it your self and confirm it is something suitable for
you and your family.
5. Always engage the service of Land expert before purchasing: A lawyer, Surveyor and Architect are the 3 most important people you must get in touch with before you buy a land.
An Architect is the one who would advise you on the type of house you
are to build and the cost of putting up that structure starting from the
location of the land down to the type of soil. Don’t do self service.
Engage these professionals to guide you properly. ,Registered Surveyor is the only one that can draw up your survey plans.
Without the survey plan you have no description of the land you intend
to buy. Use only a registered surveyor pleas, and finally, a Lawyer is the only one that can draw up your contract papers
legally. Any other landed document drawn up by any other person is null
and void and you would not be allowed to process your papers at the Land
registry.
6. Finally, Fence round the Landed property immediately after purchase: Please take possession of your land immediately you buy or within a
reasonable time after you buy the land so as to ward off land
speculators or Fraudsters prowling around to steal unguarded lands. Don’t just leave it fallow and expect it to wait there for you when you
are ready. Somebody else would end up encroaching on your land and steal
it.
Immediately you buy it, try to take possession of it by constructing a
small perimeter fence around it, so that any prospective buyer of the land
knows that it has already being bought and should stay clear of it. Pour
gravel or sand there, do a well on the site and visit if frequently.
Hire a security to guard it till you have
money to build something tangible.
