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Buying land or property is the desire of many people of everyone especially in Nigeria and it is also important to have the necessary information and details so as to not make a mistake.
Before a land purchase in Nigeria, there are certain required documents that one must have a proper understanding of.
It is imperative that one must have an understanding of the documents which govern land transactions.
These documents serve as proof that a business transaction took place.
There are a number of documents but these 5 are the most important land documents required for a land purchase.
1.Certificate of Occupancy
This is considered the most important of the required documents for land purchase in Nigeria. The Certificate of Occupancy also called the “C of O”, decides whether you have a land or not and is usually issued by state governments, to landowners, as proof of ownership.
A certificate of occupancy is evidence that the building complies substantially with the plans and specifications that have been submitted to, and approved by, the local authority.
It is only issued once in the lifespan of a land.
2. Survey Plan
It provides the details of a property, showing its accurate boundaries, as well as its area. This is necessary so that the property can easily be identified by both the owner and adjoining owners. This should be the first document you should request from the seller.
It discloses the true ownership status in any property transaction.
It is advisable to desist from acquiring lands marked for government projects to prevent future problems with the government.
The survey plan which is a public document has to be authenticated at the Surveyor general’s office and should be available on request.
You must have a purchase receipt for the said property as it is required in registering the land.
Immediately you have verified the authenticity of the land and other property documents listed below, you must demand the receipt of payment.
4.Deed of Assignment
Deed of Assignment is a very important document and must be demanded and given to the buyer of the land after the closing of the transaction of land or property.
It traces the history of how the property or land has reached the present owner to date. It contains some significant information for a real estate transaction.
For one, it spells out the date when the ownership of the property transfers from one owner to the other. The deed also gives a specific description of the property that is included in the transfer of ownership.
5. Deed of Lease
Also known as ‘Governor’s Consent’, This land document is obtained whenever you buy land with C of O. It’s the land document that lets the Governor and the general public know that the land in question has changed hands.
Deed of Lease is important to have in place if you are considering selling your business or selling your commercial property as a landlord.