Are you planning on buying a property, or you just acquired one? If your answer is ‘Yes’, then we say congratulations to you.
Owning a property, undoubtedly, is a big deal in Nigeria’s expanding real estate market. It is a long-term investment and a security with enduring benefits. Be that as it may, some have lost their properties due to their not having the requisite documents to legally back up their ownership.
Consumertrics, in this article, has listed important documents to have when acquiring a property.
Deed of Assignment/ Deed of Transfer
This document (referred herein as the ‘deed’) is a legal agreement confirming the transfer of legal ownership of the property to you. It is an important document to have before closing the deal. Therefore, you must demand the deed from the seller or original owner of the property. More often not, the ‘deed’ comprises the abstract of title of the property, the epitome of title, and payment receipt. Although, these aforementioned documents ought to be separated from the deed. .
Certificate of Occupancy
The Certificate of Occupancy (C-of-O) is an equally significant document to have when possessing a property. The document certifies you as the legal owner of the property and grant you the statutory right of occupancy, signed by the governor of the state where the property is situated.
Governor’s Consent
This document is signed personally by the governor, and it is meant to confer on you the right to occupy the property for 99 years. A Governor’s Consent is an appendix to a deed of assignment that is submitted by the assignee to the government informing the government that a transaction has occurred and they require the Governor’s consent for the transaction to proceed. This document is also needed where a person with a C of O plans to sell land to another person; it means the government must approve the transaction before it can be completed.
Approved Survey Plan
You are required to possess a survey plan when buying a land in Nigeria. This document states the measurement of the land and its legally-marked boundaries.
Duly Perfected Assent
If you are buying a property from an inheritor, this document is important. This assent shows that the seller, inheritor, or representatives offering the property have fully divested themselves of the real estate of the demised owner. For good measure, the buyer should verify if letters of administration/probate is granted.
Sale and Purchase Agreement
This document states clearly that parties in the property acquisition deal are clear about and agree to the terms and conditions of the purchase.
Building Approval Plan
Before starting a construction, you are required to get the necessary government approvals. This document comprises the Building Plan and Layout Approval
The Mother Deed
This document confirms ownership of the property and can be used to secure a loan from a financial house.
