Every person with an interest in purchasing real estate in Nigeria needs to know that there are many significant documents with huge impact on if the sale and acquisition of properties are legal or not. Prospective land buyers must be aware of the legal requirements for the property they are thinking about buying and also understand which documents should come with the land depending on the kind of property in question.
In this article, we look at a list of important documents you must possess in order to successfully purchase property in Nigeria.
Why the documents are important?
Beyond your plans and dreams for any real estate property you purchase, it is important that you understand the property itself, the legal rights you have on it, and other characteristics of the estate. For example, understanding these documents help you in knowing the land’s intended purpose—agricultural, residential, industrial, or commercial. The knowledge also allows you to determine important details like knowing if the land you intend to purchase is free or not, or if the seller has the right to sell the land.
It is also very important to understand these documents because it enables you to identify misdemeanors in your purchase deal, identify pitfalls a long way off, and ultimately reduce the risk of being duped when dealing in Real Estate.
Some of these documents are:
● Deed of Assignment
A Deed of Assignment is a document that proves there is an agreement between the seller of the property and the buyer of that property. It is an essential document that shows that the seller has transferred all rights, titles, interests, and ownership of the land to the buyer.
● Survey Plan
This particular document includes a lot of details about the property. It shows the size of the land, the measurement and description of the parcel of land, and it also outlines its border measurements. The survey plan should include a government stamp indicating whether the land you want to buy is free or not, as well as the land’s purpose (residential, commercial, industrial, or agricultural). The survey plan is a crucial land document. It is actually one of the most enlightening land documents.
● Certificate of Occupancy
A Certificate of Occupancy (C of O) is a land document issued by the State government issues to formally lease the land to the purchaser. The C of O is the most important document to property buyers and landowners because it is the acknowledged land document for proving land rights. This document is backed by the government to verify that you own the property.
● Purchase Receipt
This is a typical receipt or document used to certify payment for a particular property or plot of land. Like most other transactions, the seller issues the buyer a receipt to acknowledge that he or she has received the required payment for the property that is sold.
● Governor’s Consent
This is obtained whenever you buy land with C of O. This particular document is to inform the Governor and the general public that the purchased land with its titles, rights, and interests has changed hands.
When a part of a land is cut out and sold from a whole, an excision is issued as a legal document for that part. Excision is the record and documentation in the official government gazette of that state.
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