25/07/2021
Things to know before investing in Real Estate.
Before investing/buying real estate, ensure that you conduct your due diligence and verify all of the documents presented. Also, hire and instruct a lawyer, whose duty is to ensure the documents presented are legitimate and to conduct searches at the relevant agencies and registry, to give you accurate record of the property in question.
1. Certificate of Occupancy.
This is one of the most important land document 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 or corporate entity 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.
2. Approved survey plan.
This document clearly marks and defines legal boundaries. It helps reveal the true ownership status of a property, and reveals if the land is under any government acquisition or committed area.
3. Deed of Conveyance.
This document transfers legal ownership of property from one person to another, and is vital where the current vendor earlier purchased the property from a legitimate owner. There are different Deeds in this regard that can be used to transfer title to land.
4. Power of Attorney.
This is an instrument of delegation, given by a donor to the donee, authorizing the donee to act on his or her behalf. This document is vital where a person is selling land on behalf of another person (legal owner).
