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.
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1.Certificate of Occupancy
This is likely one of the most or if not the most important documents you need to ask for before you buy a land 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. The C of O is just a proof that shows that the building follows 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 gives all the needed details and important things to note of a property, and it shows its correct boundaries, as well as its area. This is necessary so that the property can easily be identified by both the owner and adjoining owners. Before buying a land, this is the first document you should ask for from the seller. It gives information about 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.
3.Purchase Receipt
Because it is required from you when you want to register the land, always request for the purchase receipt for 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, from the date when the ownership of the property transfers from one owner to the other, to what the property looks like.
5. Deed of Lease
This can also be referred to as the ‘Governor’s Consent’, It is only gotten once you purchase any land with C of O. This document lets the Governor and the general public know that the land is now the property of someone else. This document is also important to have in place especially if as a landlord you are considering selling your business or selling your commercial property.
