Important documents to get in property transaction in Lagos State, Nigeria.
When trying to buying a property for the first time you may not know the documents to get in property transaction dealing.
Failure to get all the right and tangible documents may lead to serious issues in the future such as title dispute, hike in price etc. which may affect you from becoming the total authority owner of the property or to sell and claim your return on investment.
From my experience as a real estate consultant, I know someone who bought a land, he paid only the cost of the land and survey plan then.
Later, when he wanted to resell his property he was not granted the request because he has not balanced the statutory fees which later affected his return on investment.
Not getting to all the necessary can deny you from having total authority over your property.
As we all know there are different types of land titles documents in Nigeria. Such as:
- Certificate of Occupancy
- Governor’s consent
- Approved Excision
- Freehold etc.
Buying of property either a land or house has to do with process. The process starts from knowing;
- Your purpose of buying
- Site Inspection
- Carefully reading the Frequently Asked Question (FAQ)
- Fill the subscription form
- Make payment
- Send evidence of payment
- Lastly physical allocation.
After inspecting the property and you see that it is what you want and confirming that it is a genuine one, you can then proceed with the remaining process listed above.
What are the important documents to get in property transaction dealings in Lagos, Nigeria?
When you buy a parcel of land and only pay for the cost of the land you won’t be allocated your own portion of the land neither given all the necessary documents until you balance the statutory fees
After payment what are the tangible documents to get?
The documents to get depends on your payment and the title the property has.
When you pay for only the cost of the property, you would be given
- Sale of contract
- Acknowledgement letter.
But in a situation where you pay for the total package (all inclusive). It means you have paid for the documents and you would be given the following.
- Deed of assignment
- Survey plan
- Allocation letter
- Certificate of Occupancy or any other land title it has.
Deed of Assignment and survey plan are the main documents that proves transfer of property ownership.
Allocation letter will be given to you when your land allocation is done.
certificate of Occupancy is a document that proves that the land is free from Government acquisition and safe to buy. It is valid for 99yrs.
However, the documents mentioned above are the documents to get in property transaction dealing from a real estate company. Getting only receipt and sale of contract are not enough to prove you as the real ownership of the property. That is why some people later lose their land to some else when they don’t have tangible documents to claim it.
Do you need a property in Lagos, Nigeria with genuine documents? Kindly click on the whatsapp button to chat me up.