Because of the legal tussle that is associated with land and other landed properties in Nigeria. We believe you don’t want to get yourself caught up in a land dispute between families, communities, and individuals. That’s why we compose a list of the most important documents in real estate in Nigeria, that can save land buyers the stress of a legal battle, and confer ownership right to the holder(s) of the documents. There are ways to establish land ownership in Nigeria. Here are the most important of them all.
- Traditional evidence of ownership
- Providing documents evidence of ownership
We are going to discuss the documented evidence of ownership in real estate, in particular land, in Nigeria. This method of proving land ownership is important when you acquire land from a real estate company.
Deed of Assignment.
This is one of the most important documents in real estate in Nigeria. It’s a document that transfers the right of ownership of land from one person/entity to another. it shows transactions between two-party. it serves as the main document between the vendor and the purchaser to show that all agreements, inquiries, and other necessary due diligence have been done.
Certificate of Occupancy
As we all know, all lands belong to the government. Hence, the government issue certificate of occupancy on the purchaser of the land. This certificate indicates the lease of the land to the applicant for 99years by the government.
This is where the service of a surveyor is needed. A survey plan shows the boundaries of the property and the description of the plot of land. This document is also quite important as it ensures there is no dispute over land boundaries between one person and another.
Contract of Sale
This is an important document in real estate, that shows a contract agreement between a seller and a buyer of land stating the considerations, and obligations for the transfer of land ownership. This document must include,
- The seller’s name.
- The buyer’s name.
- The property in question.
- The selling price of the property.
- The down payment on the property.
- The installment or outright payments terms.
- The length of the control.
PWAN Heritage remains committed to enlightening you on real estate matters and provide a guide to a successful real estate investment.. We are a complete real estate company that puts our customers first.