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About To Purchase A Property?. Things To Look Out For - Properties - Nairaland

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About To Purchase A Property?. Things To Look Out For by ask4obii(m): 3:30pm On May 18, 2015
You are ready to purchase a property. But you are worried because you have heard stories of how buyers of properties suddenly acquire problems instead of properties. You don't want to make the same mistake and risk losing your life's investments and funds. Don't worry. Below are necessary points, which if followed strictly by you, would ensure you eliminate any potential pitfall you may likely encounter in the minefield called property acquisition.

1. Employ the services of a lawyer:
This goes without saying but most people make the mistake of thinking they can do without this. Yes, you may do without it at some point but most often, you find out that the opportunity cost of not using a lawyer is generally higher than when you employ the services of a lawyer.
When the lawyer is involved, you generally have the comfort of knowing a professional is involved in all aspects of your property acquisition and being a professional, he owes a legal duty to you that lasts as long as the property he purchased for you is in existence. If possible, sign a retainership agreement with him for the purchase of the property. This will bind him to exert all professional expertise in acquiring what you want at the right specifications.

2. Ensure you conduct a property search.
If you have employed a lawyer, you generally don't need to do this yourself. However in the case you feel you do not need a lawyer, ensure you conduct a proper property search at the respective land registries. You will first need to chart the survey plan to ensure it doesn't fall within a government acquired area. Where it doesn't fall, you need to go further to confirm that the land physically matches the survey plan given to you by taking a surveyor to the land to match the coordinates of the survey plan with the coordinates of the land. Where you conduct this search properly and all is well, we can move on to the next step.

3. Verify title documents.
This will be done by the lawyer too but in the case where you decide to do it yourself, well and good. But you need to be very careful.
Most lands are sold as omonile land. If the land has a valid C of O or Consent, perfect. You can confirm the veracity of same at the Land registry speedily. But where the land is omonile with only a family receipt and Deed of Assignment, you will need to verify the receipt from the family that sold to the seller. Some fee will be paid for this service and where necessary, do a ratification Deed with the family directly instead of the seller. This is important for purposes of registration as well as for ensuring there is a strong link between original owners and you. Even though the amount you will pay may be higher because of the new deed, same is always advisable in the long run.
The verification of title documents presupposes that your property search has clearly shown that the property is the original possession of the family in question or the individual selling to you.

4. Prepare a title document.
When doing this, you must definitely use a lawyer. Ensure that all terms you require is inserted for your protection. Also ensure that the document is signed by the property owner or by the principal members of the family, if a family property.

5. Do your fencing immediately.
This is very important. There is no need buying land and leaving it like that. You must fence immediately to ensure possession has been asserted by you. Keep the receipts you used in getting the materials for the fencing as evidence.
Your fencing will also ensure that if there is any problem on the land, you will know immediately rather than years later.

6. Register your title document.
Where possible, do this at once.

If one follows these steps and ensures same is adhered to strictly, most and all of the pitfalls usually encountered in properties will be avoided. No matter how nice the property or how economically viable, ensure you do the above before purchase.

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