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So You Want To Buy A Land? - Properties - Nairaland

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So You Want To Buy A Land? by AmanRoyal(f): 4:16pm On Jul 13, 2017
Often times prospective land buyers often fall into the wrong sellers who do not have the legal title to such land, thus, due diligence (research), inquiring the legitimacy and genuineness of a property is very essential before paying money.
Below are the vital steps to be followed when acquiring a land:
1) Understanding the nature of the property to be bought.
It is very imperative to be aware of the nature of the property in question before deciding whether or not to buy it. The property ought to be in proper shape before buying it; so as to avoid acquiring additional expenses.
2) The seller must be know:
It is important that before making payments on any property, carry out investigations, know the seller and make sure they are reliable before even considering doing business with them. It is also of the essence that the person is the true owner of the property or has the consent of the true owner of the property to sell such property.
3) The reason for the sale must be known:
It is of the essence that the reason behind the sale of the property be known, so as to enable the buyer know how to protect him/herself from possible issues in relation to the property. Asking questions till you find adequate answers is imperative.

4) Always do a physically inspection of the property to be bought:
It is paramount to do a physical inspection of the site to determine if the property is as described. It is really unadvisable to conclude real estate transactions without physically inspecting the property in question and to also request for copies and title documents before or during the physical inspection of the property.

5) Carry out a search on the property:
It is very vital to conduct a search at the relevant land registry to determine if the seller is the legal owner of the land. These will enable the buyer know if the title presented is genuine, whether the property is not under dispute and if it is not the subject to any government acquisition. It is important to ensure that the information given by the seller corresponds with the findings at the Lands Registry. Where there is an inconsistency, it is advisable that such inconsistencies be cautiously clarified before proceeding with the transaction.

6) Execute an independent valuation of the property
To evade instances of where the property might have been over-priced by the seller or the agent might have inflated the price of the property, it is also safe to carry-out a private valuation of the property to ensure that a reasonable amount is been paid for the property. Where this happens to be the case, the valuation might be a basis for renegotiation. Equally if the valuation reveals that the amount is unreasonably low, there might be a need to exercise caution before proceeding with the contract.


7) Payment must be made to the owner of the property
Avoid making payments to the agent, the secretary or any third party. If it is a family property, bank drafts can be made in the name of the family head and principal members of the family to avoid arguments over the sharing of the money.

cool Obtain transfer documents
After making the required payments, make certain to obtain purchase receipt, contract of sale and original copies of all previous documents of the property from the seller before making payment so as to be on the right side of the law. After payment has been made, take physical possession and file necessary documentation with the government by executing the deed of assignment.

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