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|Conducting Search For Land Transactions (A Case Study Of Lagos Lands Bureau) by samueladegbola(m): 5:32pm On Sep 21, 2017|
Conducting Search For Land Transactions (A case study of Lagos Lands Bureau)
It is a trite prerequisite and an aspect of due diligence to ensure that before embarking on any land transactions, in Lagos State, such transaction should be preceded by a search at the Lands Bureau. Why search? When you intend purchasing land or properties, the law requires the vendor to deduce his title on the land to you. The title is the root upon which the vendor derives his own title on the land.
Assuming without conceding that, the vendor presents a "C of O" as his root of title. Usually, a C of O with unexpired term duly granted by the Governor constitutes a sound root of title. You will need to conduct a search on the C of O for verification of the vendor's title or interests and to ascertain if there are any current encumbrances affecting the vendor's title on the property.
After obtaining a copy of the Certificate, you will isolate the following points:
1. The C of O number, as every C of O, usually carry identification Numbers.
2. The Page No;
3. The Volume No;
4. The Date of Registration of the Certificate;
5. The bearer's name as written on the certificate and
6. The location of the property.
When you are handy with the above information, you then proceed to the Lands Bureau Alausa Ikeja for the search. The search will be done electronically at the registry (now the Lagos Registry is mind burgling and you may feel like you are in an oversee registry. We at Lawjurists suggest you schedule a visit or tour of the registry).
As part of the search process, you will need to obtain the payment information/advice from the reigstry which include such details as the LASG Account Number, Agency Code, and Revenue Code. These details are important as any wrong deposit automatically nullifies your payment.
The sum payable is simply about N3,725 thereabout. After payment to the bank (though you may simply pay the sum within the premises of the registry using your MasterCard), you will present the receipt to the officer at the registry along with the aforementioned points which we said should be isolated.
Then, the officer leads you to a system, key in your information, and grant you access to view the details.
What happen next? Look out for more information soonest...
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|Re: Conducting Search For Land Transactions (A Case Study Of Lagos Lands Bureau) by samueladegbola(m): 5:33pm On Sep 21, 2017|
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