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Nairaland Forum / Nairaland / General / Properties / Some Land Terminologies You Need To Know (part One) (196 Views)
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Some Land Terminologies You Need To Know (part One) by Chibu100(m): 8:27am On Jan 15, 2021 |
When purchasing a land, there are terminologies used by the agent which you might not under. Below are some of the popular terminologies. •Acknowledgment: This can be defined as a formal statement written at the end of a deed in other to certify the validity of the document. Acknowledgement of a deed implies that the interested party was physically in the courtroom on the day the deed was recorded to swear to the authenticity of his signature. • Assignment: A transfer, in writing, of right, title or interest in a property. • Deed: A written agreement conveying real property (land) from one person to another, or transferring title, in exchange for a specified term called consideration. • Consideration: The amount given in exchange for a piece of property grant. The process by which land is transferred from a government or proprietor to the first private owner or title holds of a piece of property. 1 Like |
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