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♦️GO FOR SITE INSPECTION

A lot of people consumate land transaction without going for inspection.

Inspection or site tour means going to see the land you are buying physically or having a virtual tour , this is applicable to those living abroad.

Whether you are buying from omo onile ie ancestral land owners or an estate land from a real estate developer, it is important you see the land you are buying or at least send a trusted representative to sight the land on your behalf.

Inspection either physical or virtual( in case of those living abroad) affords you the opportunity to see the location and neighborhood, the road leading to the site, amenities such as school, hospital ,market etc around the site and ease of transportation to the location.

♦️AVOID CASH PAYMENT

When buying land ,it is advisable to let all your payment pass through the bank , don't ever pay for land using cash.

This is to allow for traceability and documentary evidence in the future.

You either pay using a cheque, a bank draft or a bank transfer and ensure reciepts are collected for all payments made.

♦️GET A DEED OF ASSIGNMENT FOR THE LAND.

A deed of assignment is the most important document you should get after buying a piece of land.

Sadly, most people do not know this and ignore it.

This is the document that shows that there has been a transfer of ownership of the property from the buyer to the seller.

In the event of a land dispute, for example if your land has been resold to another person, it is the person who has a deed of assignment that is seen as the rightful owner of the land.

This could happen if you buy an omo-onile owned land.

When buying an omo-onile land, it is wise that you get a lawyer to prepare a deed of assignment for you, which you can take to the omo-onile family where all the parties involved can sign.

If you are buying an estate land ,real estate development companies , make this document available to buyers when they make a complete payment for their lands. So you don’t have to get a lawyer to do that for you.

♦️TAKE POSSESSION OF THE LAND IMMEDIATELY

This is very important if you are buying a land from the omo onile( ancestral land owners)

As soon as you buy it, try to take possession by constructing a small fence around it.

You don’t have to do 9 coaches, just 2 or 3 is enough to demarcate your land so that any prospective buyer of the land knows that it has already been acquired and should steer clear from it

Pour gravel or sand there, do a well on the site and visit frequently.

Hire a guard to come on the land to watch over it till you have money to start developing.

Better still you can lease it out to someone to carry out farming activities on it.

Don’t just leave it fallow and expect it to wait there for you tilll when you are ready.

Somebody else would end up encroaching on your land and steal it.

To avoid all these issues ensure you buy land from real estate developers, who sell secured gated estate land.

You can always be rest assured that your land is safe without fear of omo onile harassment or encroachment.

Hope with these step by step guide you have been armed with the knowledge required to getting it right in your land purchase transaction.

Looking forward to hear from you as soon as you are ready to purchase your land.

you can send us a mail on honeycrownproperties@gmail.com or call 09098844351

© Olubusayo Akin-Akinbode
Real estate and Investment Consultant