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The Essence Of Property Verification And Due Diligence Before Purchase. / REAL ESTATE DUE DILIGENCE TRAINING (IBEJU LEKKI) & HOW NOT TO INVEST IN REAL EST / Land Verification And Due Diligence #check (2) (3) (4)
|7 Places Where You Can Conduct Your Due Diligence Before Real Estate Investment by adenshelters(m): 8:46pm On Nov 09, 2021|
WEEKLY REAL ESTATE ARTICLE SERIES
7 Places Where You Can Conduct Your Due Diligence Before Real Estate Investment
1. Land Registry
2. Surveyor General's Office
3. Corporate Affairs Commission
4. Probate Registry
5. Traditional Family Owners
6. Court Registry
7. Physical Inspection
+234 907 957 2044
The purpose of this article is to aid your due diligence and decision making as regards land and housing matters.
1) Genuine land documents can only be verified provided they are acknowledged in the records of appropriate state government land verification establishments.
2) Family or Omonile land payment receipt issued to land buyers can be manipulated and cannot be verified at any government land verification office.
3) The relevance of a land payment receipt is only recognized as an evidence of payment for the land.
4) This lecture series will enlighten you about places where you may conduct your due diligence and documents verification before payment for your proposed landed property.
5) A land buyer in the first step of his due diligence must first obtain verifiable copies of the proposed landed property documents for investigation at various registries where they were registered or have histories in order to check the land ownership authenticity.
6) The first place to conduct due a diligence before real estate investment in this lecture series is the State Land Registry.
7) A State Land Registry is established by law and varies from one state to another in Nigeria.
In Lagos State, Nigeria, the Land Registration Law of Lagos State 2015 establishes a Land Registry to maintain related land documents within the state.
9) Ratified Deed of Assignments and other pertinent documents are acknowledged and recorded at the State Land Registry where a land investor or his solicitor may file an application for verification.
10) The second place to conduct a due diligence before real estate investment in this lecture series is the Surveyor General's Office.
11) In a situation where the proposed land is yet to be registered at the State Land Registry, the land buyer or his Solicitor may obtain the survey plan and file an application for the charting of the land at the Surveyor General's Office.
12) The results of the survey plan charting will reveal the land acquisition status and zoning restriction, whether it falls under any adverse claim, encumbrance or government acquisition or not.
13) The third place to conduct a due diligence before real estate investment in this lecture series is the Corporate Affairs Commission (CAC).
14) The verification of the landed property if it is a commercial or industrial real estate registered under the Companies and Allied Matters Act (CAMA) takes another dimension.
15) Its documents are further scrutinized at the Corporate Affairs Commission (CAC) in order to disclose additional information with the queries at the State Land Registry.
16) The forth place to conduct a due diligence before real estate investment in this lecture series is the Probate Registry.
17) In a Probate Registry, a will is registered in order to validate its authenticity. The genuineness of a willed landed property can be verified at a Probate Registry when the deceased leave behind a valid will executed and testified in a court of law.
18) In a situation where the deceased does not leave behind a will before his death, letters of administration registered in a court of law pass the deceased landed property to the rightful person(s) whom larger people agreed to is also verifiable.
19) Without a valid probate on a will or letters of administrators, it is illegal for a deceased landed property to be sold or bought in a real estate market.
20) The fifth place to conduct a due diligence before real estate investment in this lecture series is the Family or Traditional Palace.
21) It is advisable to extend your verification to the principal members of the family units, heads of town and community or village owners.
22) This is to confirm that all pertinent approval subject to the excision or release of the land has been received from the government.
23) This can be achieved by obtaining copies of the village or community approved excision title document from the family head or traditional ruler or their solicitor for scrutiny of the exact portion of land released to them at the appropriate government authority.
24) The sixth place to conduct a due diligence before real estate investment in this lecture series is the Court Registry.
25) In a situation where the landed property was derived by the virtue of court judgement, it is essential to verify the court process and end result of the litigation and all pertinent documents as regards the court judgment.
26) An intending land buyer must ensure that the seller or grantor through his agent or representative is a beneficiary in a probate dispute resulting to get court judgment which confirms him rightful to convey the landed property.
27) The seventh place to conduct a due diligence before real estate investment in this lecture series is the Landed Property Site.
28) A physical inspection is also necessary in order to confirm the details on the survey plan and check its conformity with information revealed after charting its coordinate at the Surveyor-General's office.
29) If there is any issues like topography, flood etc on the land, it can be spotted and adequate remedy such as effective drainage system may be put in place.
For further details & more information, please contact:
+234 907 957 2044
+234 818 251 5733
+234 806 229 8875
The land is green for all but fruitful for the few that own a piece of the earth...
Next week theme on this Real Estate Lecture Series.
4 PRUDENT PLANS TO EASE PAYMENT FOR YOUR PROPOSED LANDED PROPERTY
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