Estate Guide Series: 28

Dear Esteemed,

Theme:

10 🚫 ROADBLOCKS WHY YOU MUST NOT BUY A LAND WITHOUT A DEED OF ASSIGNMENT❗

▶️ Introduction:

Despite the fact that you've paid for a landed property, you're yet to become the legal owner, and for this reason, you don't have a legitimate claim over it, until you've perfected the estate title documents in order to make the real estate transaction legal in the eyes of the government in accordance with Section 22 of the Land Use Act of 1978.

1️⃣ You Can't Claim An Ownership Over The Land:

You can't complete a statutory regulated land transaction just by making payment for the landed property until you've processed your Deed of Assignment and other government documents that confer a legal ownership on you.

2️⃣ The Seller Still Remains The Rightful Owner:

Until the new buyer's Deed of Assignment is processed to countersign the seller's Deed, there's no transfer of ownership yet and the seller still remains the rightful, and legally recognized owner of the landed property.

3️⃣ You Can't Process A Certificate Of Occupancy On A Deedless Land:

Without a Deed of Assignment, your Certificate of Occupancy over the land becomes an impossible task with no possible collateral to seek for a bank loan if need be.

4️⃣ Waste Of Money On Unnecessary Litigations:

Funds invested in a land transaction void of a Deed of Assignment would go down the drain and become a dead investment having wasted embroling in unnecessary litigations over a false claim for a Deedless, and null land transaction.

5️⃣ Deedless Land Transaction Is Illegal In The Eyes Of The Government:

A land or housing unit transaction without a Stamp Duty executed on its Deed of Assignment and Receipt of Purchase documents at the Land Registry can't be in conformity with the Land Use Act (1978) therefore, it's illegal in the eyes of the government.

6️⃣ Your Vulnerability To Omo-Onile Extortions:

The major prayer point of the indigenous Omo-Onile is for you to neglect your Deed of Assignment endorsement by their family heads at the moment of land purchase so that they can heavily extort money from you whenever you show-up for their signatures on your Deed in the future when you need it urgently.

7️⃣ A Deedless Landed Property Is A Liability Not An Inheritable Asset:

A Deedless landed property is the best definition of an estate false claim that you're likely to outlive and bequeath on your children, not as an inheritance but as a liability.

8️⃣ Forfeiture Of Compensation Upon Title Revocation And Demolition:

Without a Deed of Assignment, you can't process your Certificate of Occupancy and land occupants without a C of O will forfeit government compensations, should there be a title document revocation, and demolition in the area due to prevailing government use of the land for public interest.

9️⃣ Your Land Ownership Authenticity Can't Be Verified At The Land Registry:

Your land (family) Receipt of Purchase without an endorsed Deed won't be given a legal recognition and authentication at the Land Registry, and it's ownership integrity would be doubtful.

🔟 You Can't Give What You Don't Have:

"Nemo Dat Quod Non Habet".

Except by the ratifying process of government regularization, a Deedless or unexecuted Deed holder can't endorse a new Deed in favour of a new buyer until the government barrier is lifted and the land is fully excised.

⏹️ In Conclusion:

To stay on the winning side of any landed property transaction divide, ensure you obtain your valid Receipt of Purchase and endorsed Deed of Assignment for a Stamp Duty authentication, and acknowledgment at the Land Registry in order to enable the processing of your land or housing unit Certificate of Occupancy to perfect your real estate title documents.

From the desk of the Real Estate Messiah

Olusegun Michael Adeniyi
Lead Consultant
©️ Aden Shelters Limited
Lagos Nigeria
RC 1743601

Website:
https://adenshelters.estateagentsng.com/

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Landing you with comfortable landed properties...