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© Ikechukeu Joel Investing in land can be an exciting and lucrative venture. But the decision to purchase land requires careful evaluation. It is essential to keep an eye out for potential red flags that could turn your investment into a costly mistake. Now In this post, we will explore crucial considerations and red flags to watch out for before buying land. 1. Zoning and Restrictions: One of the first red flags to be aware of is the zoning regulations and land use restrictions that apply to the property. Zoning determines the type of structures and activities allowed on the land. Ensure that the land is zoned appropriately for your intended use, whether residential, commercial, or agricultural. Additionally, check for any restrictive covenants or homeowners' association rules that could limit your plans. 2. Boundary and Land Title Issues: Ensure that the land's boundaries are accurately surveyed and clearly defined. Unresolved boundary disputes can lead to legal battles and unnecessary expenses. Similarly, verify the title deed and ensure there are no liens, encumbrances, or outstanding debts associated with the property. Engage a professional surveyor and consult with a qualified real estate attorney to validate the land's boundaries and title. 3. Pending Legal Issues: Purchasing a property with a pending legal issue raises a significant red flag. When a property has a pending legal matter, it means that there is an ongoing dispute or litigation related to the property, which could have serious implications for its ownership and value. Investing in such a property entails inherent risks and uncertainties. The outcome of the legal issue may result in financial liabilities, loss of ownership rights, or even the possibility of the property being seized or auctioned. It is crucial to thoroughly investigate and understand the nature of the legal issue, seek legal advice, and assess the potential impact it may have on your investment. By avoiding properties with pending legal issues, you can safeguard yourself against unforeseen complications and make a more informed decision when it comes to property acquisition. 4. Government Acquisition: Purchasing land under government acquisition poses significant risks. Legal complexities, uncertain future, regulatory restrictions, potential compulsory acquisition, and difficulties in resale make it a high-risk investment. Exercise extreme caution and seek legal advice before considering any transactions involving such properties. 5. Accessibility and Utilities: Consider the accessibility of the land. Verify if there are legal and physical access rights to the property, as well as road conditions and maintenance responsibilities. Additionally, ensure the availability of essential utilities such as water, electricity, sewage, and internet connectivity. Lack of proper access or utilities can significantly impact the value and feasibility of the land. Follow me and share this post To reach your friends and families so they can know this red flags and important tips before buying land! Call [b]Los Properties [/b]on 0 7 0 3 2 8 8 1 3 4 9 or 0 8 0 8 0 4 2 2 0 9 2 Let's help you secure Legit lands without being scammed. |
By Cmr Igbokwe Onyebichi Martins There have always been disputes arising from land matters which often end up in litigation; this is usually as a result of failure to obtain the right documents for proper ownership of land and also the failure to complete the process of acquiring a perfect title to the land. That is why in the bid to achieving justice, the court will rule in favour of any party that can prove a better title to a land or property. This was the position of the court in ELEGUSHI v. OSENI (2005) 14 NWLR (PT 945) AT 348. Thus in law, there is every possibility that the owner of a piece of land or property may not appear before the law as a person with a better title as it was held in the case of Agboola v. United Bank for Africa Plc. & 2 Ors. (2011) 4 CLRN 33. In the popular case of IDUNDUN v. OKUMAGBA (1976) 9-10 SC, 227 1 NMLR, the supreme court held that title or ownership to land can be proved in any of the following five ways: 1. By traditional evidence. 2. By production of documents of title duly authenticated and executed. 3. By acts of ownership extending over a sufficient length of time numerous and positive enough as to warrant the inference of true ownership. 4. By acts of long possession and enjoyment, and 5. Proof of possession of connected or adjacent land in circumstances rendering it probable that the owner of such connected or adjacent land would, in addition, be the owner of the land in dispute. Thus the most common ways listed above is the production of a document of grant or title. This method entails providing any of the following document; Deed of Assignment/ conveyance, a Deed of gift, a legal Mortgage, and a Certificate of Occupancy. As such it is important that a person intending to buy a land must make sure to instruct his lawyer to perfect the title of the land or property. |
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