DON'T BE A DOCUMENT NOVICE!

As an intending investor, it is important to know the different types of real estate documents to expect on every property you purchase. It gives you a comprehensive knowledge of the product you're investing your money into.?

Let's quickly see some important documents real estate investors should take into cognizant when investing in a property.?

1.?CERTIFICATE OF OCCUPANCY

This is the certificate issued by the government to the first occupier of the land. When land has a certificate of occupancy, it is a good land to purchase but you will do well to verify the authenticity of such document from the government. When a document has been sold by an original owner to another party, the land should have what is termed a governor’s consent. The transfer of purchased land to another party from the original owner is incomplete without the Governor’s consent obtained. It is the only authorizing document notifying you of the Government’s approval of the transfer of such land property. When buying land in Lagos, it is to your advantage that you process a Governor’s consent to protect your investment, especially from a mobile or being taken over by another person. Your Governor’s consent must also be registered with the Bureau of Land I will attach a number to the document for ease of tracking. I know the process can be a bit daunting, but you will do well to go through and shield your property from intrusion.

2. DEED OF ASSIGNMENT?

This is a signed agreement between you and the seller of the land signed and stamped by a notary public that a particular plot or plots of land have been given to you. The document will be signed by the property seller, the property buyer and a notary public. Also, a deed of assignment must contain a certified layout plan and the survey plan for your plot. It must also state the plot allotted to you and the coordinates of the plot's main boundaries. Other key information to be included are; the size of the plot, cost of the plot, seal of the company, witnesses’ signatures and properly initialled pages.

3. EXCISION DOCUMENT?

This type of document is important especially when a certificate of occupancy is not available and you need to be sure the land is not a government acquisition or on the government's plan for future use. Excision properly gazetted is a document verified by the ministry of Land that will make for a good land document.

4. LAND PURCHASE RECEIPTS

We all go out and buy different things at the store and demand receipts. It is not too different from the purchase of land properties. Immediately you have verified the authenticity of the land and other property documents listed below, you must demand the receipt of payment. These days, never do a transaction with cash. It becomes near impossible to trace again once you pay off. The best means are through cheques addressed to the company or through online transfers. This way you rest assured that your payment and the beneficiary can be easily tracked in case there are issues in the nearest future.

5. AN APPROVED SURVEY PLAN

Every land must be surveyed by a certified surveyor and a survey plan submitted to the government for approval. Upon approval of the document, there is a survey number that accompanies the survey plan which is the survey plan number. It is a unique number and can be verified. If your land is a larger parcel of land being sold, you will need to demand the layout plan of the estate too to see and know how your parcel is located within the larger estate. At times you may also want to know the development plan of the estate as to the classification of buildings within the estate. Some states will not permit the mixing of different building patterns. So it is always good to ask about the plan vis-a-vis your intended plan and usage for your plot.

Prepared by Abigail O.Odelade.

Brought to you by AB SOLUTION EXPRESS.