Important Documents You Need to Have When Buying Property in Nigeria
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Loading... - Tunde Bakare
- 13 Oct 2022
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In Nigeria, there are a variety of important land documents that influence the transfer/ purchase of land title and legal interest in a property. A potential land buyer should be familiar with the required land documents for the property they are considering purchasing. The type of property in question would determine which documents are appropriate. Here is a list of important documents you need to have when buying property in Nigeria.
DEED OF ASSIGNMENT
A deed of assignment is essential, as it transfers ownership of land or property from one party to the other. They know the parties to a deed of assignment as assignor (the seller) and assignee (the buyer) (the purchaser). The seller and buyer need to have an agreement.
CERTIFICATE OF OCCUPANCY
The Certificate of Occupancy, or C of O, is the most important document to property buyers and landowners. The document is issued by State Governments and it verifies that you own the land or property in question. Property purchased without a Certificate of Occupancy is the equivalent of purchasing a vehicle without a logbook. As a Nigerian landowner or property owner, this is not the kind of situation you want to find yourself in.
SURVEY PLAN
A Survey plan is a document that measures the boundary of a parcel of land to give an accurate measurement and description of that land. The location and size of landed property are depicted on a survey plan. It is easy to examine or search whether the land is genuinely under any government acquisition or not using the descriptions and coordinates on the survey record from the office of the Surveyor-General.
RECEIPT OF PURCHASE
A land purchase receipt is a typical receipt or document that confirms receipt of money for a specific property or piece of land.
The seller typically gives the buyer a receipt after the sale of a property. The reception provision, however, may be waived in cases when it is part of the land transfer agreement. Read More...
