The title of any real estate property determines how legit the property is to a large extend. It also guarantees the real estate investor that no issues may arise from the property acquired.
Therefore, I recommend that before you acquire any property, it is very important that you ask, know, and verify what title comes with the property you wish to acquire.
It is always best to carry out a thorough investigation on the said property and the company before you invest.
After your investigations, you should be able to know how that title impacts your property which is what we will be discussing here.
7 Must-Have Real Estate Property Documents
In Nigeria for instance, many land documents/titles can be obtained when purchasing any property.
However, we will be discussing the top 7 real estate must-have documents for every property.
1) Land Purchase Receipt
Once payment is made for any property, an official receipt should be given to you from the company confirming the payment for a particular land or property.
2) Survey Plan
A survey plan is a document that is used to show the location and size of landed property.
The surveyor uses the coordinates from your land to prepare the survey plan and with the descriptions and coordinates on the survey document, it is easier to check or search from the office of the Surveyor-General whether the land is actually under any government acquisition or not.
3) Deed of Assignment
ADeed of Assignment is a document used in sales transactions to permanently transfer a landed property from the seller (also known as assignor) to the buyer (also refers to as assignee).
It may be drafted by the assignor and reviewed by the assignee or vice versa with the help of a legal officer.
An excised land refers to any land that has been released by the government to an individual or company.
Once land is deemed free from the government, it is then given a Gazette title (as explained below) and the landowner can then proceed to get a proper title like a Certificate of Occupancy or the Governor’s Consent.
A gazette is an official record book containing special government details that shows the communities or villages that have been granted excision and the number of acres or hectares of land that the government has given to them.
Only the excised areas can be sold out to the public and not anything outside those hectares or acres of land given or excised to them.
If anything outside the excised land is sold, then that said land may fall under acquisition by the government, and such transaction is subject to approval by the government.
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6) Certificate of Occupancy
This is a land certificate issued by the government to the first occupier of the land.
Any land with this title is a good land to purchase but you need to verify the authenticity of such document from the government to be on a safer side.
7) Governor’s Consent
However, when a document has been sold by an original owner to another party, the land should have another document known as a Governor’s consent.
The transfer of a purchased land to another party from the original owner is incomplete without the Governor’s consent document obtained because this is the only document that can make the transaction be deemed legal in the eyes of the Government.
This is where we will be wrapping up our today’s discussion on this topic.
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