As the value of Naira continues to depreciate and the uncertainty of the stock market, many people have come to realization that the oldest form of investment of owning land is the surest guard against inflation.
When the stock market was booming, many sold their properties, took loans, took their live savings to cash in the then latest windfall. Before they know what was going on, the market came crashing to low ebb thus leaving many people in debt and poverty. This old wisdom still remains valid. Land appreciate, it does not depreciate. Now that many folks have bought into this reasoning.
It is important to know that given Nigeria peculiar challenge where some land grabbers commonly called Omonile in the southwest sometimes sell one land to several persons, it is important to know what kind of documents that can help in such case. Also, the proper thing to do in purchasing a piece of land. Not following the proper process can lead to loss of earned money, debt, stroke and other fatal problems if not properly managed.
In some cases, two persons will be laying claims to the same land which could lead to legal quagmire. In order to avoid all these needless headaches and problems, there are some vital documents that will validate your land ownership and transfer.
You will find below the necessary documents you need to have or collect from the seller (be it a family land or buying from a company) right after payment.
Remember in our last episode we talked about Mode of payment where I let us understand that Land grabbers (Omonile) wants cash for payment of land and Many people have ignorantly paid in cash. One problem of cash payment for land is that it is untraceable in time of problem. The cash paid will be shared immediately by the member of the family and if there is a problem on ownership, this method of payment would not hold water.
I explained further that the best method of payment should be through bank cheque or draft and there must be a witness to the transaction. The role of the witness is to help in time of dispute.
According to a legal practitioner and properties consultant, Barrister Matthew Ottah, the legal way to prove landownership is through production of Documents of Title. In order word, you must have more documents to back up your claim as the real owner of the land over the other person laying claim to the same land.
So here are the vital documents to have after Land payment.
• FAMILY RECEIPT/PURCHASE RECEIPT
Most lands in the country aside from government acquisition are owned by specific family who first settle on the land or buyers from government or the family. It is important that you are dealing with right family or authorized representative.
After payment, you must collect a family receipt from the authorized family head which must be witnessed by the family secretary and a keyed family member when buying from a a family. The receipt must bear the family name that is selling the land, date of purchase, location of the land, amount paid and family address. Anything short of this is a red flag. Do not toy with you future, make proper due diligence before you part with your money, because once the money leaves your hand, the chance of reclaiming it is very slim.
If buying from a company, the receipt must bear the name of the company selling the land, date of purchase, location of the land, amount paid, company address etc.
• CONTRACT OF SALE/DEED:
This legal instrument/document shows the parties to the agreement, its traces the history of how the land has change hand till the present owner. It must also include the name(s) of the seller(s) and at least a principal witness. It must be duly signed and stamped by the concerned parties.
For a clearer understanding:
A real estate contract of sales is the legal document that commences the process of selling and transferring ownership of real property while yet to conclude the sales process
While,
a Deed is the instrument that concludes the real estate sales process by actually transferring ownership of the real property.
• INVOICE.
Real estate invoices are usually issued by Real estate Companies on the sale of residential and commercial properties. Real estate invoices offer information specific to the payment process, including details about the property sold, the sale price and the payment histories.
This is another important document which is similar to a receipt but more detailed and can be used as second layer evidence.
• ACKNOWLEDGEMENT LETTER.
This is a document that specify the amount that was received, the date of payment.If necessary, indicate the method of payment: cash, check, wire transfer, etc. It also specify the reason for the payment and
mentions related invoice number and dates with signature from the seller aknowledging the transaction to be true and valid.
• SURVEY PLAN
This is an important document that you...
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