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Purchasing Estate Land, How NOT To Get Scammed. - Politics - Nairaland

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Purchasing Estate Land, How NOT To Get Scammed. by freshwaters: 10:11am On Jun 20, 2020
1. Request to see the documents.

What title document does the land have? Is it C of O (issued by Federal Capital Territory or State Governor which confers Statutory Right of Occupancy) or is it R of O (issued by Local Govt or Area Council Authority which confers Customary Right of Occupancy) or is it local land, with receipt from the village Chief? Is the title defective? Does it describe the property, does it confer title, and to who? Is the title conferred to the seller, selling to you? What's the purpose, commercial or residential or multi purpose? What is the history of the title up to the seller selling to you? Every land has its title history. Don't just say it's my friend selling to me.

2. Conduct search on the land or property.
This involves check on the land, the owner and the documents. For instance, where the land is owned by a company, you should conduct search at Corporate Affairs Commission to ascertain whether the company truly exists and who are those behind it. You need to also conduct title search at relevant agency, such as AGIS, FHA etc., depending on the title document. Find out whether there are conflicting interests on the land. Investigate the documents the owner has and ought to have, like the Survey plan, Deed of Assignment, Deed of Participation (for estate lands), Contract of Sale, C of O, Governors Consent, R of O, Letter of Allocation, Receipts, Deed of Transfer, Power of Attorney, etc.

3. Involve professionals such as lawyers and estate surveyors. Any land document not prepared and franked by a lawyer is voidable and won't be allowed for processing at the land registry.

4. Visit the land or property.
Part of verification of a property is physical inspection of it. Don't buy fliers and designs. Make sure you visit to see what you are buying. If it's an estate land, make sure your plot is showed to you and take a surveyor with you to see that what's on paper is same with what's down, in size, description and location. If you can't visit the land, have a trusted representative do that for you. Look out for things like the roads, electricity, water, and amenities.

...to be continued!

For more on this, visit

https://m.facebook.com/businesslegalnigeria?_rdr

www.businesslegal.ng

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