When it come to this aspect of real estate, there are so many mistakes to be very careful of which you must try a much as possible to avoid.
Location of the land is one important criterion that you should look out for, knowing the right location to buy your land is a given. Being strategic when buying land or property will make you see into the future which will in turn help you make worthy choices.
The land’s history is the next thing you should check. Make proper findings about the history before embarking on buying the land.
You should be curious of the Vendor(s) involved in the sales process. Who are you buying a land from; a family, private owner or Real Estate office (Agency) are the questions you should find
Another aspect that you should be liberated on is documents that a Land Possess. So as not to get confused when they mention or give you these documents. Here is a list of documents to watch out for;
- Family receipt
- Deed of Agreement (when sold directly from the family)
iii. Deed of Assignment (when sold as an inheritance, power of attorney, and gift or by a person
who bought it but want to resell)
- Survey: when purchasing a land; 1. Check the survey to see if the size of the land is
equivalent to the size in the survey, Check the name on the survey to know if it tallies with the
name you were told, pick the coordinate of the survey to verify at the ministry to see the true
nature of the land, whether it falls under any acquisition or not.
- C of O: This is in different categories, there is the Global C of O and the Federal C of O
- Deed of Conveyance (House Buying)
vii. Governor’s Consent
viii. Excision Document
- Grant of Probate
- Letter of administration
- Gazette
For you to be able to Identify fake Land or Documents then you really need the service of a registered company like AGC Construction and Properties in other not to fall a victim of any of this issue. Be careful out there because people like to take advantage of your ignorance.
LAND ACQUISITION
Land acquisition is the process by which the government acquires land from private landowners for
public purposes or for a purpose beneficial to the economic development of the country or state.
However, Section 22 Land Use Act 2004 – Prohibition of alienation of statutory right of occupancy
without consent of governor. Therefore, before buying a land, check to find out whether or not it is a
government acquired land. But if you unknowingly buy a land under government acquisition, you need to
go for ratification from the government whereby, you pay a certain amount of money to get some
documents
LAND SIZES
- Quarter ¼
- Half plot ½
- Full plot 60ft by 120ft
- Acres 6 plots
- Hectares 3 acres/ 3½ acres
LANDED PROPERTIES CAN BE ACQUIRED IN FOUR WAYS:
- Purchase.
- Rent.
- Lease.
- Mortgage [More like a loan to be paid in installment]
