Samuel Okolie: Issues to think about earlier than shopping for landed property in Nigeria

The structure, which is the supreme regulation of the land in part 43 of the 1999 structure empowers each citizen of Nigeria to personal and purchase immovable property anyplace in Nigeria. In a bid to meet this solemn provision of the structure, in acquisition of landed property, lots of people make some deadly, ludicrous, and lugubrious errors and error which impacts the basis of title of the property they intend to buy.
A few of these errors and errors stems from lack of due diligence, palpable ignorance and dearth of helpful data. What’s fascinating to notice, although, it’s that some Nigerians have been oblivious to probably the most ubiquitous morsels of typical knowledge in property transaction- which is due diligence within the investigation of the title of the property they intend to buy.
An individual who intends to buy a landed property in Nigeria should conduct correct investigation and perform due diligence and searches everywhere and places of work the place there could also be particulars or particulars of the property.
A number of the locations searches are carried out are as follows:

PHYSICAL INSPECTION OF THE PROPERTY: That is the primary and first place a potential purchaser ought to conduct search. Searches right here will reveal whether or not there’s any act of presidency providers on the property resembling electrical poles and wire chopping throughout the property or water major, phone cables, drainages interfering with the property.
Moreover, it is going to additionally give clues as as to if there are any opposed occasion within the property. A easy enquiries to the encompassing neighborhood will reveal whether or not the land is in dispute and whether or not the land is on the market or not. Typically if the land isn’t on the market, there are some disclaimer, boldly written thus “This property isn’t on the market watch out for 419”. Moreover, there is perhaps some caveat emptor, which can postpone some potential patrons that the property isn’t on the market. In all, a prudent and diligent purchaser should bodily go to the property she or he intends to buy

Land Registry: The lands registry of a state can be crucial place to conduct search in a property. The land registry of the state administers the land within the state. Nonetheless search within the land registry are normally achieved when the land in query is one which both has a certificates of occupancy, Governor consent, registered survey plan and registered Deed of task. Not all search on properties might be carried out within the land registry. Lands that the one title doc is a household receipt or an unregistered deed of task or energy of lawyer. No form of search or investigation might be achieved on the land registry. Nonetheless, the significance of search on the hand registry can’t be overemphasize, as it’s crucial place to conduct search if the property is registered on the land registry.
The search will reveal the next:
a. The outline of the property-size, survey plan, beacon, maps, charts, intelligence sheets and cartographic offers
b. Any earlier or current an encumbrances on the property resembling mortgages, expenses and pledges
c. Any act of presidency acquisition of the property
d. Any court docket judgment which will have been obtained and registered over the property. Letter of protest by rival claimant could also be shaped within the file/registry of the property.
The process for conducting search in a land registry of the completely different state is identical with slight variation. In Lagos state for instance, a potential purchaser will go to the financial institution, and pay the prescribes payment of N3750 on the financial institution, take the teller and strategy the ministry of land and submit it to these saddled with searches on the land registry. The applicant who’s the possible purchaser or his solicitor, will then conduct the search in pc system supplied for conducting searches. It is usually advisable that after conducting the search, an applicant also needs to request for the licensed true copy of the search print out. The reason is that, some workers or individuals purportedly working on the ministry of land would possibly’s collude with the sellers of a specific property to add data that may cover any defect or encumbrance of the stated property the possible purchaser intend to purchase. For instance, if the land is underneath authorities acquisition or topic to lease or mortgage, it may not
replicate within the search, that’s the reason it’s away advisable to interact a solicitor to help in conducting searches.

Read Also :  Lagos East election: APC reacts to Abiru's 'double voter registration'

SEARCH AT THE FAMILY HOUSE TRADITIONAL/ INSTITUTION: This normally happen when the land in query is bought from a specific household or the place the land belong to a group. The explanation for this sort search is to make sure that the precept member of the household consent to the sale of the property. Most significantly the consent of the pinnacle of household should be kind and obtained for any sale or alienation of land that belongs to the household. Additionally it is usually necessary to investigate from the pinnacle of the household or group whether or not there’s any customary or different type of inhibition in opposition to the proper of the vendor to promote the property

Read Also :  BBNaija 2020: We sit up for seeing you pay your tax - Lagos govt tells Laycon

SEARCH AT THE COURT: The explanation for this sort of search is when there’s any data that the property is topic to any type of dispute or litigation and to know the end result of the dispute. Moreover, to know if there’s any a court docket judgment and whether or not the judgment favours the vendor. If the judgment favours the vendor, whether or not there’s any enchantment filed in opposition to the judgment and the end result of the enchantment. All this ought to be thought of earlier than the customer enterprise to buy a property that’s topic to subsisting litigation, based mostly on the doctrine of lis pendens which is to the impact {that a} property bought whereas litigation is pending is null and void.

SEARCH AT THE PROBATE REGISTRY: That is additionally necessary the place the land was bequeathed on the vendor or his predecessor by way of a will or letter of administration. The search will reveal whether or not the vendor is entitled to convey the title within the property or whether or not there’s any problem on the desire, probate or administrator within the court docket and the phrases of any judgment is respect of them

SEARCH AT THE CORPORATE AFFAIRS COMMISSION: That is necessary if the vendor is an organization. The search on the company affairs fee will reveal whether or not the corporate or integrated trustee is registered and because the capability to undertake the transaction. Moreover, whether or not there’s any report of any of the properties of the corporate within the register of the fee, and likewise whether or not there’s a registered decision of the board of administrators for the sale of the property.

Samuel okolie is a lagos-based authorized practitioner. 08066756987,

Be the first to comment

Leave a Reply

Your email address will not be published.