PROPERTY ACQUISITION:  SOME OF THE THINGS TO KNOW BEFORE YOU BUY

ESV Dennis Osamudiame Okunwe

As the economic landscape continues to change, the real estate sector remains the toast of investors, and the reason for this is simple, investments domiciled in the real estate sector do not depreciate, rather it appreciates over time and wage war against hyperinflationary pressures, and the gyrating exchange rate that is bedeviling the Nigerian economy.

Given the aforementioned, there is every need for real estate investors to be guided accordingly, especially those who are just embracing opportunities in the property market for the first time.
In this opinion story, I am sharing vital information on some important documents property investor(s) must have and be aware of before committing their money.

The first in this category of property document is the purchase receipt. Here, the actual amount is clearly stated. The receipt is issued from the seller of the property to the buyer of the property. Where the full amount is not paid yet, the receipt issued must state the amount paid and the balance to be paid. In the property market, payment receipt does not guarantee property ownership without other documents.
The contract of sale is another important document on your route to property acquisition. It is issued by the seller to the buyer. It is a legal document that shows a business relationship between the seller and the buyer of the property. It contains details like the names of the two parties, address, signature, and date, among others.  To make this document valid, it must be stamped and sealed by a professional who is licensed to carry out such business. It is also advisable for both parties to have a signed and sealed copy of this document.

The deed of assignment is another important document on your journey to becoming a property owner. This is a detailed legal document that transfers the ownership right from the seller to the buyer. Until this document is received, the property has not been legally sold to the new buyer.

The Land Survey of the property must also be considered.  Here, the statistical details of the property are clearly stated. Such details include the location, measurements, size, and boundaries of the property.  Professionalism must play a role here. Simply put, the survey must be carried out by a glistered estate surveyor and valuer, and documented in the relevant government agencies. The property survey should be registered and carry the name of the new owners.

The Property Title is what gives legality and value to any given property. It shows the ownership of the property and this must be done in the Land Bureau and authorized by the government.  Certificate of Occupancy (C of O), Right of Occupancy (R of O), and the Governor’s Consent are perfect examples of land titles in Nigeria.

 For all these to play out, professionals in the property market must play their various roles, and investors in the property marketplace must desist from patronizing quacks.

 ESV Dennis Osamudiame Okunwe is a Registered Estate Surveyor and Valuer and Shared this insight from Lagos, Nigeria.