Is That Land Yours? 6 Documents You Must Have When You Buy Land In Nigeria
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- čas přidán 12. 09. 2024
- Is That Land Yours? 6 Documents You Must Have When You Buy Land In Nigeria
The purpose of today’s video is to educate you about the six key documents you need when buying land in Lagos. Whether you’re a first-time buyer or an experienced investor, having these documents in order will protect your investment and give you peace of mind. Let’s get started!"
1. Payment Receipt
"First on the list is the payment receipt. This document serves as proof that you’ve made a payment for the land. It’s essential to get this receipt from the seller or real estate company immediately after making your payment. Always ensure it contains the correct amount, date, and other relevant details."
2. Contract of Sales
"Next is the contract of sales. This legal document outlines the terms and conditions of the sale agreement between you and the seller. It should include details such as the purchase price, payment plan, and any conditions precedent to the sale. Make sure to review this contract thoroughly or have a lawyer go through it with you."
3. Allocation Letter
"The allocation letter is provided by the land vendor or estate developer. This document officially allocates a specific plot of land to you, ensuring that the land you’ve paid for is designated for your use. It’s a crucial step in formalizing your ownership."
4. Deed of Assignment
"Fourth is the deed of assignment. This document transfers ownership of the land from the seller to you. It must be registered with the appropriate land registry to be legally binding. The deed of assignment provides evidence that you are the new legal owner of the property."
5. Survey Plan
"The survey plan is a detailed drawing that shows the precise boundaries and measurements of your land. It’s prepared by a licensed surveyor and is essential for verifying the exact location and size of your plot. Always ensure that the survey plan is accurate and corresponds with the land you’re purchasing."
6. Physical Allocation
"Finally, physical allocation involves being shown the actual land you’ve bought. This is a crucial step to ensure there are no disputes over the land’s location. You should be physically present or have a representative during this process to confirm that the plot matches your documents."
Conclusion
"In conclusion, purchasing land in Lagos can be a rewarding investment, but it’s important to have all the necessary documents in place. The payment receipt, contract of sales, allocation letter, deed of assignment, survey plan, and physical allocation are all essential to secure your investment and avoid any legal issues."
For purchase
Contact Korrect Luxury Homes
☎️Call Ebube - 08034938793
📧ebube@korrecthomes.ng
📍Office 23/24 Bluecrest Mall, Lekki, Lagos
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Nice video, quite informative. If I may ask, is it okay to process cofo for a plot in an estate if the developer is not showing signs of doing a global cofo for the entire estate?
Oh yes! Go right ahead. Get your survey and get the help of a surveyor to begin the process. The cost might be why the developer is slowing down.
What's the difference between allocation letter and survey plan?😊
Allocation letter states that “Street G, Plot 1” belongs to you. Survey shows diagram of the size of the land. Survey is state issued, allocation letter is not. 🙏
@@ebubeofkorrecthomes i wasn't given allocation but i got the 5
@@user-yn1ne8pe9oYou are golden then. Keep it tight.