8 Essential Tips for first time House and property buyers
- PROOF OF OWNERSHIP
The most crucial document is the proof of ownership, which is typically a certificate of occupancy ( C of O ) deed of assignment or Deed of conveyance or Governors consent , these documents verify the legal ownership of the property and ensure you are dealing with the rightful owner .
- SURVEY PLAN .
A survey plan is a detailed map that outlines the boundaries, measurements and physical features of the property.
It helps confirm the accuracy of the property description and ensures that there are no encroachment or boundary disputes .
- PROPERTY TITLE SEARCH.
Conducting a property title search is crucial to verify the authenticity of the property title and ensures that it is free from any legal disputes, liens or encumbrance.
This search can be done at the Lagos state land registry or through the service of a qualified legal professional.
- LETTER OF OFFER AND ACCEPTANCE.
The Letter of offer and acceptance is a written agreement between the buyer and the seller that outlines the terms and conditions of the property sale . It includes details such as purchase price , payment terms , and any special agreement or contingencies.
- PROOF OF PAYMENT.
Keep a record of all payment transactions including receipts, bank transfers , or any other evidence of payment to the seller or the representative. This document is crucial for tracking your financial commitment and can be useful in case of any disputes .
- DEVELOPMENT PERMIT AND APPROVAL.
If the property you intended to purchase is part of a development or has undergone any construction, ensure that thr seller provides the necessary development permit qnf and approval documents from the appreciate authorities. This ensures that the construction is legal and compliant with the building regulations.
- POWER OF ATTORNEY.
In some cases the seller may have given a power of attorney to another individual or entity to act on their behalf, if this is the case request the power of attorney document to validate the sellers authorization.
- PROPERTY VALUATION REPORT .
Consider obtaining a property valuation report from a qualified valuer to access the fair market value of the property. This report can help you make and informed decision on the property pricing and negotiate effectively
