BEFORE BUYING LAND – THE IMPORTANT THINGS TO CONSIDER BEFORE BUYING LAND – THE LAND DUE DILIGENCE CHECKLIST
Land transactions sometimes raise issues and problems not present in other transactions. Here are a few tips on how to safeguard your interest as a buyer before buying land or letting go your money in a land transaction. “Land”, “building”, “real estate”, “real property” and “property” are used interchangeably in this article.
Have A Preliminary Engagement with the Vendor
Before buying land, 你與土地所有者嘅初步會議 (供應商) 將使您能夠查詢供應商的土地所有權的性質 (即. 土地是否被繼承, 購買, 天才, 同意, 抵押, 租賃, 或由供應商因長期佔有而獲得). 你必須在土地或建築物的工地進行物理檢查，以揭示保留地, 地役權, 限制性契約或建設性通知. 喺呢個初步階段, 您可以與供應商就建築物或土地的公平購買價格和付款方式達成非正式協議.
土地交易需要廣泛調查. To enable your Solicitor investigate the title of the vendor on your behalf, he or the vendor’s solicitor will draw up a Contract of Sale Agreement for you and the vendor to sign, then you make a deposit of the purchase price of the land – pending the successful outcome of the investigation of the vendor’s title by your solicitor. Without a Contract of Sale Agreement, the Vendor has no obligation to prove that he has a good title in the land. By this obligation, the vendor is bound to put forward his title documents and evidence the root of title in the land and trace the unbroken chain of transactions to himself.
Solicitor’s Due Diligence
Your solicitor will proceed to conduct a search and investigation based on the title documents presented by the vendor. The documents – depending on the nature of the vendor’s title may include Deed of Conveyance; Deed of Legal Mortgage; Deed of Surrender; Deed of Gift; Assent; Certificate of Occupancy; Deed of Assignment; Lease Agreement; 授權書; Declaration of Trust; Survey Plan; Certified True Copy of Court Judgement; Vesting Order; 等.
The investigation and title search may be conducted at the Locus, Lands Registry, Probate Registry, Law Court, 公司事務委員會 (Cac), the city planning authority such as FCDA, LASPPPA, UCCDA, Economic and Financial Crimes Commission (EFCC), Independent and Corrupt Practices Commission (ICPC), 等. Real property may be a proceed of crime or a subject of investigation for fraud and money laundering. 可能會保證你嘅律師喺任何反貪機構進行盡職調查.
Whether there is any break in the chain of devolution of the property;
土地嘅任何部分是否已出售畀 3Rd 黨;
您的計劃改進或開發是否會違反城市規劃當局（如UCCDA ）對土地位於區域施加嘅限制性契, FCDA, LASPPPA;
Your solicitor will render a legal opinion in writing advising you on any of the issues affecting the land and whether you should proceed to close the transaction.
Close the Transaction
The closing is a significant event in land transaction. Where your solicitor is satisfied with the status of the land, the Deed of Assignment or Deed of Conveyance and other closing papers will be prepared by your solicitor and vetted by the vendor or his solicitor. The agreement will be appropriately explained to all parties by the solicitor(s). The deed instrument will be signed by you, the vendor and the witnesses from both sides. Any outstanding balance of the purchase price will be paid by you. Title in the land shall pass from the vendor to you. The Vendor shall hand over to you the original title documents (and the keys – if the transaction involves a building). You take possession of the land. Where there exist tenants on the property, 租戶應發出通知，介紹您為物業的新業主.
總督嘅同意令根據《土地使用法》嘅任何轉讓土地行為具有效力. 你必須獲得土地位於嘅州州長嘅同意, 支付適當嘅稅款 (印花稅) 儀器上登記或提交國家土地登記处緊嘅文書 (並喺公司事務委員會 – 你係一家公司). Failure to register the land instrument renders it inadmissible in evidence at a court proceeding.
都讀: How to perfect title instruments to land in Nigeria: The land registration process and procedure
The Indispensability of a Solicitor in Land Transactions
By Section 22 of the Legal Practitioners Act, it is an offense punishable with imprisonment of up to 2 years for any person other than a legal practitioner to prepare any instrument relating to immovable property, or relating to the grant of probate or to obtain letters of administration over a deceased person’s estate. It is therefore compulsory in Nigeria to retain the services of a solicitor before buying land, selling or disposing of any interest in land. This legal restriction is often worth it in the long run as it helps both parties avoid common problems associated with land transactions.
Because of the common problems and procedural complexities involved in land and property transactions, the information provided herein is for general informational purposes only and must not be construed as a substitute for legal guidance. If you have any interest in the transfer of ownership or acquisition of an interest in land, it is recommended that you seek proper professional and legal guidance from a real estate solicitor. Request consultations at +2348039795959, 08187019206 | 電子郵件: firstname.lastname@example.org | 網站: www.lexartifexllp.com.
Lex Artifex LLP’s Corporate and Commercial Law Advisory Group
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Before Buying Land