AUTHENTICITY OF LAND DOCUMENTS
This practice is commonly referred to as “Omo-Onile wahala” in Lagos.
This has been the experience of prospective land owners in Lagos, as well as some other parts of the country. Almost every land buyer has a story to tell when it comes to Omo-Onile Wahala.
Literally, Omo-Onile means “descendant of the rightful landowner”. They are indigenous landowners in a given community. And sometimes, land grabbers act like Omo-Oniles. However, no investor wants to go through any scenario with any of them.
The whole saga has caused fear which leads to discouragement in the heart of many investors; thus leaving them with an option to opt out from the business. Good news I bring to you is that the issue of Omo-Onile has nothing to do with the success of the business if the right knowledge is acquired.
POINTS TO NOTE WHEN ACQUIRING A LANDED PROPERTY
When considering acquiring a piece of landed property, there are many questions to answer before making an offer. Many have it in their plans to acquire lands but fail to make practical plans towards the goal simply because they are void when it comes to the right knowledge that pertains to acquiring such properties.Questions for the lawyer
It is very pertinent that you have a very good property lawyer before embarking on land/property purchase; reason being that your lawyer is the one who ensures that you do not run into legal hassles with land/property documentation after purchase. It is your lawyer’s job to verify the authenticity of any title document backing the land/property.
Any question(s) that remain(s) murky after speaking with the seller or agent should be run by your lawyer: having to be aware of the right documents to get after purchase is much more important before paying for the land.
Is the property overpriced? Your lawyer should be able to tell you if the price of the parcel of land is higher than its value; thereby you renegotiate.
What documents you should have after purchase:
- Receipt of purchase
- State-government Approved Survey Plan
- Approved Layout
- Deed of Assignment (or, Deed of Legal Mortgage, as the case may be)
- Certificate - or Right - of Occupancy (aka C of O, or R of O)
“Are we good to go?” should be your last question to your lawyer. The question compounds the things you know as well as the things we do not know. If he requests more time to enable him finish his work, oblige him to do necessary things accordingly. But if he answers, “Yes”, then you should trust his judgement. Go ahead and make payment.
Questions for the vendor
Since you have known all you want to know, the next thing is to have information regarding the payment plan available for you to seal the deal. It will be very painful to have gone a long way researching a desired property, and along the process lose the land to someone else who has made payment. Lands are allocated to people that pay, and not to people that raise interest. So, you have to make your investigations snappy, and quickly request the payment plan be given to you.
To make it easier for you, ask if there is instalment payment plan (IPP) – to know if you will be allowed to spread your payment over a given time; up to a year or more and the rate of interest that it will attract. If positive, it is advisable you start your payment as soon as possible just to SEAL THE DEAL!
HEY
Just before you go, permit me to tell you we have you covered at PWAN Homes Ltd. We have all the professionals involved in the real estate business on our team. You do not have to spend a dime further on consultancy for any property of your choice among our range of products in great investment havens, offering you great annual returns. We have already done all legal, survey and other professional works on all our estate locations. Invest with us and be indemnified on all fronts.
Call Richard O. K. on +2348183567878 for more information and/or free site inspection.
