THINGS TO KNOW WHEN YOU’RE BUYING A LANDED PROPERTY

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By Oladayo Ogungbe

Whenever you desire to buy a landed property, there are elementary things you must know, this is because there are two categories of sellers in land transaction. You’re either buying from the Land Owning family or an individual (who perhaps must have bought from the Land Owning family in the past). It is important to understand that, the documents either of the seller above must possess differs. This is necessary in order to secure your title and protect yourself from buying what is otherwise known as Litigation. For instance, where you’re buying from the Land Owning Family, you’re likely to be buying a virgin land, hence upon conclusion of arrangement to buy, you must verify the following:1. If the family is indeed the rightful family to deal with;2.You must investigate if the property has not been previously sold by them;3. You must ensure if the persons you’re dealing with are the head of the family and other accredited representative members of the family;4. You must investigate if there is no other family laying claim to the same parcel of land;5. You must investigate if the property is not a subject of litigation6. You must conduct your due diligence to ascertain if the property is not subject to Government acquisition especially committed acquisition7. You must ensure that you’re dealing with rightful accredited representatives of family members.Assuming your investigation has been concluded and you’re convinced of the said property, upon payment, the head of the land owning family will issue you what is called Family Receipt. Pls kindly note that a Family Receipt does not secure your title. It merely states that you bought an acre, a plot, 2 plots etc from the family. The Family Receipt may not be detailed enough to show the extent and the exact location of your land. Hence, a family receipt without more is dangerous to your title as it does not amount to title at all. Upon the issuance of the family receipt, you’re required to quickly do a survey plan and register same with the Surveyor General’s office and proceed to do a Deed of Assignment between you and the land owning family to be signed by the head of the family and other accredited representatives. After which you can proceed to register your Deed of Assignment in order to obtain Consent whenever you’re ready. With this, you have effectively secured your title. The above is necessary whenever you desire to sell or there is need to protect your interest against any adverse claim or same becomes a subject of litigation.I shall continue with the second category of seller in my subsequent publication.

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