Essential Documents To Collect When Purchasing Property, Land, And Houses

Did you buy a piece of land or a house recently or you intend to buy very soon? It’s appropriate you know the documents you MUST be given when you complete a real estate transaction. These documents are the proofs that you have acquired the property i.e. you’re the rightful owner of the property. You will need these documents to obtain your personal Governor’s Consent at the appropriate Ministry of Land and Housing if you choose to do so.

To start with, when is a real estate transaction completed? A transaction is completed when you make a full payment for a piece of property. That is, it is completed when you make an outright payment for the property or when you pay your final instalment in case you work with a payment plan over a period of time. Then, you are expected to get some documents from the seller, in this case, a real estate development firm, which serve as payment evidence and the transference of the said property to you.

Upon completion, you must be given the following documents:

1. Deed of Assignment – this is a legal document that shows that a piece of property has been officially transferred to you. Hence the seller or the developer cannot claim that piece of property again. It is usually drafted and stamped by a Lawyer.
2. Survey – this is the document that shows the location and exact size of your property. It has something called THE COORDINATES. These coordinates show the length and breadth of your property and the exact location of the property. Now, a survey can be temporary or registered. A registered survey is better and more expensive than a temporary survey. The government recognises a registered survey because it is duly signed by the Surveyor General of the State and can be used to process title document like the C of O and Governor’s Consent. In the event of any litigation, it is only registered survey that can be tendered in the court of law. Interestingly, the Lagos State Government determines the survey fee and it varies from one administrative city to another. In other words, the five administrative cities of Lagos have different survey fees. To know the current fee for a given area in Lagos, a surveyor can help with it or the real estate firm will tell you the fee ahead of the transaction.
3. Contract of Sales – this is a document that shows that a transaction has taken place between you and the real estate firm. It is usually drafted by the Lawyer of the real estate firm.
4. Receipts and invoices – like any other transaction, you must be issued a duly signed and stamped receipt and invoice for every kobo collected from you. Do not fail to ask for your receipt and invoice when you make a payment for a piece of property.

Now that you know the essential documents you should have for each of your properties, make sure you collect them in every transaction you do.

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