Buying a property, especially your first, can be generally exciting. However, it comes with its share of legal complexities, and many people have fallen victim to them over the years. Understanding the necessary documents for purchasing property in Lagos is crucial to ensuring a smooth and legally sound transaction.
It will sadden us to see you fall prey to real estate scams, so in this blog, we have compiled five (5) necessary documents to look out for purchasing property in Lagos, shedding light on their importance and implications.
- Title Deed:
The Title Deed is perhaps the most critical document for purchasing property in Lagos. Clear Tax defines a Title Deed as a formal document detailing how the property is inherited, owned, transferred or allotted by an authority. It includes information about how much land a person owns or the rights of a person over the land. The land ownership rights of one person get transferred to another person through Title Deeds. They serve as legal proof of ownership and outline the rights and interests associated with the property. A property transaction is too risky and may lead to disputes or legal complications without a valid title deed.
- Survey Plan:
Land. id defines a survey plan as a map that acts as a legal document and determines the boundaries of your property. A survey plan is essential because it verifies the boundaries and dimensions of the property. It depicts the land’s layout, including its size and shape. This document helps to confirm that a property matches its description and does not cross into neighbouring land.
- Certificate of Occupancy (C of O):
Certificate of Occupancy, popularly called C of O, is issued by the Lagos State Government and serves as official proof of land ownership and the right to use the property. You must follow the official steps to obtaining a C of O because having a valid C of O is essential for establishing the legitimacy of the property and obtaining necessary permits and approvals.
- Land Purchase Agreement:
The Land Purchase Agreement is a legally binding contract between the buyer and seller outlining the terms and conditions of the property sale. It includes details like the purchase price, payment terms, and additional agreements or clauses. This document protects the interests of both parties and helps prevent misunderstandings.
- Receipts of Payment:
Receipts of Payment are evidence of financial transactions related to the property purchase. Receipts are crucial in all areas of life, especially in property purchases in Lagos because “without evidence, you go explain taya, nobody go believe you!”. Receipts document the amounts paid, dates of payment, and payment methods used. Keeping comprehensive records of payments is crucial for ensuring transparency and accountability throughout the buying process.
Navigating the legal process of purchasing property in Lagos requires a thorough understanding of these essential documents that we have taken the time to break down in this blog. By familiarising yourself with the Title Deed, Survey Plan, Certificate of Occupancy, Land Purchase Agreement, and Receipts of Payment, you can proceed with confidence and clarity to buy your first property or your next one.
Finally, ensure you buy your properties via buyletlive.com. This way, you are sure that you are dealing with verified agents who will not scam you off your hard-earned money by selling undocumented properties to you.