DUE DILIGENCE BEFORE ACQUIRING PROPERTIES FOR SALE IN LEKKI
While looking for properties for sale in Lekki, you should also not fail to do your due diligence and look out for what is considered to be of utmost importance; Property Title.
You may have heard of terms like Land Title, Certificate of Occupancy, Governor’s Consent, but many do not understand what each means or their differences. If you intend to acquire a property, especial properties in Lekki Phase 1, which is one of the most desirable locations in Lagos, you must know about property titles. It is also important to know their differences, what is required, and if your desired property has such Title.
Here are some basic due diligence tips to know about Property titles:
This is an official record book where every special government details are spelt out, detailed and recorded. It gives information about villages or communities that have been granted excision with the number and sizes of land the government has excised to them. Only within these areas are the traditional family entitled to sell to the public. Although, buying properties for sale from the family owner might give you a sense of security, but be sure it is excised to them.
Certificate of Occupancy
Popularly known as a C of O, is authentic evidence of ownership of landed property. A CofO is valid for a period of 99 years after issuance, it is mandatory to renew it once the time period elapses.
Deed of Assignment
In a Real Estate transaction, the attorney draws up a document which transfers the interest of the current titleholder of the property in question to the new Buyer, whom the property is being assigned.
After the ownership has been transferred, the Deed of Assignment indicates the new legal property owner. It is a transactional document that conveys very relevant information and it is mandatory for it to be recorded at the right Land Registry as legal evidence of an exchange of ownership. When this is acquired, don’t stop there, Governors Consent should be obtained.
This document gives the right of ownership or occupancy to the new buyer of a landed property which already has a C of O. It can only be processed on a property with a Gazette or an existing Certificate of Occupancy.
It is advisable to involve a Real Estate practitioner before acquiring property to avoid fraud and costly mistakes.