Thursday, January 21, 2010

BEFORE YOU PURCHASE THAT LAGOS PROPERTY…..

Acquisition of land and its documentation involves a number of procedures that call for due diligence and caution on the part of the purchaser. Retaining the services of a good professional could help get through these procedures in the best interest of the Purchaser.
The Purchaser’s lawyer will usually carry out the investigations of title of the Vendor and all other processes prior to the purchase of the land (payment of the purchase sum).
The primary objective at this stage is to ascertain that the Vendor has a good root of title. A good root of title in this context means the following: that the Vendor is the rightful (beneficial) owner of the land. that the land is free from any encumbrance or pending litigation. that the land is not the subject of any Government acquisition.that the land is not subject to any of the overriding interests in land(e.g. short leases, easements, licenses, road or right of way).that the Vendors are acting in good faith (for instance where the land is family owned land)
Investigation of title is carried out at the Lands Registry or New Towns Development Authority (whichever is applicable) by the Purchaser’s Solicitor shortly after inspection and expression of interest in the land using copies of the key title documents, evidence of payment of levies investigations may include visiting the neighbours to the property andmaking direct enquiries in respect of the land n question.

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