7 Things You Must Never Forget After Buying A Land In An Estate - Ibeju Lekki Properties 7 Things You Must Never Forget After Buying A Land In An Estate ~ Ibeju Lekki Properties
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7 Things You Must Never Forget After Buying A Land In An Estate

 This piece is a must read to avoid losing your investment in the future especially when you buy a piece of land within a structured Residential Estate. There are few basic steps that you need to ensure you never forget or partake  if you are ignorant of their existence. These steps would protect and keep your investment safe and also protect you from being scammed or swindled. The handwriting are boldly written on the wall for those who can see the trends.

 7 things you must never forget after buying land

1- Receipt Of Payment: Never take a receipt for granted,do not be carried away by the excitement of purchasing a new land to the extent of forgetting to demand for a receipt of your payment. This is the first legal instrument in case if anything goes wrong in the future you could be compensated but if you are unable to produce one and officers have changed position it could be a near impossible situation to get your money back or claimed yo made payment. 

2- Contract of sales Agreement : This is the document that you would be issued stating the relationship between you and the seller and what is expected of each party such as details of the terms of sales. For instance if the seller promise some infrastructures this would be indicated in this document and in your case if you are expected to pay certain fees such annual  service fee it would;d be stipulated ,or if the property could be resold to a third party,the types of house you can build etc. In case you buy without this agreement then you have bought a loose contract so much such that anything could be imposed on you in the future ,any irrational fee or condition could be imposed on you without any prior knowledge and if the Seller promised to construct road,perimeter fencing,street light etc this should be indicated otherwise demand for it or slug it out

3- Land Allocation Letter .This is a very crucial stage that indicate if that you truly really have a property or not irrespective of how much you have paid. This is where the description of your land is specified ,the amount you paid,the size of the land,the location of the land and who sold the land to who. Without this document you owe nothing .This condition affect most subscribers who bought on installment if you belong to this category then you are at risk. 

Firstly the money you paid could be refunded because they have not given you any slot,secondly the particular geographical location of the estate can be changed without any prior notice or notice that the place you were shown have been fully sold you would be left with two  options of relocating you to a new location or take refund with less 40% of the original amount you paid. I would advise you make full payment or short installment duration maximum of 6 months  and demand for your physical allocation letter and ensure that you visit the site to see the physical allocation done in your presence, make a video of your allocation ,take pictures you can never tell what the future hold and at worst the letter has become a legal instrument to fight with in case any goes wrong in the future.

4- Land Survey Plan :  After payment and land allocation get a survey or the estate purveyor to get a survey for the land in your name or company name, without this the land is still at risk but if you do its a big step forward

5- Deed Of Lease Agreement/ Deed of Assignment :  A lot claim to own a piece of land in several estates but how many have a formal instrument of land sales such  as Deed of Lease Agreement of Deed of Assignment . Ensure that you demand for this document after making full payment. This is the most important document in land sales transaction and this is what makes you a land or property owner. It is a document that indicate the Buyer and Seller agreement to buy and sell ,indication the history of the land,the root title ,the amount paid ,the signature of the buyer and seller and that of the witness.

6- Register your Title Temporarily : Once you receive your Deed of Lease /Assignment within 48 hours its important for you to register it temporarily with the State commissioner of oath in your state you can get it at the ministry of justice etc. The implication of this is that you have just informed the Government of this deal you just completed, a photocopy or original copy is kept in the Government custody ,this would go a long way to defend your transaction if anything goes wrong within the shortest period after payment,never estimate what could possibly happen in the next future and leave no stone upturned.

7- Register Your Title Permanently : This  permanent  registration is important,essential and the best,you need to get a Governor Consent or C of O  in your name or company name on the property after purchase. In some states it takes not less than 24 months to obtain this instrument but in others states in less than 6 months you can get it done. The money you would spend in getting it done is less than the amount of stress you would experience if the land you bought develops complications or unexpected problems. 

This piece was written by 

About Akeem Agbaje - Editor-In-Chief

Hi, ABOUT OLA AGBAJE Hi, My Name is Ola Agbaje i am a versatile real estate realtor and have been running for real estate company for the last 15 years which makes me conversant with real estate investment. You can reach me by phone +2348055522183 , +2348093589614.

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