12/04/2020
4 Documents To Prove Land Ownership
Ever wonder why the value of Naira continues to depreciate and some would consider the uncertainty of the stock market, many people have come to the realization that the oldest form of investment of owning land is considered as the surest guard against inflation.
There’s an old wisdom that still remains valid. Many people are familiar with it, Land appreciates, and it does not depreciate. To be sincere it’s the truth.
When you invest in a property after a while it appreciates which gives room for investors to get more than what they actually purchase that land at the initial deposit. Now many folks have brought into this reasoning.
It is also important to know that given Nigeria peculiar challenge where some land grabbers commonly known or called Omonile which means ‘Son of the land’ in the southwest sells one land to several people, it is important to acknowledge what kind of documents that can help in such case, ln some cases, two persons will be laying claims to the same land which could lead to legal quagmire.
In order to avoid all these needles headaches and problems, there are four main documents that validate land ownership and thereby elucidated below.
1) Deed of Assignment or Conveyance
This legal document shows the parties to the agreement; it traces the history of how the land has the changing hand to the present owner of the land. It is also important that it must include the names of the members of the family who sold the land and it must be duly signed and stamped by the concerned individuals.
2) A Valid Survey Plan
This is considered to a valuable document that you must demand from the family selling the land to you. It is advisable that this should be one of the documents to request for during land investment. Armed with the survey plan, you can go for the geographical search to ascertain if the piece of land has not been designated for government in the future. Relatively few have burned their fingers over failure to carry out a proper research on land before investing.
Survey plan shows all the beacon number, plan number the name of the qualified surveyor, finally, lack of production of title documents can lead to loss of one’s property. Always get legal and professional advice about your property from a reputable real estate investment company before committing putting your money.
3) Mode of payment/Proof of Payment
This document is very essential and important during the process of land purchase or investment. Many land grabbers (Omonile) insists on cash deposits on land. Relatively few have ignorantly paid in cash. One problem of cash payment for land is that it is untraceable in time of problem or keeping records. This is understood to be done immediately after deposit, the money is distributed between members of the family and if there’s a problem with ownership, this method of payment would not hold water.
The most advisable method of payment should be in a bank draft or cheque and there must be a lawyer involved in the transaction. The role of the lawyer is to serve as a witness in a time of the dispute.
4) A family Receipt
This document is also a key factor in most lands in the country aside from government acquisition which is owned by a specific family who first settles on the land. It is also important that you deal with right family or authorized representative. After payment, a family receipt from the head which must be witnessed by the family secretary and keyed family member. It’s essential that the receipt must bear the family name that is selling the property and that is why it’s advisable to purchase a property from a real estate company so you do not go through all this rigorous stress.
