HOW TO KNOW A GENUINE LAND DEAL (1)
It has been
proven beyond doubt in all ages that buying and owning properties is a sure way
of gaining financial freedom, achieving ones dreams and getting free from the
#RatRace.
Therefore, if
you want to buy a land to build your house or for business in the real estate
business space, how to procure a genuine land from a land vendor( owner or
agent) without stress either before or after should be of interest to you. This
post is focused on necessary REGISTERED
TITLES as a means of knowing a genuine land deal.
These titles are:
- THE SURVEY
- THE CERTIFICATE OF OCCUPANCY (C of O)
- GOVERNOR'S CONSENT
- REGISTERED CONVEYANCE
- LAND CERTIFICATES
- REGISTERED DEED OF GIFT
- REGISTERED POWER OF ATTORNEY
These documents of title should be
sufficient in themselves without any extrinsic evidence to establish the title
to the land. This shows if the vendor has valid right to sell the land and if
it is unencumbered.
CONDITIONS The conditions to be satisfied for a
document to be a good root of title are as follows
·
It
must transfer both the legal and equitable interest in the property
·
It
must clearly describe the property and extent of interest being conveyed.
·
It
must clearly state the owner of the property.
·
It
must not be subject to any higher interest over the property i:e there should
not be any superior title on it
·
Nothing
on the face of the title should cast doubt on its authenticity i:e there should
not be any form of alterations or cancellations or erased words.
#WATCH OUT FOR THE NEXT POST.
We will explicitly explain what each
document should contain and the legal implication of each.
Co-Contributor - ERSOGHY REALTY
#HappyNewMonth, Greetings from #PROPERTIESAVVY
Contact us on 08168034525, 08058536811.
