5 Proof of Property Ownership Documents You Must Have

Proof of property ownership document is a legal document that transfers ownership of a property from one individual (assignor) to another (assignee). The proof of property ownership document is the protection and control an individual has over a property.

Thomas had inherited a house from his mother, which he lived in since he got married. He had no reason to buy land, let alone build a house because he was contented with his inheritance. When he turned 40, he decided he would like to give back to society by building an old people’s home in his hometown.

Then, he had to buy land to build on. As someone who had no prior experience in buying properties, he was deceived by people who posed to have an expanse of land for sale.

5 Proof of Property Ownership Documents You Must Have

Alright, he was given a few documents, but not accurate proof of property ownership documents. He didn’t realize this until the rightful owner with all the required proof of property ownership documents showed up.

Unfortunately, he tried to find the people who sold the land, but they were nowhere to be found. That’s how Thomas lost all his money.

This is one of the many experiences of people buying land in Nigeria. Incomplete proof of property ownership documents can make you lose a property you have invested so much in.

Let me highlight the proof of property ownership documents you are supposed to have in possession of when you buy any property.

Table of Contents

Deed of Assignment/ Deed of Transfer

This proof of property ownership document shows the transfer of legal ownership of the property to the buyer subject, but to perfection. The document is very important. The buyer needs to request it when buying a property from someone who previously bought it from another person.

Although the abstract of title, the epitome of title, and payment receipt ought to have been original documents, they are all contained in the Deed of assignment.

Certificate of Occupancy

The Certificate of Occupancy is one of the most important proofs of property ownership documents on land property in Nigeria. It can certify the legal ownership status of any land in Nigeria.

It is the document that shows that an individual has been granted a statutory right of occupancy by the Governor of the state or a customary right of occupancy by the Local Government Chairman where the land is located. This document is also very important where the property in question is on land that was gained through a state grant.

Approved Survey Plan

Another important document to ask when buying land in Nigeria is the approved survey plan, because it clearly marks and defines legal boundaries, helps reveal the true ownership status of a property, and also reveals if the land is under any government acquisition or committed area.

This proof of property ownership document will become even more important when the house is bought along with the surrounding land.

Duly Perfected Assent

The personal representatives divest themselves of the real estate of the deceased through an assent. This is required where the house belongs to the estate of a deceased.

Read also:   Interview with TheLister Startup that changed business in India

In this situation, it becomes mandatory for the buyer to request a duly perfected assent from the personal representatives. He can even go further to verify if letters of administration/probate have been granted.

The Sale and Purchase Agreement

A sales and purchase agreement is a proof of property ownership document binding a legal contract between two parties that obligates a transaction to occur between a buyer and seller. Sales and purchase agreements are typically used for real estate transactions, but they are found in other areas of business.

The Sale and Purchase Agreement contains a list of terms and conditions that are agreed upon by both the buyer and the seller. An excellent example of this would be the negotiation for the price of the flat. The agreement would contain the agreed amount by both the buyer and the seller.

The Building Approval Plan

Before the commencement of construction, the builder is required to get the sanctions under the Building Bylaws, Master Plan and Local Body Acts. This sanction involves two factors:

  • The Building Plan
  • The Layout Approval

One mistake that first-time land or house buyers often make is not ensuring that the builder meets the terms and conditions of the Building Plan and Layout Approval before buying the house. Not meeting the terms and conditions could end up in negative results if the local authorities come in for spot checks, which are quite common in newer buildings.

The Mother Deed

The Mother Deed is an important proof of property ownership document, which traces the ownership of the property. Mother deed normally act as the main legal document as evidence of ownership of property. It also acts as the crucial document for further sale by the buyer as it establishes proof of his ownership.

Read also:   8 Best Affordable Areas to Live in Lagos Nigeria

The proof of property ownership document traces the origin of the property and all other relevant conveyance deeds. It is a crucial document to determine ownership of a property. Tracing ownerships should always begin with a scrutiny of the earliest document recorded.

The document is required by banks when a buyer avails a loan against the property. An individual may approach the local authorities for help while creating this proof of property ownership document.

 291 total views,  1 views today

Dennis Isong Helps Individuals Invest Right In Real Estate. For Questions On This Article Or Enquiring About Real Estate Email: Dennis@Landproperty.ng. You can follow me onYouTube. WhatsApp Or Call +2348164741041
5 Proof of Property Ownership Documents You Must Have

Leave a Reply

Your email address will not be published.

9 − 7 =