Buying property is one of the important steps most people wish to take at one point in life and there are so many things you must know to avoid mistakes or regrets.Here are important information to know before buying a house or a land in Nigeria.
The capacity of The Vendor
The buyer should know the capacity in which the vendor is conveying the interest in the title of the land. The capacities in which the vendor may convey are as beneficial owner, mortgagee, trustee, settler, or personal representative. Where the vendor is conveying as beneficial owner certain covenants would be implied such as; That the vendor has a good title and grants quiet possession of the land.
The vendor agrees to indemnify the buyer in the event of a claim buy another claimant on the propertyThat the property is free from any encumbrances.
Encumbrances
An encumbrance is a burden, hindrance, or claim against a property by a party that is not the owner. It may also be a financial obligation such as a mortgage, that is attached to the title of the land and is transferred with that right. Before buying a land, one must ensure that such land is free of such encumbrances.
Vacant Possession
This means land to be conveyed must be free from any claim of right of possession by a third party. The land must be free of a legal impediment to the enjoyment of the property. The property must also be free of any physical impediments, which are removable or will substantially interfere with the enjoyment of the property. Physical inspection of the land can show whether there is vacant possession or not.
Land Use
Land use is the categorization of land based on what can be built on it and what the land can be used for. There are many different categories of land use. The most common uses are residential, commercial, agricultural, recreational, and transport.
It is good to understand the land use has various benefits such as preventing an expensive misunderstanding when it comes to what can be built on such land. It would be detrimental for a buyer who buys a property designated as residential to build a club.
Town Planning Laws and Regulations
Town planning laws and regulations may restrict the conveyance of certain land where the purpose for which they are intended to be used is contrary to the purpose of town planning law.
Family Land
Before buying a land, one must try to know whether the land is a communal or family land. When purchasing a communal land, the consent of the head of the community must be obtained while the consent of the family head and principal members must be sought and obtained when buying family land.
Any purported sale by a member of a community or family without the necessary consent is voidable.Finally, where land is a subject of a pending lawsuit, the power of control is vested in the court.
The effect of this is to put others on notice that there is a dispute concerning the property and restrict the sale of any interest in the land. Some vendors may intentionally hide and mislead buyers to purchase a land which is the subject of a lawsuit.
This is why a thorough investigation must be conducted before buying any piece of land.Above all, land transactions is never a seamless one in Nigeria, and it advised that every intending property’s buyer in Nigeria retains the professional service of a property solicitor to navigate through the process.
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