Important documents used in a real estate transaction in Nigeria
Ebuka
As a young man, Ade always dreamed of owning a piece of land in Nigeria, where he could build his own home and start a family. He saved up for years and finally found the perfect plot of land in a growing community on the outskirts of Lagos. Excited to make his dream a reality, he quickly signed a contract with the seller and paid the required deposit. However, as the weeks went by and he began making plans for construction, he realised he had overlooked a crucial step: understanding the documents used in a real estate transaction in Nigeria.
Ade soon discovered he had no idea what documents were required to complete the transaction, what they meant, or how to obtain them. His lack of knowledge led to confusion, delays, and ultimately a loss of money. He wished he had known beforehand about the importance of these documents, which are essential for any real estate transaction in Nigeria.
If you’re like Ade and planning to buy or sell property in Nigeria, understanding the documents used in a real estate transaction in Nigeria is critical. In this blog post, we’ll cover everything you need to know about these documents and how they can impact your real estate transaction.
Before we delve into the important documents used in a real estate transaction in Nigeria, let’s give you a quick outline. Feel free to click any of the topics below to be taken directly to the section:
List of the documents used in a real estate transaction in Nigeria
- Deed of Conveyance
- Certificate of Occupancy (C of O)
- Deed of Assignment
- Survey Plan
- Building Plan Approval
- Excision
- The Sale and Purchase Agreement
- Governor’s Consent
- Deed of Mortgage
- Grant of Probate
- Duly Perfected Assent
1. Deed of Conveyance
The Deed of Conveyance is a legal document that transfers ownership of a property from the seller to the buyer. It includes details of the property, the parties involved, and the terms of the transfer. To obtain a Deed of Conveyance, the seller must sign the document in the presence of witnesses, and it must be registered with the relevant land registry.
2. Certificate of Occupancy (C of O)
The Certificate of Occupancy (C of O) is a legal document that proves the ownership of a property. It is issued by the state government and serves as proof that the property is not under any government acquisition. To obtain a C of O, the buyer must apply to the state government, and the process can take several months to complete.
3. Deed of Assignment
The Deed of Assignment is a legal document that transfers the ownership of a property from one party to another. It is used when the seller does not have a Deed of Conveyance or when the property has been previously assigned. To obtain a Deed of Assignment, the seller must sign the document in the presence of witnesses, and it must be registered with the relevant land registry.
4. Survey Plan
The Survey Plan is a legal document that shows the boundaries and measurements of a property. It is important to ensure that the property being sold matches the description in the survey plan. To obtain a Survey Plan, the buyer must engage a licensed surveyor to survey the property and create the plan.
5. Building Plan Approval
The Building Plan Approval is a legal document that shows that a property has been approved for construction by the relevant government agency. It is important to ensure that the property being sold has the necessary building plan approval to avoid legal issues. To obtain a Building Plan Approval, the owner of the property must apply to the relevant government agency.
6. Excision
Excision is a legal process where the government revokes its interest in a portion of land that was previously designated as government-owned. It is important to ensure that the property being sold has been excised to avoid legal issues. To obtain an Excision, the owner of the property must apply to the relevant government agency.
7. The Sale and Purchase Agreement
The Sale and Purchase Agreement is a legal document that outlines the terms and conditions of the property transaction. It includes details of the parties involved, the purchase price, and any other relevant terms. To obtain a Sale and Purchase Agreement, both parties must agree to the terms and sign the document.
8. Governor’s Consent
Governor’s Consent is a legal document that is required for the transfer of ownership of a property from one party to another. It is issued by the state government and serves as proof that the state government has approved the transfer of ownership. To obtain Governor’s Consent, the buyer must apply to the state government, and the process can take several months to complete.
9. Deed of Mortgage
The Deed of Mortgage is a legal document that serves as security for a loan that is taken out to purchase a property. It gives the lender the right to take possession of the property if the borrower defaults on the loan. To obtain a Deed of Mortgage, the borrower must sign the document in the presence of witnesses, and it must be registered with the relevant land registry.
10. Grant of Probate
The Grant of Probate is a legal document that gives the executor of a deceased person’s estate the authority to manage and distribute their assets. It is important to ensure that the property being sold is free from any probate issues. To obtain a Grant of Probate, the executor of the estate must apply to the probate registry.
11. Duly Perfected Assent
Duly Perfected Assent is a legal document that is required when a property is inherited by a beneficiary. It serves as proof of the beneficiary’s ownership of the property. To obtain a Duly Perfected Assent, the beneficiary must apply to the probate registry.
The importance of understanding the documents used in a real estate transaction in Nigeria
In conclusion, it is crucial to understand the legal documents involved in a property transaction in Nigeria. By doing so, buyers and sellers can avoid legal issues, protect their investments, ensure the legitimacy of the transaction, secure property ownership, and facilitate a smooth and efficient transaction. Seeking the assistance of legal professionals is highly recommended to ensure that the property transaction is legitimate and legally binding. Ultimately, understanding the importance of these documents can help individuals make informed decisions and navigate the complexities of real estate transactions in Nigeria.
Blog posts to help you learn about investing in real estate in Nigeria
- How to calculate the ROI of a real estate investment
- Ways to create passive income in real estate in Nigeria
- 50 real estate terms used in Nigeria you should know
- How inflation affects real estate investments in Nigeria
- 5 Nigerian Real Estate Investment Blogs to Help You Build Your Wealth
- What is the difference between Real Estate Investing and Stock Market Investing
- Properties in High Demand in the Nigerian Real Estate Market
- Risks associated with investing in real estate in Nigeria and mitigations
- 10 best free property listing websites in Nigeria
- The Top 9 Real Estate Investment Apps in Nigeria
These topics are just the tip of the iceberg. For more interesting content, be sure to visit our blog.
[…] Important documents used in a real estate transaction in Nigeria […]
[…] Important documents used in a real estate transaction in Nigeria […]
[…] Important documents used in a real estate transaction in Nigeria […]
[…] Related: Important documents used in a real estate transaction in Nigeria […]
[…] Important documents used in a real estate transaction in Nigeria […]