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Ways of Investigating any Properties before Purchasing

Ways of Investigating any Properties before Purchasing

The first stage in property transactions is the investigation of the title of the property presented by a vendor.

The Purchaser’s solicitor proceeds to carry out different Ways of Investigating any Properties before Purchasing to verify the vendor’s name as well as to determine that there are not any defects in the stated name to the property. The investigation involves several searches at various registries where records of properties and encumbrances are actually kept. Searches may be conducted in the following places-

  • Search at the Lands Registry – The Land Instrument Registration Law of each State establishes a land registry for the State, in which documents relating to land within the territory are actually maintained, and it varies from one State to another. In Lagos State, such search may be conducted at Land Registry, Alausa Ikeja Lagos in accordance with the provisions of the Land Registration Law of Lagos State 2015.
  • Charting at Surveyor General Office: where any property to be purchased cannot be searched at the land registry to the fact that the property is yet to be registered, the purchaser, through its solicitors, may apply for charting of the land at the Surveyor General Office. The charting will reflect whether the land falls under any government acquisition or not. A land already registered would have ordinarily passed through this process, and there may not be any need to further conduct charting at Surveyor General Office.
  • Search at the Corporate Affairs Commission (CAC) – This is needed where previous owner or the vendor is actually a business incorporated under Companies and Allied Matters Act. Apart from the queries at the land registry, there ought to be an additional search at the CAC to disclose whether or maybe not there is any encumbrance at all on the property.
  • Search at Probate Registry – This search is carried out to disclose whether or maybe not probate has been given on any estate as well as to determine the personal representatives or perhaps executors of a testator in situations of a property belonging to the estate of a deceased. Without a grant of probate and/or letters of administration, the vendors don’t possess the requisite authority to sell the property of a deceased individual.
  • Traditional Evidence – This is accomplished by investigating or maybe verifying from the principal members of a family unit or perhaps from the community and heads of the town in which the property is actually subject to family members or even community ownership. It is essential to confirm that all pertinent consents have been received from appropriate persons before sale.
  • Court Registry – This type of search is performed to determine if the landed property was subject to any litigation, and if any, the end result of the dispute; or maybe whether the seller is actually a private representative or perhaps beneficiary in a probate dispute which entitles him to convey the property. It is often necessary where the property was derived by virtue of a court judgment.
  • Physical Inspection – This is a private visit to the property in question in order to discover if there is any problem with the property, or perhaps to determine the real dimensions of the land and whether it conforms to the dimensions on the survey at the land survey office.

Besides the above, investigation of real property might have a different turn based on the property type and also the caliber of persons involved in the transaction. For example, due to the latest development of collapsed and collapsing buildings in Lagos State, it is recommended for a property buyer that want to buy high rise structures to request for profiles of the designers of the property, certificate of structural integrity/stability, type of foundation on which the building is actually erected among others.

All this and more are step future properties takes to make sure our client are buying properties that will give them peace of mind and not having to doubt our prestige, Future Properties goes as far as for properties located in choice areas which cost huge sums of cash, it might not be out of place to conduct an additional due diligence by looking at the profile and history of the vendors via online or media to ascertain such persons and or property are not subject of any investigation. This will prevent the danger of confiscation of the property by any anti-corruption agency. The due diligence process may also reveal whether there is any pending lawsuit in respect of the property to be purchased.

 

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