Navigating property transactions in Nigeria can be a complex process, requiring a keen understanding of various legal documents. Whether buying or selling property, having the right paperwork is crucial to ensure a smooth and legally binding transaction.
In this blog post, we will walk you through the 8 essential documents you need to complete a property transaction in Nigeria.
From the Certificate of Occupancy to the Deed of Assignment, each document plays a vital role in securing your investment and protecting your rights. Let’s get to the list.
LAND PURCHASE RECEIPT
A land purchase receipt is a normal receipt or document reflecting the receipt of payment for a particular house or land. Usually, vendors issue a receipt to the buyer upon the sale of a property. However, the receipt may be exempted where the clause for receipt is contained in the document transferring the land.
CONTRACT OF SALE OF LAND
The contract of sale of land is used by parties to agree on some terms before the finalization of the transaction. It is relevant when any property is to be purchased by anyone. It is not a registrable instrument and must be preceded with other documents transferring title in the applicable property.
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SURVEY PLAN
This document is used to show the location and size of the landed property. With the descriptions and coordinates on the survey document, it is easier to check or search from the office of the Surveyor-General whether the land is actually under any government acquisition or not.
DEED OF ASSIGNMENT
A Deed of Assignment is used in sales transactions to permanently transfer a landed property from the seller (also known as assignor) to the buyer (also referred to as assignee). It may be drafted by the assignor and reviewed by the assignee or vice versa.
CERTIFICATE OF OCCUPANCY (C of O)
C-of-O is usually issued by the state government, indicating that a person owns a parcel of land or property. It is issued to individuals who have held a piece of land after 1979. State governments also give it to the allottees of the government’s land. An Individual who subsequently takes over land by way of sale does not require a new certificate of occupancy but rather a deed of assignment with the governor’s consent.
DEED OF MORTGAGE
A Deed of mortgage is used in mortgage transactions to show that land or house has been transferred from the mortgagor (borrower) to the mortgagee (lender). It is a temporary transfer in the sense that the mortgagor shall be entitled to retrieve this property back from the lender when the total loan amount, together with the accrued interest, has been paid.
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DEED OF GIFT
It is a document that proves that land or property has been gifted from one person (donor) to another (Donee). A deed of gift can be used to transfer interest in a landed property permanently.
GRANT OF PROBATE
A grant of probate is a document derived after proving the will of a deceased person through inheritance by will in the probate registry. The document vests all the assets contained in the will into the executors of the estate, who are now recognized legal owners of the property in law.
After the owner of any property has become late, all the property documents of such a person are no longer valid to transfer any interest in the assets left behind by him or her. The Probate will now be the only recognized legal document to prove the title to such property.
CONCLUSION
Successfully navigating property transactions in Nigeria requires thorough preparation and understanding of the essential legal documents involved. From the Certificate of Occupancy to the Deed of Assignment, each document plays a critical role in ensuring that your property investment is secure and legally sound.
By familiarizing yourself with these 8 important documents, you can confidently engage in property transactions, safeguard your interests, and avoid potential legal pitfalls.
