12/08/2021
Before you buy that land!
So, you have worked over the years and saved a lot of money. Your financial advisors have asked you to invest your savings in the real estate sector and you also loved the idea coupled with the fact that a lot of persons have in the past reaped a lot of profit from owning a piece of land.
According to financial experts and investors, owning atleast a piece of land is one of the safest and rewarding investment. However before you buy that land, ensure you do the following:
1. Consult Your Legal Practitioner:
A lot of us make this mistake of only consulting legal practitioner when we have already paid for the land and it is time to prepare the sale agreement. The duty of the legal practitioner is to conduct search and know what and what's not about the land you are about to acquire. Certain questions will pop up, is the land a family land, or a government acquired land? Is the "Seller" the rightful owner and has proper title to the land?
Let me share an experience with you. It happened around 2016, one man came in from Lagos to Osogbo because he was told that land is a little bit cheap as against Lagos, however, he was sold portions of land already acquired by Osun State Government for the construction of Airport in Ido Osun, while we were trying to help him prepare the document, we discovered that and immediately made a request for the refund of his money. While doing that, he was offered another land by another person, and he said for it, cause to him the land is so cheap, we later discovered that the person who sold the land had no title and did not have the consent of the owner of the land to sell the land.
This experience and many more have become so rampant today, so before you delve into buying your land, check in with your legal practitioner.
2. Full Disclosure:
Please ensure that you give all necessary and full facts to the Legal Practitioner before any document is prepared. That the 'Seller' is your uncle or best friend or younger brother does not mean that the land is genuine or the 'Seller' has your best interest at heart. Give full facts as to location, boundaries and history of ownership of the land. For instance, a glance at the recital section of a land agreement should at its best give a full history of ownership of the land, but most times, we only find this clause "The Vendor is a beneficial owner of a large piece of land hereinafter described and has agreed to sell the land to the Purchaser". This clause is not a full disclosure of facts.
3. Be ready to pay the Legal Practitioner's full fee:
A lot of us run into problems and avoid due diligence because we do not want to pay the full fees of a legal practitioner, I hear often how people comment that is it not to just copy, paste and edit an existing agreement. No, it is not, there is no common land. Each with its distinct fact and circumstances. It takes an experienced legal practitioner to carefully sift through the facts and circumstances surrounding the environment of the land to finally help unravel whether the land is genuine or not. Drafting an agreement only comes after the full fact is known.
I agree that land appreciates daily and it is one of the lucrative business out there but if care is not taken and search conducted with due diligence, you will not only buy a land, you may also buy small wahala.
NB: This article does not in any way constitute legal advice. If you require any legal advice, kindly consult with a legal practitioner of your choice. T for thanks.
©️ Abimbola Akinyemi Esq.
Gratius Dei Chambers, Òsogbo.
08106647758; [email protected]