Buying land in Akwa Ibom or anywhere in Nigeria involves series of stages. There is a huge volume of estate transactions going on in Akwa Ibom on a daily basis. Unlike the sale of cars, chairs and other personal property, estate transactions/sale are regulated by laws, to which lawyers play an unavoidable role. A lawyer is expected to be equipped with the knowledge of modern real estate principles and practices in order to guide their clients in real estate transactions and sale.
It is without a doubt that possession is a fundamental ingredient of ownership. That is why it is necessary to do everything possible to show that the purchaser has been given legal possession as well as physical possession.
These are the 5 stages involved in buying land in Akwa Ibom
- Search and investigation:
The first step in conveyancing is to identify the real property which is the subject matter between the parties and to search and determine the validity of title. The purpose of carrying out the search and investigation is to ensure that any encumbrances and defects associated with the seller’s title are uncovered and exposed. The overall purport of verifying landed property is to check if the land has a good root of title and also to discover defects in the title, if any. Search and investigation involves the following;
- Conducting a search at the Lands Registry
- Carrying out a confirmation of survey at the Office of the Surveyor General
- Conducting a search at the Corporate Affairs Commission
- Making enquiries from the neighboring properties
- Making enquiries from the Youth leader, community leader, Village Head as the case may be.
- Liaising with the Seller’s Attorney/Lawyer
- Investigating inscriptions on the walls of the property
- Making enquires from persons in physical possession of the land.
2. Negotiation:
Where searches have been conducted and physical inspection of land carried out, the parties should enter into preliminary negotiation. This may cover issues such as purchase price, ascertainment of boundaries, engagement of Property Attorneys/Lawyers on both sides of the bargain, mode of payment. All negotiations relevant to the sale should be considered at this stage. Failure to do so at the preliminary negotiations may mean that at the time of execution of the contract, the negotiations will start all over again. Worse still, the parties may enter into an agreement that is highly disadvantageous to one or the other or so uncertain and ambiguous.
The parties should be clear on all issues to avoid any future litigation. During negotiation, no term of the contract should be contingent upon the happening of a future event. The measurement of the land to be conveyed must be known and clear to the seller and the buyer. The term negotiation refers to a strategic discussion that resolves an issue in a way that both parties find acceptable. Participants learn as much as possible about the other party’s position before a negotiation begins including what the strengths and weaknesses of that position are, how to prepare to defend their positions, and any counter-arguments the other party will likely make.
3. Contract of sale:
Although not widely in use, a contract of sale is an expected step in the conveyancing process. Once the parties have completed negotiation, it is expected that they enter into a contract of sale of land. This document is vital because it evidences the transfer of interest from the seller to the buyer. Once the document is signed by the parties, their rights and obligations become fixed and they are bound by it. The contract of sale contains covenants, rights and obligations of the parties. After the contract of sale is executed, the state of the purchaser’s title must be determined to the satisfaction of both the seller and the buyer. This is one of the most important legal works connected with the transaction.
4. Drafting the conveyance Instrument
This entails preparing the instruments which will transfer interest in land from the seller to the buyer. The instrument is the document that formally transfers the real estate or landed property together with the rights or interests existing on the property to the buyer. It extinguishes all of the rights or interests existing on the property in favor of the seller and transfers them to the buyer. The transfer of interest may be absolute or partial and this has a huge significance on the process. As such, drafting the document is one of the crucial aspects in conveyancing.
5. Registration of the Instrument
In conveyancing process, one of the most effective ways of securing a transfer of real estate is through the mechanism of registration of the instrument evidencing the transaction. The issuance of certificate of title or registration of property in a person’s name, constitutes evidence of the person’s right of occupancy and raises a presumption of the right in favor of the person.
In buying land in Akwa Ibom or any where in Nigeria, one must take the foregoing 5 steps into consideration and endeavor to adhere to them. One is also advised to hire a Real Estate Attorney to walk you through the process.
We provide Real Estate Attorney services
CONTACT US via telephone call or whatsapp on +234 708 424 1826 or send an email to info@thejubileelegal.com
