Most times it becomes an argument between buyer/investors and realtors after paying for a property and then discover that they have to pay some additional money. The truth you may not hear is that before you can take full possession of your property, you need to pay for some documents which I call statutory fees. Same way you have to change car particulars to reflect your name and pay for documents before the car can be fully yours, is the same way you have to pay for some documents such as survey and deed of assignment before you can claim full ownership of the property
A receipt from the company/seller is not legally enough for you to claim full ownership of your property and here I will bring to you other documents which are necessary and you must be aware of before any transactions.
DEED OF ASSIGNMENT
A deed of assignment is one of the important document to have apart from receipt. It is used as a transfer of ownership of land or property from one party to the other. It is used to transfer legal title and ownership of land from the assignor to the assignee for a consideration paid and accepted by the assignor. The assignor (the seller) and assignee (the buyer) are the two parties involve in deed of assignment. it shows evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to the Seller that has just bought land.
A deed would usually have more pages, but this is what the cover page of a typical deed looks like
A deed must contain the transaction date, name and signature of parties involved in the transaction, genealogy/history of the land, specific description of the property and a legal seal showing the contract is legally binding.
The cost of obtaining a deed usually ranges between N50,000 – N100,000 or more depending on the property location and value of the property.
RELATED: Meaning, Importance, and Purpose Of Deed of Assignment in Nigeria
SURVEY
Survey enables you to know all necessary information about the property you are buying. It shows the right owner of the name, boundary measurements and many more. A good survey must have the following
- The name of the right owner of the land
- A description of the exact location of the land to include the LGA
- The Size of the land usually in square meters (for Lagos state)
- A drawing on the survey showing the land boundaries
- Beacon numbers which indicate the
- name and seal of the surveyor who drew up the survey
- The plan number
Other things to know is that a Survey Plan would spell out if the land is for Agricultural, Residential, Industrial or a Commercial Purpose.
The cost of obtaining a survey in Lagos state is not fixed. It is completely dependent on the location/LGA and value of the property. For instance, the cost of obtaining a survey for a property in Lekki is not the same as that of Epe. You need a professional surveyor to help you and filed it at the Surveyor General’s office in Alausa – this is exactly where the cost of surveys are regulated.
DEVELOPMENT LEVY
This is another “other charges” that is required if you are buying in a gated community like an estate. This levy is used to provide facilities such as perimeter fencing, drainages, motorable roads/interlocked paved road, electricity etc. When you buy a property, one of your desires is to see it appreciate enough to give you return on investment – one major factor that brings about such appreciation in the price of the property is the development going on around the property. Now you understand how important your development levy is.
Development levy ranges between 5-10 percent of the cost of the property or a fixed amount which is dependent on the value or location of the property and the facilities to be provided.
READ ALSO: TIWA GARDEN CITY: ALL YOU NEED TO KNOW ABOUT THIS ESTATE
Other documents with no cost are:
RECEIPT: This is the evidence of payment from the seller to the buyer.
CONTRACT OF SALE: It is a document that list out the terms of sale and it is issued by the seller to the buyer of a property.
STATEMENT OF ACCOUNT: This is a document that list out the transaction that has occurred between the buyer and the seller. A statement is an up-to-date report on what buyers still owe vendors on account. It is the status of a customer’s account at a certain point in time.
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