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Wednesday, January 29, 2020

THINGS TO KNOW BEFORE ACQUISITION OF LANDED PROPERTY

THINGS TO KNOW BEFORE ACQUISITION OF LANDED PROPERTY

Concept of land is that it is a piece of earth, namely a piece of property that is been owner by someone. Acquisition of land is one of the most important thing in life because land "APPRECIATE" almost every minute. The fear of some been scammed in the process of purchasing a land has make many to lose hope in acquisition of land. This article will help and build us to have knowledge before taking steps in acquisition of land.


1. THE NEEDS FOR LAND

This is the first thing to have in mind before acquisition of land. The main needs for the Land either for Agriculture, Residential, industrial or commercial purpose must be stated clearly.

2. LOCATION FOR LAND

Location is a very important thing after the the main purpose for having a landed property have been known. The location for residential may not be suitable for agriculture likewise for commercial and industry purpose and vice versa. For example, land needed for the pursose of constructing higher institution students hostel should be located in a place very close to the institution for easy access for students.

3. AVAILABILITY OF THE LAND

Search for the availability of land that will suit your taste of needs. Make enquiries on the real ownership and those involved in the land to avoid been scammed and "future issues" , which necessary dialogue and transaction can take place. No matter how attractive a land maybe, once you noticed the land is a _committed_ land, please stay away from the Land.

4. RECIEPT OF LAND

Once the transaction is done, you have the right to the receipt of the Land. This document is the least of all the document required to acquire a land. This is just prove of money received the due money by the seller from the buyer but not the "Deed of Assignment ".

5. DEED OF ASSIGNMENT

This is the only document that shows that you now the new owner of the Land. When issues arises on that Land, without deed of assignment, you cant claim the land legally. A Deed of Assignment is an legitimate agreement between the seller of a Land or property and a buyer of the land or property showing that the seller has transfered all his or her right, titled, interest and ownership of that land to the individual that just bought it.

6.  LAND SURVEY

After the successful transaction and handing over of Land, the next is to do the Survey plan of the Land which will show the boundary accurate  measurement of a parcel of land and also show the the size and shape of the land.

Note: If the land or property is in a developed area or a land already surveyed, the surveyed plan is the most important thing you should ask for because it will help you to know everything about the Land. Take the survey plan to your surveyor to conduct a search so as to know if the land is free from government acquisition or to know what the zoning restriction is.

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