•AKINOLA OLUMIDE, GM, WHITEGATE Homes
A few weeks ago, City People met with a seasoned real estate player, Mr. Akinola Olumide, the General Manager of Whitegate Homes. For over two hours in his Ajah office where we met, he spoke about the sector and what people should know before buying land from Omooniles, especially. In his words: “It has been said often that when buying a landed property in Lagos, trust no buyer, agent or marketer. They can be deceitful.”
“Don’t believe the marketing adverts from sellers or agents till you have done your own personal scared to confirm. The more they tell you they have a good track record for sales done properly, the more you should be that you might be the next person whose transaction aware will go wrong and your money will disappear.”
“For every land you are interested in, always ask for these documents:
THE SURVEY PLAN
The Deed of Assignment and how the property was transferred from time immemorial to the present day Seller: Copy of the Original receipt the Seller used to purchase the land and from whom he bought it from. Copy of either the gazette, C/O or governor’s consent of the land.”
“If possible, visit the property personally or send a representative you trust. Never buy a property directly from a property magazine or website without you seeing it personally or sending your representative to see it and comment on it.”
“If a seller tells you he is not ready to release a document because it’s a private document, please walk away. Every landed document is a public document of record that can be investigated and searched. The more they tell you they can’t release it, the more suspicious you should be and after demanding it strenuously and its still rejected, please walk away fast.”
“Sweet Talking by a seller or agent will only put you in more trouble. If the Seller or Agent says it will take him time before he gets the document but you should fast track the transaction till he gets the document because other people are interested in the land, let him go and eat the land. Without these documents for search, you’re only falling victim to these fraudsters.”
Mr Olumide added: “There was a land the MD said we should go and measure around Okun Ajah here. Immediately Omo Onile saw the surveyor, they were the first to greet him and we could see he had been tipped. Do you know that when we wanted to sell the land we realized the land wasn’t what we were told. When we now asked the surveyor, he was just playing us around”. When you are going to the site, use your own surveyor. Don’t believe or trust any other surveyor that comes to do measurements for you.
Another thing is that, immediately you are shown a piece of land, do a double check in Alausa. There are lands you are told they are good but you find out that 2 months after, the land will be occupied and claimed by someone else.
You should be careful when a real estate company says they are selling a plot for land less than what others are selling in the same location; it’s either the land has a title problem or the land is problematic. You will get to face this problem after payment. That’s why it’s good to do proper and due diligence before you pay for any land.
When buying land in Lagos, you should take this step or advice. If you are buying from the family, please don’t pay in full. When you pay part of the money, go the land and clear the bush and leave it for a while. If there are members of the family who weren’t carried along as at the time of payment or transaction, when they see their landed property has been cleared by someone else, they will show up. This will enable you to know all of them. And you can settle them with the remaining balance.
When buying land from Omooniles in Lagos, property players have also been using video. All your transactions will be tapped and documented in a video. As you sign for the payment of the land, when you hand over the cheque, etc, will be captured in a video for future evidences.
WHAT IS IMPORTANT TO NOTE?
It is important for every land purchaser to understand that having a good title to land (what in layman terms is “ownership of land”) goes beyond merely paying money to buy a land from seller/vendor and signing an “Agreement” expressed as an “Irrevocable Power of Attorney”. A land purchaser is required by law to “perfect” the land transaction to secure his ownership rights and to avoid future risks associated with land transactions. This article is a guide to perfecting title to lands. “Land” is used here to include buildings, real estate, real property and undeveloped land.
WHAT DOES “PERFECTION” ENTAIL?
“Perfection” of title to land entails the (1) Stamping, (2) Registration and (3) Obtaining the consent of the Governor over the land so acquired. Under the Land Use Act, it is the consent of the Governor that confers validity to the act of alienation of any interest in the land. Where the land is subject to customary right of occupancy, the consent required is that of the local government authority where the land is situated.
Where you have acquired land through an instrument expressed as Deed of Assignment, Deed of Conveyance, Legal Mortgage, Irrevocable Power of Attorney, Transfer of Certificate of Occupancy, etc., it is mandatory that you pay the appropriate stamp duties on the instrument, register the instrument at the state Lands Registry (and at the Corporate Affairs Commission – where you are a company) and obtain the required consent from the overlord.
WHY IS REGISTRATION/PERFECTION NECESSARY?
Registration/Perfection gives an indication that the land is encumbered by you and any subsequent purchaser would be duly notified upon investigating the title at the Lands Registry. Perfection raises presumption of land ownership in your favour against every other person who lacks a better title. Perfection passes legal estate in the land. Where the land remains unregistered, your interest is in equity only and not legal. Non registration renders the documents inadmissible in evidence to prove your title. You may not be entitled to receive compensation from government if the land is compulsorily acquired for overriding public interest. Perfection prevents fraud and problems arising from the suppression or omission of instruments when title is deduced, in case of subsequent transactions it would show your registered interest in the said property. Your registered instruments ranks in priority according to the order of registration (1st in time is stronger in law). Your title documents must be registered otherwise they are void in law.
HOW TO PERFECT YOUR LAND TITLE?
After paying the purchase price of land and signing relevant paper documents with the seller/vendor, it is mandated by law that you secure or perfect your title to the land (what in layman terms is “ownership of land”). “Land” is used here to include buildings, real estate, real property and undeveloped land.
A solicitor will help you secure title to your land and process the perfection of the land instruments when you provide the following documents: Vendor’s/Grantor’s title document
Four copies of the Instrument of transfer of title e.g. Deed of Assignment or Power of Attorney
Four approved survey plans.
Building plan and photograph of property.
The solicitor will file for perfection through a written application to the office of the Surveyor General for charting, accompanying same with Completed Form 1c sworn to before a Magistrate or Notary Public and a letter for consent by the Governor.
-Isaac Abimbade
(08155107955)
