HOW TO BUY PROPERTY IN OGUN STATE
Land purchase simply refers to the process of transferring ownership/title in land from one person to another for financial consideration based on written and mutual agreements/terms.
There are various documents and procedures required to purchase land in Nigeria. In our previous article, we explained the procedure for buying property in Lagos State. However, the focus of this article is to assess specifically the requirements for buying land in Ogun State, Nigeria.
`This is usually conducted on the site where the land is situated in order to determine whether the proposed property described is accurate and genuine. Such an inspection would also reveal whether is any adverse warning such as “caveat emptor” placed on the land.
A search is to be carried out on the specified land at the Ogun State Land registry. The search is essential to determine if the vendor is the rightful owner of the land or has the right to sell the land. The search will also reveal whether the title document presented by the vendor is genuine and whether the property is not under dispute or subject to any government acquisition.
To conduct the search, the buyer or his solicitor must submit an application letter to the land registry accompanied by a sworn affidavit of the status of the applicant and purpose of the search.
3.Execution of Deed of Assignment/Conveyance
When it has been confirmed that the title of the vendor is not defective, the deed of assignment can be executed. This occurs when both parties (buyer and seller) complete and sign the Deed of Assignment and payment is made for the land.
A survey document is an official document that clearly identifies the particular plot of land purchased and also describes the precise measurement. The survey is very relevant and important in every property transaction. A clear proof of the identity of the land plot is needed thus, the need for the survey plan as approved by the town planning authority. The survey plan gives the coordinates of the plot and must fit in the official map of the state. It also identifies the boundaries of the property.
In Ogun State, payment for charting, endorsement, etc is required before applying for Governors Consent. The fees are paid at designated banks. A receipt is issued at the registry, together with a paying-in slip to the bank and you pay the fees with a bank draft payable to Ogun State Government.
By virtue of Section 22 of the Land Use Act, all land in each State in the Federation is vested in the Governor of that State whose prior consent is mandatory for the legal validity of any transfers or alienation of an interest in a landed property.
To obtain the Governor’s Consent, the buyer will require the following documents:
The application is made to the Directorate of Land Services. Where property is subject to a customary right of occupancy, the consent required is that of the Local Government where the land is located. Governor’s Consent is usually sought and obtained by the assignee’s solicitor.
After investigation and assessment of the true value of the property, the applicant will be informed of the amount for the registration fees, consent fees, stamp duty and capital gains tax that should be paid.
Payment of the above fees will be made at designated banks by means of certified checks. Receipts will be provided to the applicant who will make copies before submitting the originals to the land registry.
The Attorney General and Commissioner for the State will grant consent on behalf of the Governor by signing on the submitted deed of transfer.
The deeds are then presented for stamping at the Stamp Duties Registry including receipts confirming payment of stamp duty.
The stamped deed will then be filed with the cashier at the Lands Registry with the receipts and paying in slips evidencing payment attached. A lands officer will be assigned to enter the deed into the registry records.
In conclusion, it can be emphatically stated that the procedure for acquiring land or a landed property in the Ogun State is a very tasking one. The interested buyer may seek a legal assistance of property lawyers to navigate such transaction.
By the Real Estate Law Department at the Resolution Law Firm, Nigeria