Documentation Processes In Real Estate Transactions And Their Legal Implications.
FUNDAMENTAL PRINCIPLES/RULES OF REAL ESTATE •You can not own land, what you can own is a right to or an interest in land(Section1 of the Land Use Act) •Caveat Emptor (Buyers Beware):The burden to take precaution before purchase of property rest on the buyer (and his agent). •Quic quid plantatur, solo solo cedit (Whatever is affixed to the soil, belongs to the soil). Thus, he that owns land owns everything on it. VARIOUS STATUS A LAND CAN HAVE When a SEARCH is conducted, it usually comes back with one of these THREE(3) verdicts •FREE from all known forms of government acquisition •Acquired (but not committed) •Committed (Acquired and committed) DOCUMENTS IN REAL ESTATE TRANSACTIONS •Letter of Engagement •Power of Attorney •Memorandum of Understanding •Affidavit •Tenancy Agreement/ Deed of Assignment •Offer letter & Acceptance letter TITLES TO LAND AND THEIR LEGAL SIGNIFICANCE (1) There are various TITLES a landed property could have. They are: • • • • •