the major document you need to hold on to after buying a land PROPERTY.

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major document you need to hold on to after buyin a land property.

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OFFER LETTER

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An offer letter for a home is similar to an offer letter for a potential job. It outlines the home ownership goals, a bit of personal background, and why you’re the ideal buyer buyer for the home in question. The letter intended to be a brief explanation of why they desire a specific property, nothing more, nothing less. However, as the housing market becomes highly competitive, real estate agents have voiced that offer letters are discouraged. Nonetheless, offer letters are not yet extinct and could still come back as the market changes. Buying your dream home isn’t just a matter of finding it and moving in the next day. If only it was that easy! Even when you’ve rounded up all the necessary documents and obtained your pre-approval letter, your offer still needs to be accepted by the seller.

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updated stastement of account

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A statement of account is a detailed report of the contents of an account. An example is a statement sent to a customer, showing billings to and payments from the customer during a specific time period, resulting in an ending balance. The purpose of the statement is to remind a customer of sales on credit that have not yet been paid to the seller. The statement is usually a printed document, but may also be sent electronically. A sample statement of account usually includes the following information:

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  • The beginning total of unpaid invoices.
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  • The invoice number, invoice date, and total amount of each invoice issued to the customer during the time period.
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  • The credit number, credit date, and total amount of each miscellaneous credit issued to the customer during the time period.
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  • The payment date and total amount of each payment received by the seller during the time period.
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  • The net remaining balance of all transactions listed. This is the total amount payable to the seller.
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  • A payment slip on the bottom of the page that can be torn off and used as a remittance back to the seller. The slip usually contains a mail-to address, the customer name, and a block in which to fill in the amount being paid.
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  • There may also be a block on the statement, in which is noted the contact information for the seller’s collections staff, in case the recipient wants to contact them to discuss the information on the statement.
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LETTER OF ALLOCATION

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It means the property is due noted by the land registry as your land after all the preliminary fees and stamp duties have been paid to acquire the land. In most situations, letters of allocation come directly from the land registry after the land has been properly surveyed by the government it self. The government is very much interested in that land and have done everything to make sure that that land or plots of land are within their care and control.

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After the letter of allocation, it would be very wise of you to pursue the deed of release from them so as to have total control of the property. Most mortgage institutions will not rely on a letter of allocation to grant you a loan unless you have the deed of release or otherwise. But be rest assured with the land allocation letter, it is registered in Alausa that you are the true owner of the property barring any other person from claiming the title to that land.

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DEED OF ASSIGNMENT

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Most of the people have the title documents to their cars intact and in safe places, but fail to ask for the Deed Of Assignment to their properties, which is several times more valuable than cars. A Deed Of Assignment is one of the transnational documents, drawn up by a real estate attorney, between the current title holder for a particular property and the new buyer.

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In real property transactions, a deed of assignment is a legal document, that transfers the interest of the owner of that interest to the person to whom it is assigned, the assignee. When ownership is transferred, the deed of assignment shows the new legal owner of the property. The deed contains very pertinent information for a real estate transaction. It spells out the date when the ownership of the property transfers from one owner to the other. The deed also gives you a specific description of the property that is included in the transfer of ownership.

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Furthermore, it’s compulsory and mandatory for a deed of assignment document to be recorded at the appropriate land registry, to show the legal evidence as to the exchange of ownership in any land/landed property transaction, in order to make the general public and government aware of such exchange or transaction.

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SURVEY PLAN

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A Survey plan is a document that measures the boundary of a parcel of land to give an accurate measurement and descriptions of that land. The people that handle survey issues are the surveyors and they are regulated by the office of the Surveyor General in Lagos.

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A survey plan plan must contain the following information;

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  1. The name of the owner of the land surveyed.
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  3. The address or description of the land surveyed.
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  5. The size of the land surveyed.
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  7. The drawn out potion of the land parcel.
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  9. The beacon numbers.
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  11. The surveyors who drew the plan and the date it was drawn up.
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  13. A stamp showing the land is either free from government acquisition or not.
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Cheers!

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NOW THAT YOU KNOW!

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INVEST in any of our amen estate series today!

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