Often times
prospective land buyers often fall into the wrong sellers who do not have the
legal title to such land, thus, due diligence (research), inquiring the
legitimacy and genuineness of a property is very
essential before paying money.
Below are the vital steps to be followed when
acquiring a land:
1)
Understanding
the nature of the property to be bought.
It is very imperative to be aware of the
nature of the property in question before deciding whether or not to buy it. The property ought to be in proper shape before buying
it; so as to avoid acquiring additional expenses.
2)
The
seller must be know:
It is
important that before making payments on any property, carry out investigations, know the seller and make sure
they are reliable before even considering doing business with them. It is also
of the essence that the person is the true owner of the property or has the
consent of the true owner of the property to sell such property.
3)
The
reason for the sale must be known:
It is of the essence that the reason behind
the sale of the property be known, so as to enable the buyer know how to
protect him/herself from possible issues in relation to the property. Asking
questions till you find adequate answers is imperative.
4)
Always
do a physically inspection of the property to be bought:
It is
paramount to do a physical inspection of the site to determine if the property
is as described. It is really unadvisable to conclude real estate transactions
without physically inspecting the property in question and to also request for
copies and title documents before or during the physical inspection of the
property.
5)
Carry
out a search on the property:
It is very vital to conduct a search at the
relevant land registry to determine if the seller is the legal owner of the
land. These will enable the buyer know if the title presented is genuine,
whether the property is not under dispute and if it is not the subject to any
government acquisition. It is important to ensure that the information given by
the seller corresponds with the findings at the Lands Registry. Where there is
an inconsistency, it is advisable that such inconsistencies be cautiously
clarified before proceeding with the transaction.
6)
Execute an independent valuation of the
property
To evade instances of where the property
might have been over-priced by the seller or the agent might have inflated the
price of the property, it is also safe to carry-out a private valuation of the
property to ensure that a reasonable
amount is been paid for the property.
Where this happens to be the case, the valuation might be a basis for
renegotiation. Equally if the valuation reveals that the amount is unreasonably
low, there might be a need to exercise caution before proceeding with the
contract.
7)
Payment
must be made to the owner of the property
Avoid making payments to the agent, the
secretary or any third party. If it is a family property, bank drafts can be
made in the name of the family head and principal members of the family to
avoid arguments over the sharing of the money.
8)
Obtain transfer documents
After making the required payments, make
certain to obtain purchase receipt, contract of sale and original copies of all
previous documents of the property from the seller before making payment so as
to be on the right side of the law. After payment has been made, take physical
possession and file necessary documentation with the government by executing
the deed of assignment.
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