Before you buy any property it is essential you do your due diligence. In this piece, you will get to know how to correct errors in your property title documents especially on your survey
It is usually a huge challenge correcting property title documents.I have seen surveyors make mistake on title documents and worse still these mistakes go undetected which can spell doom to the buyer of such property.
In Real Estate, information is key, else you may be running into the wrong hands. Land or property title verification is a vital part of any land transaction.
When it comes to legal investigations for that piece of real estate, there are so many things to cross reference, more reason you must be patient and take as much time as you want to do your due diligence Remember, it is your hard-earned money that is at stake and not the owner of the property’s money.
Considering the sensitivity and complexity of real estate transactions, going into land or real estate transactions without involving professionals will be suicidal.
Invariably, before investing in Land know the title and investigate the title; make sure there are no errors on your title documents to avoid sorry tales; or what you may want to call “stories that touch”
In fact, involving a Lawyer and a Surveyor in your document investigation is non-negotiable. These professionals are important to your real estate transaction.
The lawyer is the only one that can draw up your contract papers legally. Any other landed document drawn up by any other person is null and void and you would not be allowed to process your papers at the Land registry.
Knowing, investigating and perfecting TITLE is the most important aspect of your real estate transaction.
There’s really no land verification you will be doing without verifying the authenticity of the documents used for the transaction which can range from receipts of transaction, survey plan, deed of assignment, layout plan, power of attorney to certificate of occupancy.
If there happens to be a flaw in one or more of the aforementioned documents, it could spell doom to the entire real estate transaction.
Title documents are the key to ownership of that property but let me shock you; there are lot of property documents with errors. Most of these documents are being carried around without the owner being aware of the errors on them.
The danger of this is that the owner of the property runs a risk of being tagged a fraudster or having issues with authorities for that. It is expedient for every property owner to do second checks on their documents.
How do you discover and correct errors on your property documents?
Debo Adejana, MD/CEO of Realty Point Limited is once again at the helm to discuss how to correct errors on your property documents. He is with two seasoned lawyers, and they will be doing perfect justice to this topic.
Listen to the audio of this topic below: