Buying land can be a daunting experience, especially for first-time buyers. To ensure a smooth and hassle-free transaction, follow these critical steps:
Step 1: Verify the Title
Obtain a copy of the land title from the seller and investigate its authenticity at the Register of Deeds. Check for encumbrances like mortgages, claims, or other issues.
Step 2: Conduct a Relocation Survey
Hire a Geodetic Engineer to define land boundaries and ensure no encroachments from adjacent lots.
Step 3: Execute a Deed of Sale
Sign and notarize a Deed of Sale or Contract of Sale with the seller.
Step 4: Pay Documentary Stamps
Make this crucial payment within a month of notarisation to avoid complications.
Step 5: Pay Capital Gains Tax
The seller must pay this tax to the Bureau of Internal Revenue (BIR) and obtain a Certificate of Authority to Register.
Step 6: Transfer Title
Take the certificate to the Register of Deeds, pay Transfer Fees, and await the title transfer process.
By following these steps, buyers can safeguard their investment and ensure a seamless land purchase experience, avoiding common pitfalls and costly disputes.
ALSO READ THESE TOP STORIES FROM NIGERIAN TRIBUNE
