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A Contract of Sale Does NOT Transfer Ownership to You! Beware

Jan 29, 2024

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A Contract of Sale Does NOT Transfer Ownership to You! Beware

A Contract of Sale Does NOT Transfer Ownership to You! Beware

When a seller says: "I HAVE ONLY A CONTRACT OF SALE." RUN O!!

A Contract of Sale is not a legal title that fully transfers property ownership from the seller to you. If the Certificate of Occupancy, Deed of Assignment, or Deed of Conveyance (if you are in Rivers State, Anambra, and a few other states that are signed up to the Conveyancing Act) has not been given to you, then you are threading on fire.

We spoke to Solicitor, Caleb Adabara Peters, and he said, "A contract of sale, at best, shows an intention to sell land. It is usually drafted when someone is using an installment payment."

"It means this price has been paid, and the property will be fully transferred when full payment is made. In simple terms, it shows commitment so that the seller will not transfer the C of O or DOA to another person."

Peters adds, "Some sellers may give you some level of access to the property, but if you don't meet up with the payment terms and on time, the seller has the right to transfer ownership to another person."

Unscrupulous real estate companies may take advantage of any whiff of ignorance from unsuspecting buyers. They present the Contract of Sale as having the power to give you total ownership of a particular property.

Sample of a Contract of Sale

Copy-NEW COS FOR EPE COOPER... by Godstime Sampson Borngreat

There are several documents that can give you total ownership of a property, and they include:

- Certificate of Occupancy

- Deed of Conveyance

- Deed of Assignment

- Governor's Consent

- Receipt

- Registered Survey

We have eight important land titles and documents you should know. Find them here.

a. Certificate of Occupancy

Only one person can have a C of O for a particular property. This is not, however, the only property title you should own.

The C of O confers or transfers ownership rights from A to B. Only the state government issues this title, and to only one person.

It is worthy of mention that the title can last up to 99 years. After that, a renewal must be done.

Sample of a Certificate of Occupancy

Certificate of Occupancy Le... by lydiaagu

b. The Deed of Conveyance

This applies to people selling property in states subject to the conveyancing act. These states include Rivers, Bayelsa, Cross River, Akwa Ibom, Ebonyi, Abia, Imo, Enugu, and Anambra. Some states in northern Nigeria have also signed up for the Act.

Sample of a Deed of Conveyance

Deed of Customary Conveyanc... by chijioke chinelo

c. Deed of Assignment

This transfers ownership from the assignor to the assignee. It shows that the buyer and seller have agreed on all necessary negotiation points, and important documents have been exchanged and signed.

Sample of a Deed of Assignment

Deed of Assignment (Lugbe) 2 by sunkanmi hebraheem

d. Governor's Consent

This is consent by the governor of the state to the transfer of the Certificate of Occupancy from one person to another.

e. Receipt

This shows that the seller has received a specified amount of money from a buyer for land or property.

Make sure to ask for a receipt when you have paid for the property. This is to avoid confusion in the future.

f. Registered Survey Plan

This is a plan that shows you the land you are requesting to buy. A registered survey plan shows that you are the real owner of the land. This means that once ownership has been transferred to you, the "Red Copy" that has been lodged at the Surveyor-General's Office reflects your name.

SURVEY PLAN FOR NIGERIA by OD Hills

 

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DISCLAIMER

We try to make sure that the information here is accurate at the time of publishing. But the property market moves fast and some information may now be out of date. Zerodip accepts no responsibility or liability for any decisions you make based on the information provided. Graphics and images used here are for information purposes - we do not have ownership right over them.

A Contract of Sale Does NOT Transfer Ownership to You! Beware

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