Sunday, December 23, 2018

INVESTING IN REAL ESTATE, SURE ROAD TO FINANCIAL FREEDOM AND LONG LASTING WEALTH!!

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UNDERSTANDING LAND DOCUMENTS


SURVEY PLAN 
A survey plan can be defined as a document that measures the boundary of a parcel of land to give an accurate measurement and description of that land.
Its a specialised map of a parcel of land, created by thoroughly examining and measuring the property. It determines and delineates boundary locations, physical features and other items of spatial importance. People that handle survey issues are called surveyors. (In Lagos, surveyors are regulated by the office of the Surveyor general).

CONTENTS OF A SURVEY PLAN 

  • Name of the owner of the land surveyed
  • Address/Description of the land surveyed including the local government area
  • Size of land surveyed
  • Drawn out portion of the land surveyed
  • The beacon numbers  ( a Beacon is a small stone placed on a land  to identify the 4 corners of the land and used to diffentiate it from another land. It's used as a boundary guide for easy identification of where someone's land starts and stops. On top of these stones are numbers written on it known as beacon numbers. Those beacon numbers are unique to that land and its the beacon numbers written on the beacon stones that must be in the survey plan).
  • The name of the  surveyor who drew up the survey plan and date it was drawn up
  • The registered seal of the surveyor endorsed in the survey plan
  • The signature of the surveyor
  • The survey plan number 
  • The existing road beside the land must be clearly indicated in the survey plan
  • A stamp/indication on the survey plan showing its free from government acquisition or not.

A survey plan is one of the most important document needed in the purchase of land as it is what a buyer of a parcel of land needs to obtain land information about the land and confirm its authenticity.
It's what a buyer must ask the company, family or 'Omo onile" he/she intends to purchase the land from. The survey plan is taken to the land bureau to do a geographical search to confirm the land is free from government acquisition and belongs to the seller of the land. Its advisable as a wise investor to take a surveyor to the land physically to pick the coordinates of the land to verify its authenticity and also confirm the land is ideal for its intended purpose/use. No matter how cheap, beautiful or strategically located a land is, once the land has been indicated in the land bureau as being designated for government use (committed acquisition) , there is simply no point going further to buy it. This is because even if a property is eventually built on that parcel of land, the government can come at any time in future  to claim ownership of the land and evict the person from the land without any form of compensation.

In summary, a survey plan is essential in land transactions and before a land transaction is consummated, its important that a prospective buyer of a parcel of land do his/her due diligence and conduct a land information on the survey plan to find out if the land falls under government acquisition or not, as well as authenticate the claim of ownership of the land by the seller.

DR. B.A. OYENEYIN M.B.CH.B., A.C.S., A.C.S.I.(UK)

Medical doctor, Associate Chartered Stockbroker, Certified Financial/Investment analyst.

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