LOOK OUT! BUY LAND.
Buying land can be a complicated procedure but it doesn’t have to be especially when you know what to look out for. It is important for both investors and agents to understand the important factors and elements involved in acquiring land. To an agent, reputation is at stake and to an investor, a bad move can result in purchasing property that hardly appreciates in value over time.
Below are a few important things to consider before acquiring land or landed property as an investor or as an agent on behalf of your client:
1. Request for Owners’ Documents
Survey plan, Deed of Assignment, Certificate of Occupancy are just a few important documents that must be acquired before purchasing land simply for reasons of authenticity.
2. Verify the document
It is also very important to verify the originality of the documents. Refusal to follow up with verification of documents can lead to loss of earned money from said investment, debt and other fatal problems if not properly managed. In some cases, two persons could be laying claims to the same land which could lead to legal quagmire.
3. Land Inspection
If you purchase land without having it inspected you are taking a chance. Take time to go to inspect the land yourself. You need to look out for the following:
- Physical access: Can you get a vehicle to the land? How are the roads around that area? Can you limit access to the land?
- Topography: How is the Terrain? Is the area waterlogged? Is the area prone to flooding?
- Zoning: What can you do with the land? Are there any restrictions on that piece of land?
4. All Transaction Details should be made in Writing
All transactions should be well documented, this is very important for future references. These documents include: Contract of sale, deed of assignment, letter of allocation, survey plan, affidavits etc.
