By Bolaji Ogungbemi

Excited about acquiring a property, buying a property is a very good thing every living being desires but not all were fortunate to have one.
I
have highlighted some guidelines to help you on how to buy dispute free
property. So, before you buy a property, make sure you have sufficient
particulars about the Assignor, Vendor, Seller and identity of the property in
consideration. This will help you not to fall into the trap of property
fraudsters.
Your
first point of call should be call a lawyer, his professional skills in carrying
out due diligence. Lawyer can help you make important enquiries before buying
that property and executing the Contract.
If
the lawyer is acting in dual capacity for the Purchaser and the Vendor, the
professional lawyer may wish to make enquiries to confirm some matters raised
in the draft contract or in the instructions, before he advises the purchaser
to sign the contract.
Where
he acts for purchaser he will send out enquiries to the Assignor/Vendors/Seller
solicitor on such points as he thinks need clarification or confirmation. When
satisfied as to the answer to his enquiries, he advices the purchaser to sign
the contract.
Purchaser
must take note of the terms offer by the Seller before the preparation of the
Contract, when the terms are agreed on, parties’ exchange of Contract: After
signature:
(a) The purchaser's solicitor, if any, sends the duly signed and stamped
agreement, together with a cheque for the deposit to the Vendor solicitor, and
(b) The Vendor's solicitor then sends to the purchaser's solicitor, the Vendors
part duly signed with receipt endorsed for the deposit.
Position
of the Parties after exchange of Contract: purchaser acquires an equity, death
of either party will not affect the transaction as the personal representatives
may be compelled to complete, Vendor becomes trustee of a qualified kind as he
retains possession, collects rents and profits until completion. He also has a
lien on the property for the balance of the purchase price, deducing of the
title: Where a Solicitor acts for both parties he would have investigated the
title. But where he acts for purchaser only, the vendors would supply him with
an abstract of title or other statements or evidence of title.
Checking
the authenticity of title: Purchaser's Solicitor checks on the abstract, etc
by: requisitions; search in land Registries, investigating Court judgments and
orders, if any, inspecting original documents, if any; investigating
traditional title, if necessary; visiting and inspecting the property.
How
to finally know whether you should purchase the property after the enquiries,
take not e of the following of Vendor/Seller good root of title (a) Sufficient
description of property, (b) Discloses the entirety of the legal and equitable
interest contracted to be alienated, (c) Dispels all doubts about its
authenticity, (d) Not subject to a greater interest, (e) certificate of
occupancy
Examples
of good root of title: Conveyance, Legal Mortgage, Assent, Deed of Gift and
Registered Titles. While examples of bad root of title are leases, equitable
mortgages, power of attorney and certificate of occupancy.
Barr. Bolaji can be reached via 09083202835