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