Buying land from any particular seller and its transfer to your name is usually a sensitive process that requires thorough assessment of the property before purchase.
This type of assessment is reffered to as Due Diligence, a procedure that ensure all property details are correct and also in alignment with the law.
Due Diligence Process
Due diligence entails digging deeper to understand property issues that could be a cause of conflict in the future, this may include establishing the identity of the original and the current owners, the actual size of the land, and whether or not the paperwork is in order.
How do you establish the actual owner of a piece of land?
Proper documentation of land in the country makes it easy to establish a trail of land ownership. A simple land search in the land registry in the county government with the jurisdiction over the land can help establish:
The legal owner of the land,
The size of the parcel,
The location of the land and
Whether or not the land has a caution or used as collateral for a loan
Depending on where the land is located, the search can be done online but for most, however, you will need to do it from the land registry and a copy of the title deed will be required
A land search will also reveal the transactions (change of ownership through deeds) and encumbrances (legal dues), and if the land is charged to any loan
After a land search, it is also important to establish whether there are any prevailing disputes on the piece of land, which could land you in trouble. The best people to help you with such information would be the local administration (chiefs of village administrators) or even neighbors.
Who Else Should You Include?
At some point before purchasing any piece of land, it is also important to include experts in the sector such as valuers, real estate agents, surveyors, and a lawyer.
At Sidai Group, we help you understand the actual pricing to avoid buying a property that is overpriced. We also help you negotiate the best prices of the desired parcel.
