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Tuesday, 28 February 2017

What Are The Questions You Ask When Buying A Land

Question: What is the meaning of coordinate in real estate ? For the sake of new consultants?

Answer: Coordinates are unique points on the earth surface where a land is located when charted on the Atlas or globe. They are designated in mN (metres North) and mE (metres East)

No two points on the earth surface can have the same coordinates. Every point on earth is unique as such it's used by Surveyors to chart a land to know if it's free, acquired or committed. 

It can also be charted on the Atlas or Globe to know the exact place where the land is located. 

I think I've been able to make you understand what coordinates are.

Question: Does it now means all land /property  for sale  must have coordinates to determine if they are free or govt acquired? Thanks

Answer Yes...  

Every property is located on a spot on the earth surface. 

That spot is clearly delineated in a survey plan. 

Every Survey plan must have the coordinates on them.

Question once a client makes full payment for the land, will dey get a receipt immediately and other documents immediately without paying for survey and allocation yet.

Answer Immediately your client pays for the land, (s)he gets a purchase receipt and a contract of sale.

Remember your clients have 90 days after paying for the land to pay for  Deed and Survey... It's boldly written in the FAQ your client signed.

Question What if a client decide to do the buy 5 and get 1 free and wants to get the whole plots on a single survey and on a single deed.. How much will he pay?

Answer Personally, I often advise individual Deed & surveys for each plot of land and the  plots to be scattered in various parts of the Estate. 

This is because, in the long run, no one knows the part of the Estate that will be more exclusive and will attract more value. 

Also, it's easier to sell individually. If you do a joint Deed & survey, you'll have to first do a Deed of Partition to sever the plots before Assignment. 

In the long run, you send more money on new surveys because you'll do it at the prevailing rate at the time of sale. 

That's my humble opinion.

Question A client asked if she can put her name and her husbands own on the form...if yes, how would she go about it.. Thanks


Answer Simple, Their names on the receipt would be written as Mr Adekunle  Agbabiaka and Mrs Elizabeth Agbabiaka.

Or better include their first, other and surnames on the form as 

Mr Adekunle Moses Agbabiaka and Mrs Elizabeth Mopelola Agbabiaka.

Most preferred way is to have three names. There can be another Adekunle Agbabiaka somewhere. 

Three names narrows the possibility of mix up and particularizes your client.

Question  I have two siblings interested in purchasing flourish and they want to benefit from the buy 5 get 1 promo,but they are bothered about the documentation, i need insight on this because they want to split and have there names on their separate documents.

Answer Two siblings with the same surnames??
The 5 plots get 1 free is for an individual or husband n wife or a family buying for their children . It's not for different people coming together to buy.

As for the documentation, it's either they do the 6 plots in one survey and they pay 450k instead of 900k which is half the price and they do one deed of 50k to cover the six plots. Meaning documentation will just be 500k instead of 1.2m for the 6 plots.

2 plots in one survey too can be 250k instead of 300k. Then one deed of 50k to cover both plots.

The only disadvantage is that in future when they want to split it to sell or will to their children, they will have to do another survey to split the plots.

Question What if a client decide to do the buy 5 and get 1 free and wants to get the whole plots on a single survey and on a single deed.. How much will he pay?  Is it possible for one to do just one Deed for the 6 plots? N50k for the whole acre of land?

Answer Yes pls but 3 plots 400k instead of 450k and  deed will serve only if one survey was done for the six plots.