Navigating real estate transactions can be complex, especially when dealing with resale plots that come with existing documentation. Whether you’re a first-time buyer or an experienced investor, understanding how to verify and process a resale plot that already has a deed is essential to avoid fraud and future disputes.
In this guide, we’ll walk you through everything you need to know to securely purchase a resale parcel of land with an existing deed of assignment or conveyance.
What Is a Resale Plot?
A resale plot is a parcel previously owned by another individual or entity and is now being offered for sale again. These plots often come with some level of documentation, such as a Deed of Assignment, which proves that ownership had been transferred from the initial seller to the current one.
Types of Deeds Commonly Encountered
There are several types of property ownership documents in Nigeria, but for resale plots, the most common ones include:
- Deed of Assignment: Indicates a transfer of ownership from the original owner to the current seller.
- Deed of Conveyance: Used in older transactions, especially during colonial and early post-colonial times.
- Governor’s Consent: An official endorsement that validates a previous transfer.
It’s crucial to determine which of these applies to the plot you’re interested in.
Step-by-Step Guide to Handling Resale Plots
1. Conduct a Site Inspection
Before checking any paperwork, visit the site physically. Confirm that:
- The plot exists in reality and matches the size stated.
- There are no ongoing disputes or encroachments.
- The seller is in possession and control of the property.
Take pictures and even a short video during your visit. These can come in handy if legal proof is ever needed.
2. Request and Review All Documents
The key document in a resale transaction is the existing Deed of Assignment or Conveyance. Ask the seller for:
- A copy of the existing deed.
- Survey plan.
- Receipts of any fees paid (e.g., development levy).
- Allocation or purchase receipt from the original estate or community.
You need to verify that the seller has the legal right to transfer ownership.
3. Verify Ownership at the Land Registry
Take the existing deed to the state Land Registry to confirm its authenticity. You’ll need to:
- Do a title search using the plot’s coordinates or file number.
- Confirm if the deed has been registered.
- Ensure the name on the deed matches the seller.
If the deed is unregistered, you may need to register it after purchase to secure your title.
4. Obtain the Survey Plan and Charting
Get a registered surveyor to chart the plot using its coordinates. This helps you confirm that:
- The parcel hasn’t been acquired by the government.
- There’s no overlapping ownership claim.
- The boundaries are correct and consistent with official records.
This is essential for obtaining the Governor’s Consent after the sale.
5. Get a Property Lawyer Involved
Don’t attempt to handle resale transactions on your own. A real estate lawyer will help you:
- Draft a new Deed of Assignment from the current seller to you.
- Review all supporting documents.
- Guide you through the legal steps required to perfect your title.
This is where most fraudulent deals are caught and avoided.
6. Payment and Documentation
Once you’re satisfied with the due diligence, proceed with payment. Always ensure:
- You have a payment receipt.
- A new Deed of Assignment is signed and witnessed.
- Two copies of the deed are retained — one for registration, and one for you.
Avoid cash payments. Use bank transfers to ensure a traceable transaction trail.
7. Apply for Governor’s Consent
Once the new deed is executed, the next step is to apply for Governor’s Consent. This:
- Validates your ownership under the Land Use Act.
- Provides legal cover for future resale.
- Helps in converting the deed into a Certificate of Occupancy later on.
The process varies slightly by state, but typically involves submission of the deed, survey plan, and application forms.
8. Register the New Deed
You must register the deed in your name at the Land Registry. This gives public notice that the plot is now owned by you. Registration usually involves:
- Stamping at the Stamp Duties Office.
- Submission of all documents.
- Payment of registration fees.
Without registration, your ownership may not be recognized legally.
Red Flags to Watch Out For
Here are some signs the resale deal may not be legit:
- The seller cannot produce the original deed.
- Multiple parties are claiming ownership.
- The survey plan doesn’t match the physical site.
- The seller is unwilling to provide personal identification.
- The land is under government acquisition.
Always back out of any transaction that raises suspicions.
Why Resale Plots Are Attractive
Many investors prefer resale plots because:
- They come with pre-existing documents.
- Basic development (fencing, drainage, road access) is sometimes already done.
- They are often in established neighborhoods.
However, due diligence is critical. A resale plot is only as good as the paperwork backing it.
Handling resale plots with existing deeds in Nigeria requires attention to legal and procedural detail. If you follow due diligence steps, consult professionals, and ensure proper documentation, you’ll significantly reduce the risk of buying into disputes or scams.
Remember, owning a property is a major investment. Don’t rush the process. Take the time to verify, consult, and document every step before and after purchase.