The dangers of incomplete documents
A large majority of buyers are unaware of the types of documentation they need collect from the seller immediately after purchasing a house, land, or property.
This could be because they are less concerned, or because they are preoccupied by the success of their new acquisition, or because they are just uninformed of these documents as a result of inadequate advice without consulting a specialist.
As a result, the sellers take advantage of their gullibility and ignorance by either handing over partial documents transferring inchoate title and ownership to them, or providing them one or two documents and keeping the rest.
The buyer may have ownership of the land, house, or property, but he may never be able to prove his title unless he has all of the necessary title documents in his possession to back up his claim.
The importance of obtaining the correct and complete title documents cannot be overstated, aside from the fact that individuals have died in the process that could have been avoided if due diligence had been performed before to and at the time of acquisition. The following are some risks you get into when you purchase properties with incomplete documents
- Repossession by the state government.
- Repossession by the owners who sold the land to you.
- Losing said land to land grabbers.
- Inability to commence or complete construction work
In our next blog post, we’ll go through the different types of documents to keep an eye out for during various types of real estate transactions.