Tectono Business Review: BEFORE YOU BUY FROM ESTATE DEVELOPERS, STUDY THE CONDITIONS FOR THE SALES OF LAND IN THAT ESTATE

Tuesday 12 May 2020

BEFORE YOU BUY FROM ESTATE DEVELOPERS, STUDY THE CONDITIONS FOR THE SALES OF LAND IN THAT ESTATE

Home Edge

Some years back,a woman bought a plot of land in an estate in Ogun State. The developer is a very popular company with similar estate in Nigeria. Last year, the woman; who is now based in the US reached out to me through a contact to sell the land. She gave me the size of the land and the location of the estate but not the exact location of the land.

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It was later that she told me that she didn't know her land even though she had paid the price and all other charges in full. She had never visited the estate either. How can I sell a land that I do not know its exact location?

I decided to put a call through to the office of the developer and was told that they only allocate land to those who are ready to build. Hmmmm!!!! Since my client wasn't ready to build, a land has not been allocated to her. In essence, what she had was a paper allocation. Unknown to my client, this clause was one of the conditions for the sales of land in that estate but like many people, she didn't read the document.

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Now we are stuck. She doesn't want to build and at the same time she cannot sell. The option we have is to find a buyer who is willing to build so that a plot can be allocated. But can a buyer make such a commitment without having an idea of the topography of the land or where in the estate the land is? The N3Million she had put in there is just lying fallow.

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EXPORT

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EXPORT

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Tuesday 12 May 2020

BEFORE YOU BUY FROM ESTATE DEVELOPERS, STUDY THE CONDITIONS FOR THE SALES OF LAND IN THAT ESTATE

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