Contrary to the presumption of many people that once a Purchase takes the step of paying the purchasing price of a particular land, the Purchaser has obtained good title to the land, EKO LAWYERS hereby inform you that in Land transaction, the first step is not and should not be to pay the purchasing price of the land. Reason being that money paid to a land Vendor who is not the lawful owner of the land does not vest good title to the land on the Purchaser.
In Law, “Nemo dat quod non habet” means “ No one can give what he does not have”, therefore, a vendor without title or with defective title to land cannot transfer, convey, assigned or vest good title on a Purchaser of the particular land, even when the Purchaser has furnished valuable consideration (that is, paid money to the Vendor).
Also, in some circumstances, the lawful Owner of land may not have the legal right and power to sale, convey, transfer or assign good title to the Purchaser due to subsisting and prevailing encumbrance on the land.
RETAINERSHIP FEE FOR LAND VERIFICATION
In order to ensure that our Client is not duped of millions of naira, EKO LAWYERS charge minimum of N50,000.00 (Fifty Thousand Naira) for: (i) Consultancy and Advisory services to our Client (ii) Verification of the genuineness of the land from necessary people (iii) Verification of the source and originality of the land from appropriate government registries and authorities and (iv) Obtaining of Search Report from the appropriate government authority.
We conduct diligent and thorough verification exercise of each land, as one land transaction may differ from another and we put our Client’s interest above every other interest.
DURATION OF LAND VERIFICATION
From the date of our Client’s briefing to us, we commence land verification exercise and the duration of our investigation on a particular land is three (3) weeks. Depending on the outcome of the search, if the vendor has good title to the land and there is no encumbrance on the land, we move to documentation stage. Otherwise, we give our Client second opportunity of briefing us on another land, free of charge, within three (3) days from the date the of concluded first search.
Upon the conclusion of the search on the second land, if the verification report is in the negative, our Client has the option of extending the retainership at a concessioned fee of N40,000.00 (Forty Thousand Naira) for search on another land.
We act solely for our Client, retainership fee paid to us is not refundable and we do not condone any undue interference by our Client, the Vendor or third party on our investigation and verification exercise.
At documentation stage, we prepare all documents and contract for transfer of title, ownership and possession to our Client. We charge five (5%) percent of the land purchasing price for all the documentation in respect of the land transaction. For perfection of title of our Client, the Client bears the cost of the statutory fees payable to the appropriate authorities.
NOTE: Meaning of “Land” as used in this Article includes House, Building, Objects fixed on land and any Landed Property.