Documentation processes
Do you know ignorance is an enemy of wealth? but not seeking to know is more deadly. There are so many people who haven’t been through the lengthy loop of assessing viable information that could transform initiative into profitable gains. Hence, there are people who take advantage of such. Today many people all over the world are applying leveraging as a tool to upturn fortunes. However, in the area of having knowledge about the documentation processes, ethic of due diligence in possessing a property is still very much farfetched. So I’m going to take you through “What to know before buying a home in Nigeria by revealing the pre-transaction documents you would need.
- Memorandum of Understanding (MOU)
A memorandum of understanding (MoU) is a type of agreement between two (bilateral) or more (multilateral) parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used either in cases where parties do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement. It is a more formal alternative to a gentlemen’s agreement.
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In real estate, a purchase agreement is a contract between a buyer who wants to purchase a home or other piece of real property and a seller who owns that property and wants to sell it. A real estate purchase agreement is usually proposed by a buyer, and subject to the seller’s acceptance of the terms.
A real estate purchase agreement contract does not actually transfer title of a home, building, or lot. Instead, it provides a framework of the rights and responsibilities of each party before the legal transfer of title can occur. this may include;
- Buyer and seller details
- Purchase price
- Representations and warranties
- Financing
- Contingencies
- Title insurance
- Closing and possession dates
- Lead-based paint disclosure
- Dispute resolution
- Option to terminate
- Inspection
- Closing deliverables
- Closing costs
- Risk of loss
- Real estate taxes
- Real Estate Contract
- Residential Real Estate Purchase Agreement
- Agreement to Purchase Real Estate. Check out this template.
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Power of attorney (POA) of property is a legal document transferring the legal right to the attorney or agent to manage and access the principal’s property in the event the principal is unable to do so themselves.
How Power of Attorney of Property Works?
Power of attorney of property usually includes all assets held by the principal, such as real estate, bank accounts, and stocks. The terms of the contract, including what can and cannot be managed, are determined at the time the contract is established.
How Power of Attorney of Property Is Applied in Practice? Power of attorney is frequently associated with situations where the principal is physically incapable of actively making decisions regarding their assets. This can include being hospitalized or under other forms of medical care that constrain the principal’s ability to take action for themselves. If an individual is rendered unconscious at a time when assets must be managed, power of attorney can be applied by the agent to take action in the interim.
The continuing power of attorney of property is often granted when the principal has reached a stage when they no longer possess the long-term capacity to make and enact their own decisions. There are other instances when power of attorney of property might be conferred.
What is POA in real estate? Such authority could be granted to allow the agent to oversee the handling of specific assets while the principal is unavailable. For example, the principal might be out of the country when a transaction is due to close on some real property they own. That could be for the sale of real estate or even a business.
An Affidavit of Service is a legal document used to prove that someone received a legal document from another party. Affidavit of Service forms are most commonly used in lawsuits or other court proceedings when it’s essential for a person or other party to receive a legal document.
By using a service Affidavit, you can prevent the opposing party from pretending they did not receive a given legal document, which could delay important court proceedings.
An Affidavit of Service is a sworn legal document that states that a server delivered specified papers to a person, organization, or business as requested by a party to a lawsuit. When service of documents is to a group of people, for example a club, business, or association, delivery must be made to the registered agent of the organization.
The affidavit of service must identify who is being served, and the time, date and location where service occurs. Once the affidavit is complete, it should be filed with the court, along with a copy of the papers that were served.
- Conclusion
From a lay man’s point of view, you will probably think are these documents important? Yes! they are.
In my next article, I am going to reveal the transaction documents, as these documents are just the pre-transaction documents you will be needing to acquire a property in Nigeria.
Meanwhile, if you need a lawyer, for your property search in Lagos, we know very good lawyers we can refer you to, just get in
Cheers!!!
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