The first thing an intending buyer must do is conduct an inquiry to ascertain amongst others, that the title he seeks to acquire is sound and most especially that the land suits the object for which it is being purchased.
This can either be done by the buyer personally or his solicitor. Albeit, it is advisable that it be conducted by solicitor for the obvious reason that a lawyer is better capacitated by virtue of their legal expertise to identify inconsistencies which a layman would ordinarily not identify.
A pre-contract inquiry eliminates constructive notices. A constructive notice is an assumption that a person has knowledge of an existing legal fact which they ordinarily do not. a pre-contract inquiry exonerates both parties from any future liability as one cannot be held liable for defects that the other party ought to identify but didn't. It reveals any restrictions on the disposal of the land (pre-existing contracts on the land in question, family/communal land, town planning regulations, pending litigation etc.) Investigations are primarily an act of due diligence.
Talk to a Property Attorney.
- Procedures to conducting a pre-contract inquiry
- Physical inspection of the property
- Have a detailed investigation of title documents
- Resort to traditional/oral history especially with family/communal land
- Interviews with landlords of surrounding properties.
Neglecting a pre-contract inquiry is quite dangerous to the interest of the buyer and especially bad for any case he/she may allege during or after the sale transaction has been concluded.
Now you have a better knowledge about this, we hope that you don't be a victim of circumstance
Book a session with any of our Property Advisors today!!!
