MISPLACED PROPERTY DOCUMENTS!!!…….. WHAT TO DO

Misplace of property document is a very common issue.

Due to the carelessness of the holder, documents are found missing. Having your original property documents has practical and legal reasons.

You need the document to show evidence of ownership. This would be necessary if you are selling or refinancing your property, or transferring the title for estate-planning purposes.

If a land document is misplaced, and you want to sell the property, it puts the purchaser on enquiry. A purchaser faced with a seller that does not have original property document may assume that such transaction is fraud.

If you do not want to sell the property, but the title document is lost, there is still security risk. If the documents fall into the hands of a fraudulent person, such person may pass himself off as the owner. With him being in possession of the original documents, his claim will be more credible to those who are interested.

For example, Mr. Tayo (the buyer) was on the brink of working out a property deal, when he found out that Mr. Okoro (the seller) did not have the original Deed of Assignment.

The seller Mr. Okoro mentioned that some of the papers were misplaced by his careless act. What procedure does Mr. Okoro follow to remedy the lost Deed of Assignment?

The first step is to swear to an affidavit that you misplaced it. With the affidavit, obtain a Police Report that your Deed of Assignment is missing.

You also need to obtain a Certified True Copy (CTC) of the Deed from the Lands Registry, Alausa. An advert in a widely circulating print media preferably a Newspaper to alert the public misplaced document is also required.

The affidavit, police report, CTC, and Newspaper publication should each be photocopied. The photocopied documents should be certified by the Ministry of Justice. The Commissioner for Oath will sign each page of the documents.

The cost of Stamp Duty (N5000) and the sum of N18,750 will be paid for registration at the Lands Registry. T before the documents can be certified by the Ministry of Justice. The money is paid at a designated bank and receipt of payment will also be issued by the bank.

The bank receipt, Affidavit, Certified Copy, and Newspaper publication should be taken to the Stamp Duty Office where they would be stamped.

At this stage, you will be expected to show evidence of income tax payment. It takes about 2 days for the documents to be stamped at the Stamp Duty Office.

From the Stamp Duty Office, the documents are to be taken to the Land Registry for registration. Registration takes about 3-4 weeks at Registry. The registration shows that the original documents have been lost. At this point, any dealings with the lost documents would not affect the owner.

Property document is a very serious matter that should not be taken lightly when misplaced.

Seek assistance and take step and action immediately you find out you property document is missing. You can also call 08034869295 or email us at ibejulekkilawyer.com for more information or assistance.