06/07/2020
*LAND ACQUISITION AND DOCUMENTATION* According to the dictionary meaning of a plot:
A plot is a marked out piece of Land for the purpose of building or farming.
The word *'plot'* is an arbitrary term used to describe a land division carved out for property development.
The size of a plot can vary for different reasons but according to Nigeria's land division, the appropriate plot for a house construction is 50 x 100ft which can accommodate a standard house with a small compound.
To better understand land divisions used in Nigeria, different units of area are used as follows:
HECTARE*
An hectare is one of the least known metric units and one which potential buyers and Estate developers seem to struggle with -
It is a land measuring:
👉🏿100m x 100m OR
👉🏿328ft x 328ft OR
👉🏿10,000 sqm OR
👉🏿Two and half acres OR
👉🏿15 plots
*2. ACRE*
An Acre is a standard unit of measurement used by Land sellers and it is almost equivalent to the size of a standard football field.
An Acre is a product of any rectangular plot of land giving a total of:
👉🏿4,046sqm OR
👉🏿43,560 sq ft OR
👉🏿6 plots (each measuring 60ft x 120ft)
*3. PLOT*
In Lagos State, the standard size of a plot is 60ft x 120ft (18m x 36m i.e. 648 sqm), while in some other cities of the country, plots are measured in 50ft x 100ft.
A Deed of Assignment is an Agreement between the Seller of a Land or Property and a Buyer of that Land or property showing evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to that the Seller that has just bought land
*2. DEED OF ASSIGNMENT*
A Deed of Assignment therefore is an Agreement where an assignor states his promise that from the date of the assignment or any date stipulated therein, the assignor assigns his ownership in that Land to the assignee.
The deed contains very pertinent information for a real estate transaction. For one, it spells out the date when the ownership of the property transfer
