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Purchase of Property (Home)
The term ‘property’ usually
refers to land or houses which includes flats and apartments. The term may also
include ‘moveable’ assets such as cars, computers, shares in companies and other
goods.
The distinction is important as
the laws applicable to the transactions are different. Landed property is
covered largely by the National Land Code and the Laws of contract, Transactions
in other goods are covered by the Law of contract alone.
Flats and apartment, like
homes, may be used as residences or as business premises and the law that
applies is also different between them. This is necessary for the orderly
development of a town or village whether large or small. Quite often purchases
of a residential property is a “once in a lifetime” affair unlike cars and goods
that may be disposed of and replaced.
While selecting a landed
property is a matter entirely for the purchaser, where the state of concerned is
to ensure that his interest is safeguard, hence the special laws on NLC.
Furthermore, purchasers invariably require loans which they may obtain from
Banks, Finance Companies or elsewhere. These loans transactions are also
subjected to legal safeguards. Purchases of landed properties must engage
lawyers to protect their own interest.
Joint us
as a member of JUTALINE, you will enjoy the service of a group of our
professional consultants in providing you with our professional advise through
our web and emails.
Why
hassle with the research of the rules and regulations, engage us to conduct on
the necessary research just for you.
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