ASK FOR CLEAN RECEIPT OF PAYMENT FOR LAND/BUILDING

ASK FOR CLEAN RECEIPT OF PAYMENT FOR LAND/BUILDING

When you buy land/building and pay through a bank channel, demand for and receive payment receipt. The receipt is your evidence of payment for the land/house. Don’t accept to be issued such payment receipt later.

Ideally, receipts are issued at the time of payment. Whether it is hand-written or typed, the buyer should ensure it is duly signed and dated by both him and the seller and that the receipt clearly states the details of the vendor and those of the buyer, and describes the purpose and details of payment made.

Mutilations and cancellations in receipts are not permissible, even if the signature of the correcting party is made beside the detail corrected. In the event of any corrections and amendments on the face of the payment receipt, it is the land/building/property buyer’s duty to demand for a replacement with a clean copy, as such cancellation or correction may work against the buyer.

Arguments may arise from the cancellation made, even if it was made bona fides (in good faith) at the time. The buyer should be given an original (counterpart) copy of the payment receipt. If the receipt comes in two copies – original copy and carbon copy – the buyer is entitled to the original copy while the vendor keeps the carbon copy. Be sure to keep the receipt safe and in good condition.

If you need legal help with Property matters, contact APEX CHAMBERS, Law Firm of Property/Real Estate Lawyers in Port Harcourt, Nigeria.

Phone: +234(0)7030868694

Email: info@apexchambersglobal.com

Website: www.apexchambersglobal.com