THE IMPORTANCE OF LAND AND BUILDING PAYMENT RECEIPT

THE IMPORTANCE OF LAND AND BUILDING PAYMENT RECEIPT

Lucky, a businessman, bought 5 plots of land in Port Harcourt. He paid the full amount to the old seller in cash and online transfer, but forgot to ask for a receipt. Very big mistake!

After Lucky got a licensed Surveyor who made a registered Survey Plan and an experienced Property Lawyer had prepared the property purchase documents (Deed of Conveyance), the seller said Lucky still owed him some balance.

Lucky was shocked and insisted he had paid in full. But without a receipt, he had no proof of full payment.

This led to a long and heated trouble until, with pains in his heart, Lucky ended up paying the disputed amount.

Lucky’s problem could have been avoided if he had just asked for and gotten a payment receipt.

So, why is a payment receipt important? It proves that you have paid for the land or house, and shields you from contrary claims arising from dubious character, mistake or forgetfulness.

A payment receipt should contain date and amount paid; seller and buyer’s names and addresses, property description, seller’s signature and phone number.

Don’t make Victor’s mistake. Get a payment receipt when buying land or building in Nigeria.

Don’t trust blindly in property and business transactions. It doesn’t end well.
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