With Dayo Benson
A friend recently introduced me to a land vendor who sold half a plot to me for N200,000 (two hundred thousand naira). I was unable to meet the full financial obligation so I made a part  payment of N120,000 (one hundred and twenty thousand naira).

The seller gave me a temporary receipt and the two of us agreed that I would pay the balance in three months time when I hope to start the foundation of the house I intended to build on it. I really want to know if I have anything to worry about because some individuals can be very dishonest when it comes to issues like this. I have had stories of similar circumstances when people have lost their money as a result of selling a piece land to multiple buyers.

Kareem

It is always advisable to involve a lawyer in land transactions from the beginning.

Rather, what most people do is to run to lawyers after they must have committed themselves to the deals. The lawyer is in the best position to advise you on such an important issue. It is worthy of note that you have heard cases of fraudulent individuals selling a piece of land to multiple buyers.

Did the land vendor show you any document  to prove his genuine ownership of the land? Does the land in question have a survey plan bearing the seller’s name? Does the survey have a correct beacon number? Has he registered his title on the land and are you sure there is no dispute on the land which is unknown to you?

These and other salient questions are what the lawyer will provide answers to. Most people think that finding  answers to these and other questions will amount to waste of time and money.

But when the consequences of their failure to do what is right comes, they start running from pillar to post. I wonder why you agreed to pay the balance after foundation laying on the land. What if he says the value of the land has since doubled and that you either pay or forget about the land and what you have committed to it? The contract of sale is not  concluded and your receipt of part payment has no binding effect in this regard.

Charged for not using ATM

Is ATM card compulsory because banks now force customers to use it claiming it is CBN order and if one refuses to use it they charge between N100-N105?

Feyi Onyeaju Kareem

It is the Central Bank of Nigeria CBN’s regulation that customers should use ATM card to withdraw amount below N100,000 (One hundred thousand Naira). If you make a withdrawal below this amount across the counter, your are surcharged.

This does not mean banks are making the use of ATM compulsory. If you are not prepared to use the ATM, then be ready to pay the charge.