Meg Geophysical Nigeria Ltd

28/10/2024

KNOW THE DIFFERENCES BEFORE YOU SIGN THE DOTTED LINE .

Understanding the Distinction: Deed of Lease vs. Deed of Agreement

Recognize that these two documents serve unique purposes. To determine which document suits your needs, consider the following:

Deed of lease is for temporary possession (Rental) while deed of agreement is for a property sale and purchase.

Deed of Lease
A Deed of Lease is a contractual agreement between a lessor (landlord) and lessee (tenant) granting the lessee temporary possession and use of a property for a specified period (lease term).

Key features:
1. Lease duration: Typically ranges from 1-99 years.
2. Rent and payment terms: Specifies rent, payment schedule and conditions.
3. Property use: Defines permitted uses of the property.
4. Termination clauses: Outlines conditions for termination.
5. *Renewal and expiration: Addresses renewal options and lease expiration.

Deed of Agreement
A Deed of Agreement, also known as a Deed of Contract or Agreement for Sale, outlines terms for the sale and purchase of a property. Key features:

1. Sale and purchase: Documents the agreement to sell and purchase.
2. Price and payment: Specifies purchase price, payment terms and conditions.
3. Property description: Accurately describes the property.
4. Completion date: Sets the date for transaction completion.
5. Conditions precedent: Lists conditions that must be met before completion.

Key Differences
1. Purpose: Deed of Lease grants temporary possession, while Deed of Agreement facilitates property sale.
2. Duration: Lease agreements have a fixed term, whereas Deeds of Agreement aim for permanent transfer.
3. Ownership: Lease agreements do not transfer ownership, whereas Deeds of Agreement result in ownership change.
4. Obligations: Lease agreements emphasize rental obligations, whereas Deeds of Agreement focus on sale and purchase terms.

In summary, a Deed of Lease governs rental agreements, while a Deed of Agreement facilitates property sales.

15/10/2024

E work or e no work.. you still be God almighty 🙏

01/10/2024

25/09/2024

At FCT Branch NIS Monthly meeting holding at Hotel De Bently,Utako District Abuja 🥂

Send a message to learn more

21/09/2024

Carrying out topographic survey at Nnamdi international airport, Abuja , Nigeria.

20/09/2024

In the arena of life every moment is an opportunity to shine, from the very first step to the final leap of every journey count.

Feel motivated by your dreams.

Juma'at Mubarak 🌙

28/08/2024

Tips for Land and Real Estate Investors: Why Verifying Land Authenticity is Crucial

Investing in landed property can be a lucrative and fulfilling venture, but it also comes with its fair share of risks. One common misconception is that having many neighbors or witnesses during a land transaction guarantees the legitimacy of the property. This assumption can lead to costly mistakes. Here’s a story to illustrate why potential investors must go beyond surface assurances and engage professional surveyors before making any payment.

A Cautionary Tale: The Importance of Due Diligence

Recently, a client seeking to buy a landed property received an Allocation Letter from the natives. Confident in the document’s legitimacy, he took it to the Benue State Ministry of Lands and Survey. The Ministry confirmed that the plot was allocated to the person named in the letter, and everything seemed genuine. Ready to make the payment, he faced resistance from a transaction witness who insisted on verifying the plot on the ground before signing.

After much discussion, the client called a Surveyor. Upon inspection, the Surveyor discovered that the location indicated in the Allocation Letter was over 800 meters away from the actual plot shown to the buyer. Using a GNSS receiver, the Surveyor acquired the coordinates of the shown location and overlaid the drawing on the master plan of the original layout. The findings were startling: the land in question had been acquired by a former Governor of a Nigerian state.

As the Surveyor explained the situation to the intended buyer, neighbors revealed that they had unknowingly bought parcels within the same land and were already in court over it. Instead of advising the young man against the purchase, they encouraged him to join their legal battle, reflecting the African proverb, "Mass death is not painful."

Key Lessons for Land and Real Estate Investors

1. **Crowds and Neighbors Don’t Guarantee Authenticity**:
Having neighbors or a crowd during a land transaction doesn’t mean the property is genuine. In some cases, people around could be a hired crowd, and their presence is no assurance of the land’s authenticity.

2. **Engage a Professional Surveyor**:
Before making any payment, ensure you engage a qualified Surveyor. A Surveyor can verify the exact location of the land, check for any discrepancies with official records, and overlay the coordinates on the master plan to confirm the land’s authenticity.

3. **Genuine Documents Are Not Enough**:
While having genuine documents like Allocation Letters is important, it’s not a guarantee that the land is free from encumbrances. Always cross-check the documents with a professional to avoid any legal or ownership issues later.

4. **Be Wary of Overly Encouraging Neighbors**:
Sometimes, neighbors who encourage you to buy land might have vested interests or might be unaware of underlying issues themselves. Their encouragement should not replace professional advice.



Investing in land requires thorough due diligence. Don't rely solely on documents or the presence of neighbors to ensure the property's authenticity. Engage professional surveyors to verify the land on the ground and avoid costly mistakes. Remember, the key to a successful land investment is careful verification and professional guidance.

17/08/2024

Unveiling the Crucial Role of Surveyors in Development: Necessity for Inclusion in National Initiatives

Surveyors play crucial roles in developmental projects by providing accurate spatial data and mapping, ensuring proper land use, assessing environmental impact, and contributing to the overall planning and design process. Their expertise helps prevent issues, ensures efficient resource utilization, and promotes sustainable development.

The omission of surveyors from various national development initiatives poses inherent risks. This oversight may result in inaccurate planning, inadequate land use, challenges in infrastructure development, unforeseen environmental impacts, and legal complications. The absence of precise spatial data and surveyor expertise jeopardizes the efficiency and success of development projects, hindering optimal resource allocation and potentially leading to long-term consequences for both the environment and legal frameworks. Inclusion of surveyors is crucial to ensuring meticulous planning, sustainable development, and the avoidance of complications that may arise in the absence of their expertise.
Surveying, the bedrock of every meaningful development.