Purchasing a property is a happy and major step in someone's life. To ensure this joy does not turn into a nightmare, it is strongly recommended to be well informed about the land status of the property you are acquiring. Especially, if you are purchasing a 'Prescribed Property', you must ascertain that all legal aspects have been respected.
What is a Prescription land?
Acquiring a property after a determined period of time and in accordance to conditions determined by law, acquisitive prescription is a common practice.
Prescription is a method of acquisition of property after a public possession,peaceful, apparent, unequivocal, as owner (animo domini) and uninterrupted for a period of 30 years. It is to be noted that the acquisitive prescription in real estate dates back to ancient times, particularly at the time of reign of Theodosius, in the 4th century BC.JC. In the same optic, the final acquisition after 30 years was implemented. Under the Affidavit of Prescribed Act, the application for the transcription of a prescription affidavit must be made in a written form and in the form prescribed by law to the Mortgage Conservator.
A duly registered affidavit mentioning , in addition, the characteristics and key information of the prescribed property, such as the location of the property(location, description, site plan, abortions etc) have to be produced. Also, the end of the 30 - year period, the date on which his or her occupation began, the site and survey report by a certified surveyor, indicating clearly the location, description and exact abutment of the prescribed aquisition have to be specified.
Please note that most banks do not give mortgage loans on prescribed properties ( prescription period less than 30 years). But, if you have fallen for a prescribed property, you can apply for a personal loan. And ensure to consult your notary for a deep legal search on the property you want to acquire.
® Fatismet Properties Co Ltd