@lexiann2020_: "I HAVE A RECEIPT." I've heard those four words more times than I can count. Unfortunately, a receipt is one of the most misunderstood documents in real estate and every other sales. Many buyers see a receipt and assume: ✔ The property belongs to them ✔ The transaction is secure ✔ There is nothing else to worry about But a receipt simply proves that money was paid. It does not automatically prove: - Ownership - Valid title - Authority to sell - Freedom from disputes Think about it this way: If a stranger sold you a car that wasn't his, or a stolen phone or laptop. the receipt would prove you paid him. It would not prove he had the right to sell it. The same principle applies to real estate. Before celebrating a receipt, make sure you understand what exactly has been sold, who sold it, and whether they had the legal authority to do so. In property transactions, evidence of payment is important. But proof of ownership is even more important. #PropertyLaw #RealEstateNigeria #LagosRealEstate #DueDiligence #propertylawyers
