Acquiring property in Nigeria can be a complex process, but with the right steps, you can navigate it successfully. Below is a step-by-step guide and key things to note in each step.
- Define Your Purpose and Budget
– Determine why you need the property (e.g., residential, commercial, investment).
– Assess your financial capacity and set a budget, considering other costs like legal fees, agency fees, and government charges (taxes).
- Identify a Suitable Property
– Search through reliable channels: real estate agents, property websites, social media, and direct listings.
– Conduct physical inspections to verify the property’s condition and location suitability.
- Engage a Professional
– Hire a real estate lawyer to review documents and guide you legally.
– Use a trusted surveyor to verify land boundaries and ensure there are no conflicts.
- Conduct a Background Check
– Verify the seller’s ownership by requesting title documents.
– Check for encumbrances (e.g., loans, disputes, or government acquisitions) at the relevant land registry.
– Confirm zoning and building regulations with the local planning authority.
- Negotiate and Agree on Terms
– Discuss the price, payment structure, and transaction timelines.
– Ensure all agreed terms are documented in writing to avoid disputes.
- Verify and Obtain Legal Documents
The required documents vary based on the land status, but key ones include:
– Survey Plan: Defines the land boundaries.
– Deed of Assignment: Transfers ownership from the seller to the buyer.
– Certificate of Occupancy (C of O): Confirms ownership rights.
– Governor’s Consent: Required for transactions involving already titled land.
– Approved Building Plan: Required if there is a building on the property.
- Make Payment and Get a Receipt
– Pay directly to the seller’s account for proper documentation.
– Obtain a purchase receipt as proof of transaction.
- Sign a Deed of Assignment and Perfect the Title
– Both parties sign the Deed of Assignment, usually with the assistance of a lawyer.
– Register the property with the relevant land registry to secure your title.
- Pay Government Fees and Obtain Approvals
– Pay statutory fees like stamp duty and survey fees.
– If buying land, obtain building approval from the town planning office before construction.
- Take Possession and Secure the Property
– Fence the land or put up a signpost to establish ownership.
– Regularly monitor the property to prevent encroachment.
Disclaimer: This information is provided for general information purposes only and is not intended as legal advice. Always consult a qualified real estate lawyer for guidance on property transactions.
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