Buying Land or House Property in Nigeria, things you need look out for and keep in mind
October 1, 2021, 11:01 am Blog Buying Seen: 3314
Buying a house and land in Nigeria goes beyond physical inspection and making payments. There are good number of things to look out for and keep in mind when buying land or house Property in Nigeria. These things are so important that if not looked into, you stand a chance of losing your property after payment. The following are things you need to know and look out for before you buy property in Nigeria.
1 – Determine and know exactly what you want
A lot of investor that wants to buy land and house property in Nigeria fail to know what exactly they want before going into search for property for sale. Some because they have money lying idle in their account, feels the easiest way to put it to work is buy houses and lands property. Well it is good, but you need do a proper study on your investment, determine what you want that will yield you a deserved and desired return of investment, don’t be in a hurry so you don’t fall into the hands of wrong property agent. Know exactly what you want, don’t take decision in the field. Choose your investment location wisely, off course when you determine and know what exactly you want, you won’t buy property wrongly and be a victim.
2 – Search for who is selling the land or house of your choice
After knowing and determining the kind of land or house property in Nigeria you want to buy, next is to know who is selling that type of property. You can engage a real estate & property agent or find the owner yourself. Knowing the owner of the property is very important. Who is selling the property? Is it the owner, the owner's wife, son, daughter, or someone else? Whose name appears in the documents? Is it the current owner or the previous owner? What liabilities currently exist on the property? What is the location address of the land? What is the GPS coordinate of the land? The coordinate will help you confirm without the owner or agent being there. Know the foundation of the house exterior and interior, the nature of the house or land purposely built residential or commercial, nature of the environment where you buying the land or house property in Nigeria is situated, and mode of payment the vendor or owner may request.
3 – Verify the true owner and documents related to the property
It is very important and necessary that before you buy a house or land you conduct a search or research to verify the true owner and documents shown to you. Don’t be in a hurry to make payment, don’t allow agents pressure you into taking decision of paying immediately. Verify the house or land from the state government if the property in question is within government acquired properties or not and whether there are any pending litigation or other issues on the property. The bureau of lands of that very state is responsible for all land related matters in that state.
Verify the title documents the Seller has and the capacity in which he sells, Regulatory agencies in charge of registering title documents, The charges to be paid, if any, third party interest in the house dual ownership, available tenants and other equitable interest, house under litigation court case, insurance covers attached to the house if any, debts attached such as mortgage/collateral and accrued utility bills.
Where there are defects in the Seller’s title in the house the buyer’s solicitor is entitled to make requisitions to clarify matters relating to the defect. A title is deemed to be defective when there is a mortgage scheme attached to the house or where there are Tenants in a house whose rent still subsists and a house under litigation etc. In following due diligence the solicitor may on behalf of the buyer proceed to the Ministry of Lands and Office of the surveyor general of the state to conduct search on the nature of interest, description of the property, fees and charges payable on the property such as ground rent, or taxes as may be imposed by the government. Some of the defects a solicitor may also search for include any other form of encumbrances such as government acquisition, judgment of the court among others.
After proper verification, do final negotiation for a price. Upon reaching an agreement, the buyer may proceed to make payment.
4 – Make Payment, Sign Agreement and Collect the Right Documents Related to the Property
After proper verification of the house or land and related documents, the next step is to make payment to the right owner. When payment is made and seller verifies the payment, a deed of conveyance or assignment may be executed by both parties immediately.
The buyer will collect a Receipt of Purchase of the property, b Deed of Assignment, c A copy of the land survey, d A Certificate of Occupancy where applicable, e A Will admitted into probate where applicable, f Deed of a gift where applicable, g A Judgment of the court where applicable h Building plan and i originals of other relevant documents in possession of the previous owner. The buyer would be entitled to collect the original title documents of the house or land from the Vendor or for the perfection of his or her own title in future.
5 – Do documentation for Your New House or Land
Once you make payment and collected the right document for the land or house property in Nigeria you bought, immediately proceed to do your own documentation with the right government department. It is very crucial and important to take this step because it legally makes you the new owner in the eyes of the law. If the property already has a C of O Certificate of Occupancy, you’ve got Governor's consent for it which is great. If it does not, then you start processing your C of O as soon as possible. When buying land or house property in Nigeria, don’t fail to this, if you want to secure your investment.
6 – Take Possession of your property and Enjoy
After doing the necessary documentation, the next is to enjoy and start making use of your property.
7 – Engage an Agent or Property Manager if not available.
If you not available or based in that location where you bought the property, it’s very good you engage a manager to take care and watch over your property. You safeguard your investment when you do this especially if you live outside that state or overseas. When engaging it better you engage someone that will be visiting regularly to check the property, an indigene or qualified and available Agent or Manager.
In conclusion, please buyer ensure you follow this due process when buying land or house property in Nigeria. A lost investment could be very painful, money lost don’t come back complete. Even if you use legal or any other means, you will definitely spend more money.
Thank you and God bless. Do regularly visit our blog to see useful blogs.
1 – Determine and know exactly what you want
A lot of investor that wants to buy land and house property in Nigeria fail to know what exactly they want before going into search for property for sale. Some because they have money lying idle in their account, feels the easiest way to put it to work is buy houses and lands property. Well it is good, but you need do a proper study on your investment, determine what you want that will yield you a deserved and desired return of investment, don’t be in a hurry so you don’t fall into the hands of wrong property agent. Know exactly what you want, don’t take decision in the field. Choose your investment location wisely, off course when you determine and know what exactly you want, you won’t buy property wrongly and be a victim.
2 – Search for who is selling the land or house of your choice
After knowing and determining the kind of land or house property in Nigeria you want to buy, next is to know who is selling that type of property. You can engage a real estate & property agent or find the owner yourself. Knowing the owner of the property is very important. Who is selling the property? Is it the owner, the owner's wife, son, daughter, or someone else? Whose name appears in the documents? Is it the current owner or the previous owner? What liabilities currently exist on the property? What is the location address of the land? What is the GPS coordinate of the land? The coordinate will help you confirm without the owner or agent being there. Know the foundation of the house exterior and interior, the nature of the house or land purposely built residential or commercial, nature of the environment where you buying the land or house property in Nigeria is situated, and mode of payment the vendor or owner may request.
3 – Verify the true owner and documents related to the property
It is very important and necessary that before you buy a house or land you conduct a search or research to verify the true owner and documents shown to you. Don’t be in a hurry to make payment, don’t allow agents pressure you into taking decision of paying immediately. Verify the house or land from the state government if the property in question is within government acquired properties or not and whether there are any pending litigation or other issues on the property. The bureau of lands of that very state is responsible for all land related matters in that state.
Verify the title documents the Seller has and the capacity in which he sells, Regulatory agencies in charge of registering title documents, The charges to be paid, if any, third party interest in the house dual ownership, available tenants and other equitable interest, house under litigation court case, insurance covers attached to the house if any, debts attached such as mortgage/collateral and accrued utility bills.
Where there are defects in the Seller’s title in the house the buyer’s solicitor is entitled to make requisitions to clarify matters relating to the defect. A title is deemed to be defective when there is a mortgage scheme attached to the house or where there are Tenants in a house whose rent still subsists and a house under litigation etc. In following due diligence the solicitor may on behalf of the buyer proceed to the Ministry of Lands and Office of the surveyor general of the state to conduct search on the nature of interest, description of the property, fees and charges payable on the property such as ground rent, or taxes as may be imposed by the government. Some of the defects a solicitor may also search for include any other form of encumbrances such as government acquisition, judgment of the court among others.
After proper verification, do final negotiation for a price. Upon reaching an agreement, the buyer may proceed to make payment.
4 – Make Payment, Sign Agreement and Collect the Right Documents Related to the Property
After proper verification of the house or land and related documents, the next step is to make payment to the right owner. When payment is made and seller verifies the payment, a deed of conveyance or assignment may be executed by both parties immediately.
The buyer will collect a Receipt of Purchase of the property, b Deed of Assignment, c A copy of the land survey, d A Certificate of Occupancy where applicable, e A Will admitted into probate where applicable, f Deed of a gift where applicable, g A Judgment of the court where applicable h Building plan and i originals of other relevant documents in possession of the previous owner. The buyer would be entitled to collect the original title documents of the house or land from the Vendor or for the perfection of his or her own title in future.
5 – Do documentation for Your New House or Land
Once you make payment and collected the right document for the land or house property in Nigeria you bought, immediately proceed to do your own documentation with the right government department. It is very crucial and important to take this step because it legally makes you the new owner in the eyes of the law. If the property already has a C of O Certificate of Occupancy, you’ve got Governor's consent for it which is great. If it does not, then you start processing your C of O as soon as possible. When buying land or house property in Nigeria, don’t fail to this, if you want to secure your investment.
6 – Take Possession of your property and Enjoy
After doing the necessary documentation, the next is to enjoy and start making use of your property.
7 – Engage an Agent or Property Manager if not available.
If you not available or based in that location where you bought the property, it’s very good you engage a manager to take care and watch over your property. You safeguard your investment when you do this especially if you live outside that state or overseas. When engaging it better you engage someone that will be visiting regularly to check the property, an indigene or qualified and available Agent or Manager.
In conclusion, please buyer ensure you follow this due process when buying land or house property in Nigeria. A lost investment could be very painful, money lost don’t come back complete. Even if you use legal or any other means, you will definitely spend more money.
Thank you and God bless. Do regularly visit our blog to see useful blogs.
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