How To Buy Real Estate Properties Without A Risk In Nigeria


Not having adequate knowledge of the right things to look out for when buying real estate in Nigeria could result in unpleasant financial situations and you do not want that to be your story.

So here are some tips to help you know what to prioritize when buying your next real estate property in Nigeria. 

1. Verify Property Title: This involves carrying out title searches at various registries where the records of properties and restrictions on properties are documented. Investigating property title is very important so that you do not buy a property with faulty title.

This process may require visits to state lands registries, searches at the corporate affairs commission, the seller's family house, king's palace, charting at surveyor general's office, searches at the probate registry, and searches at the court registry depending on the type of property and the persons involved in the transaction.

2. Request for Development Permits: The reason you should ask for this is to ascertain if the development permit for the area where your property is located actually supports the intended structure to be erected. At this point consider things like: height restrictions (permissible number of floors), car parking requirements, prevailing land use zoning, and airspace considerations to mention a few.

3. Collect Deed of Assignment: A property deed is a formal legal document that transfers one person or entity's rights of ownership to another individual or entity. After you confirm 1 and 2 above and have also paid for the property through bank clearing. The next thing is for all the rights to the property to be assigned to you; along with the survey plan, contract of sale, and original copies of other relevant documents concerning the land or house. Then you can take full possession of the property.

4. Register the Property: It is important for you to note that registration of property title is in fact mandatory by virtue of the Land Use Act of 1978. It is how you inform the state government about your interest in a particular property within its boundaries.  In Nigeria, registering properties involves obtaining the governor's consent, payment of stamp duties and registration of assignment or conveyance at the Lands Registry of the state. Registration is required to ensure compliance with statutes and defend the legal validity of the buyer's name to the property involved. 

5. Apply for Governor's Consent: The Land Use Act also prohibits the alienation (selling or transfer of title) of statutory right of occupancy for a property without the consent of the governor of the state in which the property is located.

So make sure that there is a clause in the contract of sale that makes it mandatory for the seller to sign the application letter for consent, because it is the duty of a holder of the right of occupancy to seek the consent of the governor for successful alienation. 

Extra Tip: Do not pay in cash to any party, always complete your real estate transactions through bank payments and seek professional guidance.

Contact me on 09084728921 for your next real estate purchase or investment 👍🏻 

#realestatetips #nigeria

Christopher is a brilliant content writer and digital marketing executive who enables brands to connect in a human way with their audience on the internet. He is also a trained investment advisor, with a passion for helping people secure and maximize their financial resources.

Comments

Post a Comment

Popular posts from this blog

WINNING PEOPLE OVER

Image
We all have a few things in common: we want to be liked, loved and happy. Some people make us feel special, others make us feel significant, while others can make us discouraged, small and unimportant. The saying goes, “how you make others feel about themselves, says a lot about you” reigns true. When you lack ability to make people feel good about themselves it does nothing more than showcase your own raggedness for the world to see.  As leaders who believe that people matter, we must become masters at making people feel great – to build and maintain lasting relationships, to consistently influence (in a good way) the people around us, to always make people feel better about themselves, and to become the kind of people everyone wants to be around.    Some tips on making people feel great about themselves include: 
Read more

EFFECTIVE FOLLOW UP

Image
I understand the fear. No one wants to be annoying or bothersome to a professional contact, especially when you want a job, meeting, sales, sponsorship or something else very important from that person. If you don’t get a response right away, it doesn’t mean that person’s arrogantly ignoring you—it just may mean that he or she is too busy.  So, to the question: Should you follow up? Absolutely. In fact, it’s your job. And how often should you do so?  As many times as it takes. The important thing is to do it the right way. Here are a few tips to aid you with effective follow up :  
Read more

ENHANCING CREATIVITY

Image
Whatever you want to have more creativity for, you can develop your creativity through hypnosis and reaching inside yourself for your hidden talents. As a recent graduate, you can stand out from the crowd by coming up with great ideas no matter what position you start in. Having the skill to innovate and be creative on command can make you more attractive to a company and help you land a dream job. The following tips will help develop your creativity : * Do crosswords and other puzzles that exercise your brain - The more these require you to access your creative side, the more you will develop that side of your brain.
Read more