Buying A Land Or Property In Nigeria – What To Do

Everyone knows that buying a land or property is a substantial financial endeavour. But it could lead to significant monetary losses. Hence, one needs to deal with its complications carefully.

In approaching them, is important that you approach land or property acquisition with meticulous care and attention.

In this series, we will outline a step-by-step process for acquiring land or property in Nigeria. We will emphasize the importance of each stage, showcasing its influence on the overall transaction’s success.

We will also stress why you need to employ the expertise of professionals to navigate this complex process effectively with you.


The Pre-Contract Stage Of Buying A Land Or Property In Nigeria

The Pre-Contract Stage:

This initial phase in a land transaction requires that you conduct a physical inspection of the property, verify the vendor’s claims about the land or property, and ensure that it aligns with your intended use.

At this stage, one would need an expert’s guidance. Such must possess the necessary background, knowledge, and skills in property acquisition.

Processes Involved In The Pre-Contract Stage

A. Investigation of Title:

It is important to ensure that the vendor holds a valid title to the property put up for sale. Before entering into the contract stage, you must ascertain that the vendor has the right to sell the land or property. Additionally, you have the duty to verify if any third parties hold rights that could affect your intended use of the property, such as usage restrictions, rights of way, tree preservation orders, or mortgages. This often entails extensive inquiries that must be conducted by a person familiar with the processes before the property purchase is finalized.

To aid this process the expert working with you on the acquisition will usually conduct a search at the Land Registry to verify the vendor’s claim and check for any encumbrances on the land.

B. Ensuring the Land is Fit for Purpose

There are vital factors to consider before purchasing land.

Also, make relevant inquiries such as the ones highlighted below:

  • It must be verified that the property is free of disputes
  • Guarantees in relation to the property must be accessed
  • You must ensure that the property is in compliance with local Planning laws and State schemes
  • Insurance provisions and policies must be reviewed
  • Reversionary title or interest must also be evaluated etc.

If you don’t check these, you might end up purchasing a problematic land or property.

Remember, the Nigerian property market is intricate, making it essential to have competent professionals by your side throughout this journey.

Have any questions? Book a call with us today!

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References

1) https://nigeriapropertycentre.com/blog/buying-selling/6-key-steps-to-take-when-buying-a-house-or-land-property accessed 14th August, 2023.

2) https://tribuneonlineng.com/major-steps-to-take-when-buying-land/ accessed 14th August, 2023.

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