Important things you need to know before buying property in Nigeria.
Real Estate and development in Nigeria have been a rapidly growing over the past several years. Nigeria offers much to travellers and expats and even more to Nigerians looking to invest in property or land in Nigeria and process can be very rewarding. However, there are some important things to be sure of before you make any purchase.
Who owns the land?
When buying a property, be sure to check and validate that the person/group you are buying the property or real estate from is the correct owner. There have been many instances of land being sold by unauthorized owners, or being sold to more than one buyer. To protect yourself ensure a land title review is performed by the appropriate government (Ministry of lands) office and a land valuation is also performed. There is usually a fee for these which is paid for at the buyer’s expense. It is well worth the price.
Make sure you review all documents yourself and involve yourself in all property acquisition processes.
As an extra safety measure have an independent lawyer review your documents before you transfer funds.
Is the property committed or not?
A committed property is a property that the Government has interest in. There may be plans by the government to build hospitals, schools, airport, etc., when buying a property you must be sure to know the current status of the land by carrying out property search in order to know if the Government is having interest on the property or not before buying it.
It is important to ask questions. The saying goes that “he that ask questions doesn’t get lost”.
Take your time to ask every necessary question about the property you are going to buy. Be sure of having adequate knowledge of about the property before buying it.
The best way to ensure a safe step into buying properties in Nigeria is to use a registered property firm/agent. If you have any questions or concerns, feel free to contact us at Property Discourse and we will be able to connect you with a reliable real estate firm that will help you out.
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