Buying property in Nigeria, particularly in Lagos, can be overwhelming. With numerous legal considerations and potential pitfalls, it’s essential to equip yourself with the necessary knowledge to make informed decisions and avoid scams. According to Ramos Real Estate, here are some key points to consider before purchasing property in Nigeria:
Title Verification: Ensuring the property has a clear and valid title is fundamental to a secure investment. Just like building a house on solid ground, verifying the title can prevent numerous legal issues. Conduct thorough due diligence to confirm the property’s ownership status and ensure it’s free from encumbrances or disputes. Titles in Nigeria include the Certificate of Occupancy (C of O), Deed of Assignment, Governor’s Consent, and others. Verify the authenticity and validity of these documents to avoid fraudulent transactions. Engage experienced legal professionals and conduct searches at the Land Registry.
Land Documentation: Navigating land documentation in Nigeria involves dealing with various bureaucratic procedures and paperwork. From Certificates of Occupancy to Deeds of Assignment, the array of documents can be daunting. Ensure all necessary documents are authentic, up-to-date, and legally binding. Beware of counterfeit documents and always verify their authenticity with the relevant government authorities.
Survey of the Property: Conducting a property survey is crucial as it determines the exact dimensions and boundaries, preventing future disputes. Ensure the property’s description matches the physical boundaries in reality.
Engage a Reputable Real Estate Agency: Partnering with a reputable real estate agency like Ramos Real Estate offers numerous advantages. A competent agency can guide you through the process, provide market insights, and facilitate negotiations with the seller, ensuring you understand the value of the property.
Community and Environmental Considerations: Don’t overlook crucial factors like community dynamics and environmental regulations. Familiarize yourself with the local community, its customs, and any regulations governing land use and development. Conduct environmental assessments to identify potential hazards or restrictions that may impact your investment.
Financial Prudence: Set a clear budget and adhere to it, considering additional costs such as taxes, legal fees, and maintenance expenses. Avoid hasty decisions and negotiate diligently, or let Ramos Real Estate handle negotiations to secure the best deal.
Purchase Agreement: Ensure a legally binding purchase agreement outlines the terms and conditions of the property purchase. Engage a lawyer to review and draft a detailed agreement that protects your interests and clearly defines the responsibilities of both parties.
Taking Over Physical Possession: After payment and transfer of ownership documents, immediately take over physical possession of the property. Nigerian law states that possession is 90 percent of ownership. Register your title or interest at the appropriate land registry.
Stamp Duty and Taxes: Pay applicable stamp duty and taxes at the relevant agency to validate your purchase. Use secure and traceable payment channels like banks to protect against fraudulent activities.
As you embark on the exciting journey of property acquisition in Nigeria, remember that knowledge is your most powerful ally.
By understanding and adhering to these legal considerations, you can safeguard yourself against potential scams and pitfalls. Partnering with trusted real estate companies like Ramos Real Estate will also simplify the process.
