What To Look Out For When Buying Land In Nigeria…
Process Of Buying Land In Nigeria
PROCESS OF BUYING LAND IN NIGERIA
Buying a land in Nigeria is one of the commonly conducted transactions, and it is administered by various legislations depending on the jurisdiction in Nigeria. The process is pretty simple, and I’ll cover the how-to in this article.
Buying a land is a good investment, although this depends on factors like location and commercial value. Before we go into the process proper, here are a few questions you should ask yourself before buying a land:
What do you need the land for?
Do you need a land for residential or agricultural purposes? Or is for a long term investment to resale later? Knowing the answers to these, would guide you into the type of area you should look at.
SEE : Land For Sale In Lagos
What size of land are you looking at?
After knowing what you need the land for, the next thing to know is the kind of land you are interested in. How many plots do you want, how large do you want the land to be, how many acres or hectares of land are you looking at?
What is your budget?
How much are you willing to spend on the land purchase? Have it at the back of your mind that the price of land is strongly dependent on several factors such as proximity to major roads, amenities and road network as well as the kind of people who can be found there.
For example, you cannot be looking to buy a land in Ikoyi and have a budget of 30million naira.
Who is your guide?
After deciding on what you need the land for, the size you want and the maximum amount you’re willing to spend, the next thing is to contact a real estate agent. You then convey your preferences to him as this will help him streamline his search and find exactly what you want. Here’s a little advice, please do not boycott the services of a real estate agent. What’s a court case without a lawyer to plead it?
While your real estate agent is conducting his search, you can also try to locate a land you’re interested in. You can do this either by one or two of the following ways:
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This refers to any material that isn’t online. It could be a property magazine or daily news paper. You browse through to see if there’s a listing that suits your needs or better still you can talk to friends and family.
I’m sure I don’t need to explain what online sources mean. You can use search engines like Google to find a property online, just ensure to type in the right keywords. Also, you can go through Land for sale directories in Nigeria like landforsale.ng and find a land that meets your criteria.
Land Purchase process
Once you or your agent has a land that is precisely what you want. Next thing is to contact the owner or seller of the land. However you have to:
Verify that the land is free from Government acquisition
Verify that the person selling it is REALLY the owner
Evaluate the distance of the land from pipeline route (where applicable)
Check the distance to the nearest major road
Verify if there are no disputes over the land
Verify the boundaries of the property.
VIEW: Land For Sale In Lekki
All these and more are reasons why you need the services of a real estate agent. H e would handle all necessary verifications and inquiries, so you can have one less thing to worry about.
When the above mentioned have been satisfied you can now proceed accordingly with the purchase of the property.
During the process of making payment transactions, there are very important documents required of the seller to legally validate the transactions. There documents are crucial documents as they are proof that a transfer of ownership took place. These include:
Approved survey plan : This documents helps you to know whether the land is under Government’s acquisition or not.
Deed of assignment: This is an important document you should request for after conclusion of the land transaction.
Purchase receipt: I’m sure you already know why this is important, but just in case, it is evidence that money was involved in the transaction.
Certificate of occupancy: This certifies the legal ownership status of any land in Nigeria. Ensure you have it.
Power of attorney: this is usually required where a person is acting for another person, individuals or companies as his agent. It is document that authorizes such person to act on their behalf
Securing your land
It is pertinent to secure your land investment. Don’t just buy a land and leave it there. If you do not have immediate use for the land, ensure you secure it to avoid stories that touch the heart.
You should go the land registry department and officially transfer the title on the land to your name. This would help prevent future debate on land ownership. Non-registration of land could lead to legal consequences such as
Render certain documents void
Render them inadmissible as evidence in a judicial proceedings
Make the lose priority against registered ones affecting the same land.
In addition to land registration, you can build a fence around your land. This signifies that the land has already been taken.
Also, you can also erect a small gateman’s house or a boy’s quarter on the property, and have people live there. That way the person living there can become your eyes and ears.
Bottom line is this, get a real estate agent to protect your interest and also be involved in the purchasing process.