Read this or you lose your property to Land Grabbers PRACTICAL GUIDE ON HOW TO PURCHASE A PIECE OF PROPERTY IN NIGERIA .(REAL ESTATE REVELATION 5)

Buying a Piece land is not really complicated; neither is it as simple as buying cookies at a local store.

Before you buy land, you must understand the process. In this piece, we will walk you through everything you need to know about how to buy land in Nigeria.

These are the factors you Should try and consider before you Purchase your next property:

Step 1: Your need to consider your Budget

Step 2: You need to go for Site Inspection

Step 3: Request for the documents of the land or Property

Step 4: Do your Investigation which is known as Due Diligence.

Step 5: Ask questions if there is any additional fee on the land.

Step 6: Make your Final Decision.

Step 1: What is Your Budget?*

What is the amount of money you are willing to spend on acquiring land ?

The price of land is strongly dependent on several factors such as, location where the land is situated, history, character, commercial drive, road network, amenities that are available, how developed the location is and so many other factors.

For instance, while a plot of land in Badagry and Ikorodu, Epe may cost you less than N1 million, the same size of land in Ikoyi, banana Island would cost several millions of naira or Billions of Naira.

Step 2: You need to go for Site Inspection.

When you eventually find a land that you are genuinely interested in, it is important that you carry out an inspection by physically visiting the land you are about to purchase.

The purpose of the physical inspection is to confirm that the land you are about to buy is precisely what you have been told it is. Viewing videos and photo galleries of the land is good but it’s not enough. A physical inspection is essential. It will allow you to confirm whether the land exist or not.

Another reason why you need to go for Site Inspection is to consider may be there is no litigation or family trouble on the land example of this land is land with signpost of word like "This house is not for sale".

Step 3: Request for the documents of the land or Property.

Please ask as many questions as you want and part of Questions is to request for the proof of ownership, you can ask why the owner of the land has chosen to sell the land. Ask if there is any dispute or pending litigation over the land in question.

You can also find out if the land was inherited and remember to cross-check the answers against the documents provided. Make sure the dates also check out.

You also need to run a ground check on the owner of the property, the land as well as the documents presented by the seller. The last thing you want is to be stuck with fake documents given to you in a hurry by a scam seller. The last thing you want to do is to pay for land that becomes problematic.

That is the reason why it is very important to involve a professional (your trusted legal adviser) and Real Estate Consultant before you pay for any piece of land.

Please don’t take anything for granted.

Before you make payment for any land you should ask for the for the available documents like survey plan, Contract of sale certificate of occupancy or governors consent etc

Never make payment for land without the provision of documents. Don’t take anything for granted because this is one of the ways fraudulent individuals exploit unsuspecting land buyers. Many have fallen victim to this scam and several others have found themselves in court contesting ownership of land that they paid for without following due process.

It doesn’t matter if you are buying the land from a friend or a close relative whom you trust. Buying land is a financial transaction and should be treated as such. Don’t make yourself an easy target for a scam.

All this Land documents is what you will use for Due Diligence in Land Bureau or Office of the Survey General.

Step 4: Do Your Investigation.

It is not enough to just look at the land documents you have been given . You have to verify them in the land registry... you do a diligent verification of the seller and the actual owner of the land .You need to confirm If the seller is the owner of the land does he or she have the mandate to sell . Employ the service of a professional to conduct the investigations of the land history and available documents.

Your search should be carried out at the relevant land registry. Find out if the land is under dispute or if the land is under the radar of government acquisition. There are several cases of land scam where people find themselves buying land that is in dispute. Hence it is important to do due diligence before making any commitment.

Step 5: Ask if there any Additional Cost Apart from the Actual Price of Land .

The fact that the price of a plot of land has been set at N5million doesn’t mean that’s all you’re going to pay. There are extra fees that come with buying a land in Nigeria and this charges are called statutory fees. Statutory fees are charges that are meant for Processing of documents of the land, This include Survey fee, Certificate of Occupancy fee, Deed of Assignment fee, Development fee, all this charges are normally use to secure the land from any kind of problems.

Example of this kind of fee is what you normally pay when you buy a car that you need to pay and process for Road worthness, car Registration and some other documents that you need to get from VIO and Road safety Offices for the safety of your car.

If you are buying from a private Real Estate Development firm. kindly ensure you request for a copy of the estate land application form and FAQs all this Statutory fees are stated there

And if you are buying from Individual make sure you ask if there is any Statutory fees that you need to pay for perfection of the documents of land.

Just make sure you ask if there is any other charges before you make payment.

Step 6: Make your Final Decision:

After proper research on documents of the land.

Make your Final Decision whether you will purchase the land or not. Working with a trusted real estate consultant also saves you a lot of trouble as they have more experience in dealing with all that has to do with land acquisition and selling.

That is the reason why you need to consult a Property Consulting Company like Oluwanisola Consult for your Property Acquisition, Connect with us by calling us today on 09035487771 or Click on the link below

https://bit.ly/3bmXUIR or message us @ [email protected].

Inspired by Dr Adeshina Mubarak (The Real Estate Doctor) and the writer personal experience and Research.

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