It’s no longer news that the best place to invest your money in Nigeria is in real estate industry, but before you throw in your money remember that there are need to know before buying property in Nigeria.
One thing is to have the money and another thing is to invest it well, investing in property in Nigeria gives well over 60% return on investment(ROI) in short period of time but it requires enough capital.
In this post i will show you all you need to know before buying property in Nigeria, to avoid wasting your hard earned money in the hands of these dubious agents, you need to arm yourself with the information that I’m about to release to you now.
There are necessary documents that you need to obtain from the person selling the property to you which includes but not limited to
1. Approved Survey Plan
Approved survey plan will shows you the actual location and boundaries of the property and also reveals whether the property is in residential area, commercial area, is it under the government acquisition or not. This document will help you to know more about the property.
2. Deed of Agreenment
This is a very important document made after the conclusion of any property transaction. It can be prepared by any of the both, the buyer or the seller of the land. And this transfers an interest in the form of property from buyer to seller.
3. Letter of Administration
If the owner of the property is late in any transaction, the buyer has to request for probate or letter of administration for the property. Any document of the property before his death becomes invalidated after his death to convey the title.
4. Certificate of Occupancy (C of O)
It certifies the legal ownership of any property irrespective of its use. It’s delivered by the government attesting to the owner’s interest by following the applicable laws. It also shows that any individual who has acquired an interest in the property has been given a statutory permission of occupancy by the government.
5. Governor’s Consent
This is the approval from the governor of the state where the property is located because under the Act of 1978, the transaction of any Property in Nigeria is incomplete without governor’s consent.
6. Power of Attorney
This is another important document when an agent is standing in as the owner of the property, this document is required because it allows the agent to act as the owner on behalf of the real owner of the property.
It’s always advisable to involve a lawyer while buying Property in Nigeria because his duty is ti provide all the necessary documents needed for the business.
After hiring a lawyer, now it’s his role to play in preparing the property contract. The lawyer is the one to save you from any legal trouble if need be
The procedures to follow while buying property in Nigeria
The buyer have access to all the relevant document from the seller regarding property title.
The buyer has to engage the services of a lawyer to investigate the documents.
The buyer also has to research at the land registry through his solicitor to make sure the property’s title is genuine.
The seller and the buyer can go ahead to seal the deal if the title has been provened to be a genuine one after the investigation.
The interest of the property has to be conveyed if the entire sum is paid.
The buyer then has to go to perfect the title of the property with the land registry to finalize the whole transaction.
In conclusion, always think of buying property in Nigeria, you won’t regret it