Article published by : Kukki bisht on Thursday, July 25, 2019 - Viewed 67 times

Category : Real Estate

The Dos and Don’ts of Buying Property in Nigeria



Lagos is one of the largest and most populated cities in Nigeria which has millions of residents, high amount of immigrants, incoming investors as well as visitors. Investments from international companies usually start from Lagos before spreading to other states. Sometimes, these companies don’t even go beyond Lagos to invest. This has made the real estate business very lucrativeespecially in Lagos as lots of people want to acquire their own property and be called property owners of a residential building or a commercial building.

One cannot acquire a good property easily without seeking the expertise of a property advisor in Nigeria orreal estate consultants in Lagos Nigeria. In order to have a smooth property transaction without heartbreaks, here are the dos and don’ts when buying property in Nigeria

1.Always buy properties from a trusted real estate company: Not every realtor is sincere in his or her dealings especially in Lagos. Some just want your money and leave you with the troubles and that is why you need to consult trusted real estate consultantsin Lagos Nigeria before taking that big step. Any professional property advisor in Nigeria will always tell you to buy properties with a real estate company that has good track record in the industry.

2.Watch your Budget: Don’t be carried away by just being a property owner. There are certain documentations that are required in other to approve the property as yours and they need to be gotten from Lagos State Land Registry. These documents includes; C of O, Governor’s consent, Survey Plan. After the property has been approved, make sure you secure your property by either fencing or laying a structure to safe guard it.

When you don’t understand, ask the experts: Land purchase is a lot of work and that is why you always need professional real estate consultants in Lagos Nigeria to always guide you through every single thing that involves the purchase. They understand the legal frame work more than you do as well as every single document such as receipts of ownership, deed of assignment or land survey. They have an eye for details and can tell you if a property deal will be good or bad just to help you avoid huge mistakes.


3.Verify Documents Presented to you: After your documents have been verified and you are certain it is authentic, it is advisable that you go to the Ministry of Lands to verify that the documents presented to you by the realtors are actually original.

4.Always inspect the property before making a decision:You have to be certain the environment you are investing your money into. Find out if there is a good road network. Find out if it is fit for habitation even in 20 years to come. Find out if it has the basic amenities like electricity, water, security. Find out itseconomic value and its future prospects.Also, you have to make findings that the property does not have any form of communal crises. It is smart that you find out how the seller got the land and his reason for selling it.

5.Avoid cash transactions: Make sure all your transactions are documented through a recognized bank. The only payments that should be made to your seller are that of Cheques, where records will be kept.Note that any seller that is pressuring you to make cash payments indicates signs of scam or fraud and should be avoided to avoid heartbreaks in the nearest future.

6 All Transactions must be in Writing: Do not carry out any property transactions without it being put in writing. Documents such as Affidavits, Title of the Land, Contract of sale, Deed of Assignment, Purchase receipts, Survey Plan, Letter of Allocation, and others should all transferred to your name.

Conclusion
Now, you know the does and don’ts of purchasing a property in Lagos. It is advisable that you work with a property advisor in Nigeria who will help you take precautions as well as have a smooth purchase.

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Keywords: property advisor in Nigeria, real estate consultantsin Lagos Nigeria, real estate consultantsin Lagos Nigeria

By: Kukki bisht

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