Keys2house Real Estate

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Keys2house Property Management. Member of ERCAAN, real estate association.

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Keys2house is a member of ERCANN. A real Estate company you can trust.

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15/05/2024

GUIDE TO BUYING LAND & PROPERTY IN DELTA STATE.

Buying land or developed property is one of the dreams of every Nigerian. It can be a very exciting and very scary prospect at the same time. This is especially so because in Nigeria there is always the risk of fraud. Therefore, this guide is meant to explain the process everyone who is interested in buying land/property in Delta State should follow to ensure that it is done safely and properly.

STEP 1 DECIDE ON A BUDGET AND LOCATION

Buying a property is a big step involving a substantial long-term financial commitment, so think hard about what you can afford. Also, if you intend to live in the property, then you need to be sure that it is in a location you are happy at and can be for a very long time. Once you decide on a budget and location, then you are good to go and you can move on to the next step.

STEP 2 – HIRE A COMPETENT LAWYER

Not all lawyers are experts in property transactions. It is not enough that you hire a lawyer, yes all lawyers have some idea about property law, but there are some nuances and issues which someone who is not a specialist in property matters would easily miss. Therefore it is critical that the lawyer you hire can prove to you that they know what they are doing. You will need a lawyer in all the next stages, so it is important that you hire the right lawyer. Let you decision to hire a lawyer be based not on convenience or price, but on competence and experience.

STEP 3 LOOK FOR THE PERFECT (OR ALMOST PERFECT) PROPERTY

Once you hire a lawyer, the next step is to begin the search for properties which match your budget and location. At this point, you can engage the services of an estate agent. the estate agent will look for properties which match your criteria, create a shortlist for you, and then organise for you to view the properties shortlisted. Your lawyer can also assist you in recommending a trustworthy estate agent. if your lawyer is involved in many land transactions, he/she should have several estate agents they work with and can recommend to you.

STEP 4 INVESTIGATING THE SELLER

When you find a property you are interested in, you should always ensure that the person you are dealing with is the owner of the property or someone who has the valid authority to sell the property. A lot of times when dealing with property in Delta, you hear of fraudulent individuals who try to sell property which they do not own to unsuspecting buyers. This stage is where your lawyer begins his/her work fully, the lawyer will conduct the proper searches, ask the right questions, and request for the right documentation to determine if the person you are speaking to about the property, is the real owner. This is EXTREMELY important especially when the property in question is family land.

STEP 5 – INVESTIGATING THE PROPERTY

If you pass step 4 and you can confirm that the person you are speaking to regarding the property in Delta which you want to buy, is the real owner of the property or has the authority of the owner, then you can move on to this stage. In this stage, your lawyer will also play a big role. The lawyer will conduct the relevant searches and examine the appropriate documentation to ensure that the property is free from any encumbrance or pending litigation, that the property is not the subject of any Government acquisition, and that the property is not subject to any overriding interests

STEP 6 – VIEW THE PROPERTY

At this stage, if you have confirmed that the person you are dealing with has title, and the property is free from any issues, then you should visit the land to physically inspect it. At this stage you want to ensure that the land and the environment meet your expectations. It is also advisable to conduct a site visitation with a registered surveyor who will look at the survey plans and advise on the property as well.

STEP 7 NEGOTIATION

This stage is explanatory, the buyer and the seller have satisfied themselves that the deal can proceed, it is now a matter of agreeing on an acceptable price for the land. Your lawyer will be very instrumental here as well, as the lawyer will also be able to give you a solid indication of what future liabilities will exist for you (stamp duty fees, other government fees), so you can factor that in when making an offer. It is also a good idea to have an independent valuation of the property carried out in order to have a guide regarding the value of the property and whether the amount being negotiated represents fair market value of the property.

STEP 8 DOCUMENTATION

If the negotiation goes well and the offer is accepted, then your lawyer (and the seller’s lawyer) can move to the stage of drafting and negotiating all the completion documents In land transactions in If the negotiation goes well and the offer is accepted, then your lawyer (and the seller’s lawyer) can move to the stage of drafting and negotiating all the completion documents. In land transactions in Delta, there are 2 main documents – the receipt and the Deed of Assignment. The lawyers will deal with this, and ensure that the interests of both parties are addressed.

STEP 9- COMPLETION, EXCHANGE & POSSESSION

At this stage, the land transfer process is gathering pace, the buyer and the seller have signed and exchanged contracts, and the buyer is now in possession of all the original title documents and transfer documents. The purchase price of the property has also been made at this stage. Once all that is complete, the buyer becomes the owner of the property and can take possession

STEP 10 – POST-COMPLETION

Once the buyer has taken physical possession of the property, the next step is to file all the necessary documentation with the appropriate government authority and then commence the process to obtain Governor’s consent of the transaction. Once Governor’s consent is obtained a Certificate of Occupancy is issued, and the property transaction is then complete. Please note that by virtue of the provisions of the Land Use Act, ownership of all property in a State vests in the Governor, and a right of occupancy is given to a person for a maximum of 99 years.

NEXT STEPS

Are you considering buying property in Delta or already in the middle of a property transaction and you need professional advice and assistance?

From the above you can see that there are a number of risks involved with buying property in Nigeria, and the most effective way to prevent a number of them is to conduct proper verification before you proceed i.e. verify that the person you are dealing with is the legitimate owner and verify that the property has no encumbrances. Therefore, we at talk to a lawyer have created the ‘Talk to a lawyer Property Protection Service’, to help buyers of property in Nigeria to manage their risk. The service includes conducting comprehensive legal verification of the ownership and status of a property by our legal experts, and then we will provide a written report. The service costs N40,000 (Forty Thousand Naira only) and you will receive your report within 7 days. This gives you peace of mind before you go into any property transaction, Interested in this service? Chat with us now

There is a possibility of you stumbling on an opportunity to buy land and getting a good deal but don’t get carried away to the point of neglecting the documents. Jumping at a good deal to buy land is fine but you need to be extremely sure of what you are buying and avoid leaving anything to chance.

Ask for proof of ownership. Involve verification experts before you pay for any piece of land. Don’t take anything for granted. The process of land investigation is quite complicated and you should leave it to professionals to do this on your behalf.

Anyone who tries to sell you land and is reluctant to show you proof of ownership is as good as trying to sell you a stolen car. Would you buy a stolen car? Documents like the receipt, land survey, Letter of Allocation, Power of Attorney, Gazette and Deed of Assignment must be available. It doesn’t matter if this person is your aunt, uncle or boss at work, a document is a document and there is no substitute for it. Our solicitors and land verification experts can do this on your behalf.

7.DOCUMENTATION OF TRANSACTIONS AND PAYMENTS.

Take the pain to document every single part of the transactions involved in buying land in Nigeria. Every single part of the deal needs to be documented; from the cost of land to the survey fees. Documentation is vital for referencing and you should ensure the documents are detailed.

Everything must be properly documented with receipts from the payment to the survey fees. It’s very important so you can have a full and a complete detail of the transaction made.

All transaction should be well documented, this is very important for future references. These document include, contract of sale, deed of assignment, letter of allocation, survey plan, affidavits etc.

Where payments are made via cheques make sure you make photocopies of the said cheques and the vendor must acknowledge receipts of same.

8. INSPECT THE LAND BY YOURSELF.

This is a very important step to take when acquiring a property. Lots of people have been scammed and duped because they were too busy to inspect the property themselves.

No matter how busy you are avoid delegating the inspection of the land that you intend to buy to someone else. Go and inspect the land yourself and see things with your own eyes. Don’t rely on a third party to do this for you no matter how much you trust this person.

You can rely on our solicitors and professional’s guidance and experience to see things differently from the way you see them. Despite this advantage, endeavour to make yourself physically available for the inspection of the land.

Regardless of how busy your schedule is, you have to find a way to create enough time to carry out a thorough inspection of the land before you buy it. A growing number of people have been swindled just because they were too busy to carry out a thorough inspection of the land before making payment.

Pictures sent to you by the landowner is good but going for an inspection of the land is much better.

5. FILE THE DOCUMENTATION FOR YOUR NEW PURCHASE WITH THE RELEVANT LAND REGISTRY.

It's important to do this step because it legally makes you the new owner in the eyes of the law. If the property already has a C of O (certificate of Occupancy), the next step is to prepare a Deed of Assignment ,register same and pay the relevant taxes and dues to the Government ,thereafter you must obtain Governor's consent for the transfer of title.

If the said property does not have a Certificate of Occupancy ,it is important then that you start processing your C of O as soon as possible in your name.

A power of Attorney must be donated and a deed of assignment signed by both parties for this purpose ,after which it is pertinent that these documents be registered at the land registry ,the relevant taxes and development levies must be paid.

Our team are always at hand to help with this process as well as every other step stated above,our team will also render relevant legal advise and draft all necessary papers where necessary .

feel free to contact us today at www.keys2house.com. [email protected]

15/05/2024

IMPORTANT CONSIDERATIONS BEFORE PURCHASING REAL ESTATE IN NIGERIA

Proper investigation about a property you want to buy is very essential, probing the authenticity and validity of the property is very important when buying land in Nigeria especially in a country like Nigeria where the incidence of land fraud is rampant.

1. VERIFY THE IDENTITY OF THE TRUE OWNER OF THE PROPERTY AND THAT OF THE PERSON SELLING.

Always keep the following questions in mind: "Who is the owner of the property?" "Who is selling the property? Is it the owner, the owner's wife, son, daughter, or someone else?" "Whose name appears in the documents? Is it the current owner or the previous owner?" , does the seller have the legal authority of the seller to sell?.

It is important to ask questions where the name on the title deeds differs from the name of the person selling, how did he come about the title? Incidences of impersonation are common in land transaction in Nigeria, demand for the sellers’ form of identification. Where the property in question is a family land, it is important to make sure the vendor has the authority and consent of the entire family to sell.

2. REQUEST FOR LAND OWNER’S DOCUMENTS.

Before you make payment for any land in any location in Nigeria, you should ask for the following documents:

· The Certificate of Occupancy (C of O)

· The Survey Plan

· The Tax Clearance Certificate

· The Deed of Assignment

Never make payment for land without the provision of these vital documents. Don’t take anything for granted because this is one-way 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.

This can never be over emphasized, Its very important that you get these documents before paying for the property. Lots of people have fallen victim of buying property they never authenticated.

Even if the vendor is a close relative, friend or colleague and you trust the person, Make sure the due process to verify and authenticate the property before buying is followed to avoid being scammed or duped.



3. ZONING RESTRICTIONS.

It is important to know the zoning permits of the area you are trying to buy land from as this will help you to know what government plan for that area is.

The purpose of the property is usually stated on the face of the title document for instance ,it may be delineated as “Commercial” or “Residential” ,”Farming” or “Mixed Use”.

You will not be allowed to build a factory where government has already marked for residential building. You need to know this, so you do not have issues with the government in the future.

Even if the area is for residential building, know the kind of building the government permits for the area.

Building a skyscraper in an area where government says build bungalow is going to make you have issues with the government.







4. CONFIRM THE SIZE AND COORDINATES OF THE LAND (LAND SURVEY)

You need to also check to know if the size of the land corresponds with what the owner says it is and what is stated on the survey plan of the plot of land.

Also the coordinates of the land as stated on the survey plan must be confirmed. It is not just enough to show you any piece of land ,its coordinates must match that in the land registry. This is important so that you are sure that the physical land being sold to you is the same as that in the title document and that in the Land registry.

The only way to do this is to get a surveyor who will come and survey the land and get the actual measurement and confirm the documents.

Do not rely entirely on what the vendor says, because he says it is one plot does not make it necessarily one plot.

Even though it will cost you money (from N200,000 to N2,000,000), but it is better you carry out your land survey and be sure of what you are buying.

5. CONDUCT A LEGAL SEARCH.

Before you buy a plot of land or a completed building, be sure to conduct what is called a "search" on the property.

It is important to conduct a search at the relevant land registry of the property in question to find out if the said property is within government acquired properties or not ,or whether there are any encumbrances on the said property like mortgages or other charges ,or whether there are any pending litigation or other issues on the property, like double allocation etc.

The bureau of lands of Lagos state is responsible for all land related matters in Lagos state. It also has office in Government secretariat Alausa Ikeja Lagos Nigeria, While the Abuja Geographical Information system (AEGIS) and the various Land registries of the various Area Councils are responsible for all land and related matters in Abuja, Every other state in Nigeria has a Land registry where information relating to various lands are documented.

6. VERIFY THE AUTHENTICITY OF TITLE DOCUMENTS.

Its very important to verify the authenticity of the title document given to you. Having the documents sent to you is one thing, verifying them is another thing entirely. Cloning and forgery of documents is rampant in the sale of real estate in Nigeria.

It is not enough to request for the owner’s copy of the title documents he/she intends to sell to you; it is particularly important to verify the authenticity all the documents that are provided.