29/05/2024
*PROCEDURE FOR BUYING PROPERTY IN NIGERIA – *LATEST GUIDE*
*Buying property in Nigeria, is a significant process that requires careful attention to detail and adherence to legal procedures.
Recently, there have been issues of demolition of properties all over the country, especially in Lagos State.
*THE MAIN REASONS CAUSING THE DEMOLITIONS ARE USUALLY DEFECTS IN PROPERTY TITLES AND NON-COMPLIANCE WITH TOWN PLANNING AND ENVIRONMENTAL LAWS*
To ensure a smooth and safe transaction, it’s crucial to understand the *key steps involved in property transactions, which shall be explained below:-*
1) *PHYSICAL INSPECTION: -*
Before finalizing any purchase, conduct a thorough inspection of the property.
This step helps identify any visible defects, potential disputes, and confirms the property’s availability for possession.
2) *TITLE SEARCH AND DUE DILIGENCE:-* Investigate the property’s title to verify ownership. If the property has a registered title, a search at the land registry will confirm the owner’s details.
For properties without registered titles, investigate the root title to ensure the seller has the right to sell.
3) *CONDUCT DUE DILIGENCE ON BUILDING APPROVAL:-*
Having a title is not a complete proof that the property on the land is good to buy.
The buyer must take further step to conduct due diligence and investigate whether there is a genuine building approval issued by *Ministry of Physical Planning and Urban Development.
This* ministry together with the relevant agencies determine whether a building can be built on a particular land and what type of building can be built there.
4) *CONTRACT OF SALE:-*
Once you’re satisfied with the property, draft and sign a contract of sale.
This legally binding document outlines the terms and conditions of the sale, including the purchase price, payment schedule, and any other relevant details.
It’s particularly important when payments are made in installments.
5) *DEED OF ASSIGNMENT: -*
After full payment, prepare and sign a deed of assignment.
This document officially transfers ownership from the seller to the buyer. It’s a crucial step in solidifying the transaction.
It must be drafted by a legal practitioner for the buyer.
Where the seller’s solicitor drafts his document for any reason, it must be thoroughly scrutinized by the buyer’s solicitor.
6) *REGISTRATION OF TITLE: -*
To complete the process, register the property with the relevant State Government’s Ministry of Land.
This involves obtaining the Governor’s Consent, which is a requirement under the Land Use Act.
This step ensures that your ownership is legally recognized and protected.
*NOTE:-* Throughout this process, seeking guidance from a qualified legal practitioner is highly important.
They can help navigate the legal complexities, ensure all necessary documents are prepared correctly, and safeguard your interests as a buyer.
Remember, buying property is a significant investment with great returns.
Source by :
C.I.T. INVESTMENTS LTD.
( Your Real Estate Hub)
Email; [email protected]
WhatsApp: +234 8034949167
https://sites.google.com/view/solaceproperties/home
