Buying property in Nigeria can be an exciting experience, but it’s not without its challenges. Whether you’re a first-time buyer, an expat looking for a property in Nigeria, or an investor searching for a profitable real estate opportunity, there are a few things you need to know to ensure that the process is smooth and hassle-free. In this article, we show you the exact steps to follow to buy properties in Nigeria with peace and stress-free.
Step 1: Clearly Define Your Budget and Preferred Location(s)
You need to determine how much you can afford to spend before you start considering any property. This will save you the time and heartache of trying to negotiate with a seller whose property is above your budget. Additionally, you must also identify your preferred location(s), this is important. It helps you focus on properties that are only in areas that are convenient and comfortable for you.
Step 2: Engage a Competent Real Estate Broker
Next, engage a real estate broker who is reputable and has a track record of providing quality services. There is an ocean of quack agents out there, be careful not to fall for their scam. A good broker will help you identify properties that fit within your budget and preferences, and will do due diligence to ensure the property you want to buy is not fraudulent. They can also provide useful insights about the buying process, and other relevant information.
Step 3: Property Inquiry and Inspection
After identifying a property, it is essential to make inquiries and do inspection. This includes verifying the ownership status, assessing the property’s condition and suitability, and inspecting the neighbourhood to ensure that it is secure and suitable for you.
Quick Tip:
If you are buying landed property, we will advise you go with your surveyor and/or architect when going for inspection. Their professional input is often critical, as they can better inform you about the suitability of the land for your use.
Step 4: Due Diligence: Go for property search at appropriate authorities.
Not all properties are genuine. It is crucial to carry out a property search at the appropriate authority to ensure there are no encumbrances on the property. This will help you avoid buying a property with legal issues that may cost you more money, time and stress in the future.
Quick Tip:
Every property with good documents is expected to have a record with the government authorities. So, ask for the property ID number from the seller or get a photocopy of the document and take it to ministry of lands or the necessary authority in your state to verify if the property is truly genuine.
Step 5: Engage a Competent Lawyer
Engaging the services of a competent lawyer is a crucial step in the buying process. A good lawyer will ensure all necessary documents are in place. It is important to use a lawyer that has a vast knowledge of Nigerian property laws to guide you safely through the buying process. Ensure your decision to hire a lawyer is based on competence and experience and not price.
Step 6: Meet the Seller – Payment and Exchange of Possession
The next step is to meet the seller to conclude the transaction and exchange documents. Be sure to go with your lawyer and all the legal documents he must have prepared. Sign all necessary documents, make payment and take possession of the documents and property. If possible take a group picture together with all parties involved, this can prevent future crisis.
Quick Tip:
If the property or owner is open to negotiation, be sure to pitch a fair and comfortable price before payment is concluded.
Step 7: Post Transaction: Registering Necessary Documents in Your Name
After completion of the transaction, it is crucial to register necessary documents with the appropriate authorities to ensure that the property’s ownership is properly and legally transferred and registered. This will provide a legal record of ownership that can be relied upon in the future.
Conclusion
In conclusion, buying a property in Nigeria can be a daunting task. However, by following this step-by-step guide, you can make the process more manageable and stress-free. Always remember to engage the services of competent professionals to guide you safely through the process. With careful planning, research, and professional help, you can own your dream property in Nigeria without stress.