Owing landed properties is one of the most important steps many Nigerians wish to make at one point in their lives. There are some vital guidelines and procedures to follow when buying landed properties, some of these steps would definitely serve as a life wire to prospective buyers of landed properties in Nigeria. These guidelines are briefly analyzed below;
1.Determine the kind of land you want
Before buying a landed property , it is imperative to know and understand the nature of the property you want. You must evaluate the potential growth in investment in the particular area before you make payment for such a property.
2.Examine Your Budget
Another vital guideline to follow before buying a landed property is to evaluate your budget and examine your available capital. Compare your actual capital and proposed expenditure on the property in order not to have any financial leak.
3.Inspection Of The Property And Verification Of The Owner Of The Property
Before buying a property , be sure to know who the real owner of the property by conducting a thorough research on both the property (you must the security of the environs, the location and size of the property) and the owner of the property in order not to deal with a fraudster. Questions like `who is the owner ?, who is seller?, what liabilities currently exist on the property?
The you may also proceed to verify from the respective state government if the property in question is with the government acquired properties or not and whether the are any pending litigations or other issues on the property.
4.Engage The Service Of An Estate Property Lawyer
It is very important to engage the services of a property lawyer to safeguard your documents and help manage the property because a property lawyer is a certified legal professional who oversee all the legal aspect of real estate transactions , he/she prepare and review the legal documents, negotiate the terms and condition of the transactions and facilitate the transfer of titles on your behalf.
5.Make The Necessary Payments And Collect The Right Documents Of The Property
After inspecting and verifying, pay the owner the amount for the property l, in the presence of your property lawyer then collect the relevant documents (purchase receipt, the contract of sales, building plan ) in possession of the previous owner.
6.File For The Registration And Documentation For The Land Property
This is the most important step to take after purchasing the property because it legally makes you the new owner in the eyes of the law?. If the property doesn’t have a C Of O(certificate of occupancy) then you should start the processing as soon as possible to make you have the government consent for the property
With the adherence to the following procedures and guidelines, acquiring a landed property will be stress free and less complicated because it will give you full recognized right over the property and eliminate any form of illegitimacy over the property.
You get started with buying a land anywhere in Nigeria by clicking here. You can also make more enquires by clicking the Support chat icon at bottom right of your screen.
Throne
on said
Thanks… This is very helpful
Abiodun
on said
Job well done 👍
Adesuwa
on said
Bravo, this information is really helpful