Property in Nigeria continues to rise in value. It offers potential for people looking to diversify their investments or increase the reach of their property holdings. Nigerian property owners can easily earn profits by reselling or by using their real estate as a rental. The process to buy property involves a few steps, but it is not as complex as some may think.
Hire a Lawyer
Once a buyer decides on what they wish to purchase, they must hire a property lawyer. Nigerian law requires that real estate transactions take place only with contracts written by a licensed property lawyer. Anyone can review the rules for this in Section 22 in the Legal Practitioners Act.
Inspect the Property
Only buy property in Nigeria after a personal inspection. Anyone that cannot travel or that does not have time to perform a walk-through on their own should hire a reliable representative. Negotiations are an expected part of the transaction. Buyers that know the condition of the real estate they hope to buy will do better in their negotiations.
Gather Necessary Documents
The seller should produce a title and a survey of the boundaries. Buyers need to see the power of attorney document if the seller is not the owner. Legal transactions also require probate or letters of administration if the owner died before the completion of the sale.
Despite the presentation of all legally required documents, the buyer must have a legal search performed. The searches ensure no one else has ownership of the land or has any interest in the property. The added step guarantees the person selling the property or representing the seller has the legal right to do so.
Complete the Sale
After the completion of the sale, the buyer must register the property with the FCTA (Federal Capital Territory Administration). Perfecting the title is a legal requirement. A lawyer makes the process easier for this part of the transaction.
The real estate market slowed in Nigeria in 2020 because of the pandemic. The mild reduction in sales could help to increase the availability of property and the speed of finalizing the sale. Like other markets around the world, the business should rebound once everything reopens and people return to their normal routines.