What is the process of renting/buying property in Nigeria? How do you obtain an agent? How much are the agents fees? Are there any tricks/gimmicks/scams I should be aware of? Please include as much information as possible because I don't know a thing.

Thanks.

SAVE YOUR MONEY AND WAIT TILL YOU COME BACK HOME. ONCE IN NAIJA, THEN DO ALL YOU WANT TO DO YOURSELF.
SOMEONE CAN BUY A PROPERTY FOR YOU AND HAVE HIS/HER NAME IN THE DOCUMENTS AND LEAVE YOU HIGH AND DRY!!! TRUST NO ONE BUT GOD[size=8pt][/size]

I am in Nigeria but it's so hard to get direct answers from family or anyone else. Maybe people are too overprotective here?

Ayinke,
send me a mail at temibello@yahoo.co.uk or call 08037178687. I hardly respond on nairaland but i just feel u are worth helping.

Regards,

Megastu

Rubbish,

Make the offer public,

Don't go put your money in his hands unless you are 110% sure he's straight

I am hoping to get feedbacks from people who at one time or the other have purchased landed properties in Lagos. This I hope will go a long way to reduce to level of property related scam, when people have more direction, they'll gamble less with their life savings, especially now that properties are on the high side.

Feel Free to comment, on how you got your property, the research you had to do, how lucky you were to discover this and that, and how your lawyer saved your neck, how to protect yourself from lawyers that circumvent you, your references for professionals in the industry that are scam free.

my dear these things are subject to certain criteria
1, location of the property in question,
2, if its rent for how long
3, the asking price for that particular area,
in-short dem plenty to the list here
so u have to be precise.

Are you an agent or what?,

An advise, general advise don't need any of the information you asked for!!,

I can go on and on about when I purchased my first property like how I almost got screwed, however, this is a thread I believe will save a lot of people millions, tens of millions if not hundreds of millions of naira, and more importantly he hassle of going to court over the same issue for the next 5years,

if u wish to buy property in nigeria, its pretty easy if u take these steps
1) Identify what your objectives are for the property you're looking for. This will determine the location, type and budget for the property
2) Deal only with estate agents who are registered members of NIESV - Nigerian Institute of Estate Surveyors and Valuers or developers who are registered with Real Estate Developers Association of Nigeria
3) Procure the services of a good lawyer with experience in Land and property transactions.
4) Avoid Cash settlements - stick with Bank drafts and cheques. This can be tracked more easily and the processed halted before the receiver is even credited if anything happens.
5) There is no easy way to determine the real landowners hence buy only through reputable developers/agents.

A SAMPLE LAND TRANSACTION
Walk into any of the Jide Taiwo, Diya Fatimilehin or Ubosi Eleh & co offices, ask for an agent. Tell him/her you wish to buy a land in Magodo (location) and this is your budget. He will search for one and get back to you. You'll go on the site with him and see it. If you like it, you negotiate and tell him you'll get back to him. Get a good property lawyer. He'll conduct a search at the lands registry to see if the land is an acquired land by govt, land under dispute or free land. Once he ascertains that, he'll proceed to check the land site and hold talks with the families around the area to ascertain true ownership. He'll give you a feedback on his findings and either recommend the land to you to buy or not. Its then in your court. if you go ahead to buy it. You'll pay the Diya guy with a bank draft in the company's name. receive receipts and some other papers that show u've bought a land through them. The real ordeal is when you have to take this land to the government and process your Certificate of Occupancy and other title deeds. It takes from 6 mnths to forever to do this. Your lawyer will either do this for you at a cost or you do it yourself. If your lawyer is to do it, you'll have to give him "PR" money to enable the transaction move along smoothly. Eventually you'll get the papers after a year or less and the property is officially yours.

if u wish to rent a property in Nigeria similar rules apply for there is no govt involvement.
1) Identify the property you wish to rent or go straight to an estate agent and inquire for the property type at the desired area.
2) Avoid uncompleted buildings promising to deliver at a later date after you pay upfront or renting houses through a friend who's moving out for various reasons.
3) As usual, pay with cheque or bank draft unless the Landlord totally refuses anything besides cash. Then make sure u pay him in front of a witness and collect a receipt on the spot.
4) Collect the house keys immediately and proceed to the house to change the locks to the main door too. Never rent a house with people still living in it.

If you wish to find out more about property buying or renting, i'll be glad to oblige you at a fee depending on the volume of information required.

Thank you for your feedback.

However, I stand to be corrected, for the purchase of properties in Nigeria, less than: 10% of property buyers go to these established agents, simply because a larger percentage of the population buy properties that are affordable through their network of my friend's agents. Most of these established firms only sell properties from tens of millions and above ( I stand to be corrected) and only few can afford that much.

Any advise for those who learn a house at the back of their house is going for a bargain?

Most of these established firms only sell properties from tens of millions and above ( I stand to be corrected) and only few can afford that much

two quick replies to that:
1) I made mention of a budget, inform the agent that you wish to buy a property within these budget. its his job to find the property for you, i only mentioned diya fatimilehin and co for example, there are other medium-sized ones that deal in properties from N5m to N10. Beside its not advisable to buy properties to friends/relatives. You can rent through them but not buy, ask a lawyer he'll explain why.
2) You dont have to pay it all at once, you can pick a good mortgage from a commercial bank. The stress is not as much as u think. Just get all the relevant papers and pick the property. within a space of 2/3 months you're thru with it.