₦airaland Forum

1.BUDGET AND IDENTIFICATION; Land cost especially in Nigeria where we don’t have a culture of mortgage financing, can be very prohibitive, it now becomes paramount that one must have a budget that is in tandem to the land he or she wants to buy in a giving area eg it would be an error of judgement for someone with say one million naira seeking to buy land in high brow section of owerri town, such amount can buy land only in semi urban areas like Awaka, Emekuku etc.
2.CONTACTING AN AGENT; Step two should be done concurrently with step one, especially for one who is not on ground or conversant with with land cost in Owerri. The agent will give the person a price list of available lands in different parts of the city and the buyer will now choose according to his or her budget and what the land is intended to be used for, eg it might not be suitable to buy land that would be used for a private/family estate in a campus environment like Nekede/Iheagwa while land that is to be used for agriculture would be better in the rural or semi urban area.
3.INVOLVING A LEGAL PRACTITIONER; Irrespective of the extra cost, this is very important especially for “first time buyers” to consult a legal practitioner that would advise the buyer on the nitty-gritty like documents to be requested from the seller to show prove of ownership and also for the preparation of power of attorney that would be issued and signed on the day of payment.
4.PAYMENT OF “EGO OMENALA” (TRADITION MONEY) This money, usually 50,000 naira is paid to the seller when the buyer has come for inspection and is satisfied with the plot(s) of land. In the past, “ego omenala would be used to prepare a feast on the day the land would be sold. This money is also used as a collateral by the seller to reserve the land for the seller pending when everything would be finalized. This money is refundable if the transaction is terminated halfway.
5.PAYMENT FOR THE LAND; This would be agreed with the seller whether he wants it through transfer, cheque or “cash at hand” at the bank (this is advisable for security purpose) after which the documents would be signed in the presence of your lawyer and other witnesses.
6.SURVEY; This should be done immediately after payment and the amount though negotiable is usually around two hundred thousand naira.
7.ACTIVITY ON THE LAND; This could come in the form of clearing, dumping of sand and blocks, perimeter fence and gate, farming etc. This is important so that if the land is in contention in any way, it will become manifest at this stage when it would be easier to get hold of the seller and resolve issues or get a refund. Also it could act as caveat emptor to potential fraudsters.

Adapted from www.galaxyproperties.