Procuring a landed property in Nigeria doesn’t come cheap due to the high rate of false property owners, agents and other social vices attached to it. Hence buyers are advised to take adequate measures in order to safeguard your hard earn money so that you won’t be ripped off and lose your funds to all the fake Real Estate companies and land owners that specialize in defrauding prospective land purchasers out there.

This article is meant to throw more light on some steps you need to consider before making payment on any property you desire to buy.

The Location

If property had to live only by a sole rule – this would probably be it. The location is the main factor when choosing a piece of land that you choose to invest or reside in. But what does that really mean? In urban areas, this can mean safe neighborhoods, traffic flows, proximity to shopping malls, school quality, nightlife attractions, and proximity to jobs or natural features such as the ocean or a mountain range and so on.

The value of the land itself is important along with the conveniences and other factors it brings. How prestigious is that location you have your eye on? Is it family-friendly? Is it safe? One cannot take for granted the crime rate attached to these properties and how well to avert the disaster of ditching your money out to buy any property/properties that won’t make you comfortable at the end, especially landed property in areas where population is a lot denser.

Right Budget

It is important to be very realistic when looking for a piece of land to acquire by buying within your financial capability, be it for an investment or a home. Landed property for sale can be highly taxing on any individual, so it is vital that you understand which kind of landed property in which location suits your wallet best.

When it comes to buying landed property, understand that there is also a need to set aside the money for additional expenses that may come along with the purchase only make sure you are paying within the stipulated agreement as not to cripple your bank account.

Understand thoroughly what you want out of your purchase of the landed property and draft out a realistic budgetary plan on how much to spend on what before you start buying.

The Size of the Property

If you are a cash buyer, then you can simply look at property with a price tag that compares with the amount of money you want to invest. You need to know how much land is actually appropriate. It is common knowledge that proper consideration has to be taking before purchasing any property, so it is important that you get a size that is just right for you, much like choosing something that you want to wear on a long and busy day – something nice and comfortable.

If you are in it for an investment, you need something that is sellable. No sense in purchasing something that is massive but has no real demand or value. If you are buying for building your own nest, you will have to know how much space is snug enough to be called your home without having to cramp up.

Working with a Real-Estate Professional

Although some people think this isn’t important but I bet you it will go a long way in saving your head, time and money. Unless you hire real estate professional to get your deal done you are not helping yourself because they will help you with a lot of information needed and will only get paid if the sale occurs.

They will work with you 24/7 until the deal is over and can offer a vast amount of information to help you. They will set up the closing and help both the buyer and the seller meet the demands of the written contract. Real estate closings can be very complex. The agent will be able to explain a lot of the procedures in respect to the expenses of the transaction. This will include closing fees, document preparation, and the agency fee.

Local Resources Information

The farther away your property is located from you, the more important it will be to develop your own personal network of contacts for that area. Although it is sickening to imagine the high rate of fake real estate agents and land owners out there who wantonly defraud unsuspecting prospects in a crafty way, in lieu of this we always advised all prospective buyers to do proper investigation on every persons or companies or agent you are dealing with this could save you from falling a victim.

A simple list and one that you will probably help you in that quest include:

State Agencies, Such as Ministry of Land, Housing, Physical planning and other related bodies, they are usually own by government which makes a bit difficult to engage in any fraudulent act in many cases although they do request for tips stylishly.They will have information on authenticity of the property if it is located in free to use area or government acquired property or within gazette area. This could save you thousands of Naira.
Neighbors – One of the first things you need to do is stop by and meet each of your adjoining land owners and the nearest homesteads. They live in that location which means they will have firsthand information about the property you’re eyeing, being friendly with them could help getting to know more about property. They may end up being the person that pulls your stuck vehicle out of the ditch on a rainy day or loaning you that trusty wrench.

Legal Title Documentation

When you buy a car, the first thing you do is buy insurance before you leave the lot. Why? To protect you in case of an accident. Title documentation does the same thing only in terms of ownership. It ensures your ownership of the property in the amount that you paid for it upon the receipt of purchase, as long as all of the items listed as exceptions are corrected. This may include transferring ownership by legal deed, or the seller having a deed of trust removed.

The agent will review any items that need to be discussed at closing. Normally, you will receive a copy of the title documents (i.e. Deed of Assignment, Transferring of Certificate of Occupancy, or obtaining a new one from the government agency) commitment days before the closing. If you have any questions, ask an attorney to review the policy. Purchasing a title policy is the most secure way to buy property today; it shows you have the backing of the law as a rightful owner.

I hope this piece of information has opened your eyes on how to purchase landed property legally anywhere, but the question I am asking every prospective buyer out there is that are they really willing to follow this steps strictly?

How well do you trust the real estate professional you are dealing with, be it your friend, family relation or distance relation? Your sincere assessment of these situations especially when money is involved can help you go far and also avoid been duped in the process.

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