By Benita Ayo

These days, Nigerians are highly interested in acquiring properties and with the spate at which properties are marketed by real estate companies as well as private property owners, the need to exercise caution and be alert cannot be over-emphasized.

Stories are rife where purchasers of real property discover shortly after making payments that the title hitherto transferred to them is faulty.

Perhaps, a lot of hassles and stress may have been avoided if certain precautionary steps were taken prior to the purchase of a property.

It is no longer news that the courts are burdened with claims bordering on declaration of title to land and all other ancillary matters.

In all of these, how do you ensure property transactions being involved in are clean and free of different issues?

This article brings you the dos and don’ts, which are presented below;

The Dos

In view of the foregoing, it is thus advisable for anyone contemplating the purchase of property or investment in any kind of real estate to;

Secure the services of a good real estate lawyer having a thorough knowledge and experience of real property transactions for professional advice and consultation.

Ensure that all dealings in respect of the transaction be handled and dealt with by a competent legal professional.

Be patient enough to do due diligence before making any decisions

Always do your business through a property lawyer, they are in the best position to advise you and protect your interest

The Don’ts

Never invest in property or go into such transactions without consulting with a lawyer (BIG RISK)

Never stop asking questions even the tiniest bit of questions (THEY CAN SAVE YOU AN INVESTMENT)

Beware of the OMONILEs, always do it the legit way

A WORD OF CAUTION: Never, and I mean NADA! ever take matters into your own hands. Always pass any information relating to your proprietary interest to your lawyer for proper and professional attention.

Benita Ayo is an Associate/property consultant with Ayodele, Olugbenga & Co., 57, UBA HOUSE, 9th floor, Marina, Lagos. She may be contacted on: WhatsApp: 08063775768 and email: benny_ayo21@yahoo.com.

https://www.businesspost.ng/2018/05/08/the-dos-and-donts-of-property-transactions-in-nigeria/