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Essentials Of Buying Property In Nigeria. - Properties - Nairaland

Nairaland ForumNairaland GeneralPropertiesEssentials Of Buying Property In Nigeria. (98 Views)

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Essentials Of Buying Property In Nigeria. by Treash(op): 8:15pm On Mar 31
Treash:
1. Physical inspection of the land by the buyer or his solicitor.
2. Request for all legal & title documents in respect of the land reflecting the seller's name, description and location of the property. Details of the seller also depends on- Corporate entity, an individuals, family, communal land, or trusteeship. For Lagos property (particularly Lekki, Awoyaya, Ibeju axis), you must request for a copy of Excision already Gazetted by Lagos State Government. There is no Gazetted and Excision Land in Ikeja; it must be a Registered Conveyance, Certificate of Occupancy, Deed of Agreement and Purchase Receipt with other relevant documents.
3. Ascertain from requisite land registry the area is not fully committed. The buyer must further verify presence or otherwise of any court litigation on the property; or conduct search in CAC, if corporate entity is involved; or request Probate Documents in respect of an inherited land.
4. The buyer must further ensure the overall description on the title documents matches with the physical status of the property.
5. Upon full satisfaction of genuine title, the buyer may proceed to make payment.
6. The next step will be for the buyer to instruct a Licensed Land Surveyor to prepare a Survey Plan for the property in the name of the new buyer. Note, that the Survey plan must carry all necessary details and Record copy duly lodged at Surveyor’s General office.
7. The Solicitor will use the new Survey Plan to prepare the final document which may be: Deed of Sub-lease, Deed of Mortgage or Deed of Assignment.
Partly culled from Bam & Gad Solicitors.

Re: Essentials Of Buying Property In Nigeria. by Treash(op): 2:16am On May 12
Reach out. We are available.
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