Kevwelize:
Proper due diligence is necessary before acquiring land in Nigeria where property laws and regulations are diverse and differ across various states. The nature of such diligence varies from transaction to transaction and also dependent on several factors. The purpose of all the legal due diligence is to have a clear picture as to the authenticity of the title to the land/property, usage restrictions and other restrictions.
Land may be acquired from Government, Companies/Co-operative Societies /Other Artificial Persons and Individuals. The steps to be taken when acquiring land/property from any of the aforementioned entities varies from one to another.
Government whether Federal or State can allocate land in line with the provisions of the Land Use Act 1978. The due diligence to be conducted in this case includes ascertaining whether the land is vested in the government, obtaining any instrument by which such land is vested, whether the process of vesting has gone through any litigation, etc.
Due diligence steps in the case of land belonging to corporate entities and individuals includes, ascertaining how the company or individual acquired the land whether it was directly allocated or purchased from an individual or company, charting the survey plans to determine whether it is free from acquisition, verifying the authenticity of title documents, etc.
Before acquiring land/property especially in big cities like Lagos there is a need to engage a real estate lawyer to conduct due diligence so as to prevent the acquisition of land/property with no title and ending up buying same property several times. It is even worse in cases where the land is under government's acquisition and committed.
Kevwelize:
Proper due diligence is necessary before acquiring land in Nigeria where property laws and regulations are diverse and differ across various states. The nature of such diligence varies from transaction to transaction and also dependent on several factors. The purpose of all the legal due diligence is to have a clear picture as to the authenticity of the title to the land/property, usage restrictions and other restrictions.
Land may be acquired from Government, Companies/Co-operative Societies /Other Artificial Persons and Individuals. The steps to be taken when acquiring land/property from any of the aforementioned entities varies from one to another.
Government whether Federal or State can allocate land in line with the provisions of the Land Use Act 1978. The due diligence to be conducted in this case includes ascertaining whether the land is vested in the government, obtaining any instrument by which such land is vested, whether the process of vesting has gone through any litigation, etc.
Due diligence steps in the case of land belonging to corporate entities and individuals includes, ascertaining how the company or individual acquired the land whether it was directly allocated or purchased from an individual or company, charting the survey plans to determine whether it is free from acquisition, verifying the authenticity of title documents, etc.
Before acquiring land/property especially in big cities like Lagos there is a need to engage a real estate lawyer to conduct due diligence so as to prevent the acquisition of land/property with no title and ending up buying same property several times. It is even worse in cases where the land is under government's acquisition and committed.
Proper due diligence is necessary before acquiring land in Nigeria where property laws and regulations are diverse and differ across various states. The nature of such diligence varies from transaction to transaction and also dependent on several factors. The purpose of all the legal due diligence is to have a clear picture as to the authenticity of the title to the land/property, usage restrictions and other restrictions.
Land may be acquired from Government, Companies/Co-operative Societies /Other Artificial Persons and Individuals. The steps to be taken when acquiring land/property from any of the aforementioned entities varies from one to another.
Government whether Federal or State can allocate land in line with the provisions of the Land Use Act 1978. The due diligence to be conducted in this case includes ascertaining whether the land is vested in the government, obtaining any instrument by which such land is vested, whether the process of vesting has gone through any litigation, etc.
Due diligence steps in the case of land belonging to corporate entities and individuals includes, ascertaining how the company or individual acquired the land whether it was directly allocated or purchased from an individual or company, charting the survey plans to determine whether it is free from acquisition, verifying the authenticity of title documents, etc.
Before acquiring land/property especially in big cities like Lagos there is a need to engage a real estate lawyer to conduct due diligence so as to prevent the acquisition of land/property with no title and ending up buying same property several times. It is even worse in cases where the land is under government's acquisition and committed.
For more information and guide : contact the writer via email kevweodima@gmail.com.
