A COMPLETE GUIDE ON PROPERTY ACQUISITION IN NIGERIA
In Nigeria, there are numerous complete step-by-step guides on buying property
A COMPLETE GUIDE ON PROPERTY ACQUISITION IN NIGERIA
In Nigeria, there are numerous complete step-by-step guides on buying property. Getting a trustworthy real estate or property law firm to help you navigate the entire Nigerian property purchasing process is a crucial first step. When you get the service of a property law firm, they verify the title of the proposed property and determine whether it is committed, being acquired, or encumbered.
METHODS OF ACQUIRING PROPERTY IN NIGERIA
PROBATE/ LETTER OF ADMINISTRATION
A probate is a court-mandated procedure where the validity of a testator's will is determined. It is the right a beneficiary has to take possession of any gifts or properties left to them by a testator. Only when probate has been requested and achieved can the beneficiaries have unrestricted access to the gifts made in the will. The will cannot by itself transfer title in real estate to a beneficiary.
GIFT
A gift is something that is freely given without expecting anything in return. Gifts don't have to be written down. Executing a Deed of Gift, however, is frequently preferred in order to prevent conflicts in the future.
A gift must be given voluntarily, that is, without fraud or coercion, for a Deed of Gift to be legitimate. The beneficiary must accept the present; the grantor cannot be paid for the gift they have given since, if they are, it ceases to be a gift and becomes a sale.
SALE OF REAL ESTATE
This is a typical method of buying real estate because it entails giving the buyer full ownership of the land or structure in exchange for a considerable sum of money.
STEP BY STEP GUIDE ON PROPERTY ACQUISITION IN NIGERIA
PRE-CONTRACT STAGE
The buyer will physically inspect the property at this point. He or she wants to buy in order to verify whether the property matches the vendor's description and whether it complies with Nigerian planning regulations and other pertinent legislation.
CONTRACT STAGE
This entails negotiating the terms and circumstances of the transaction, such as the price and the parties' commitments. At this point, a formal contract is being written.
POST-CONTRACT STAGE
The buyer conducts a comprehensive investigation into the property's title at this point. This entails conducting searches on the property at relevant locations and government bodies (such as the Ministry or Bureau of Lands) to confirm the validity of the Vendor's title.
COMPLETION STAGE
This completes the sale and acquisition of the property. At this point, the buyer has paid in full for the property, and the seller has executed and delivered all original copies of the documents pertaining to the property's title, transferring to the buyer the full title and interest in the property.
POST-COMPLETION STAGE
The buyer is obliged to secure their ownership of the property. This is accomplished by registering the title with the relevant Nigerian land registry.
DOCUMENTS REQUIRED IN PROPERTY ACQUISITION IN NIGERIA
APPROVED SURVEY PLAN
This document informs the purchaser of the precise location and bounds of a property. It also makes known whether or not the land is subject to government acquisition.
DEED OF ASSIGNMENT
An interest in a piece of property can be transferred from one person to another through a deed of assignment.
CERTIFICATE OF OCCUPANCY (COFO)
The CofO confirms its legal ownership status, of any land or property in Nigeria notwithstanding of the use
GOVERNOR'S CONSENT
Any property transfer requires the state governor's consent, either directly or via the designated commissioner.
NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com
WRITTEN BY CHAMAN LAW FIRM TEAM
EMAIL: chamanlawfirm@gmail.com
TEL: 08065553671, 08024230080