HOW TO BUY PROPERTY IN NIGERIA
In Nigeria, buying a house involves a number of legal criteria and important steps that must be taken.
HOW TO BUY PROPERTY IN NIGERIA
In Nigeria, buying a house involves a number of legal criteria and important steps that must be taken. Engaging a lawyer who can confirm the prospective house to be acquired is the first important step in buying a property in Nigeria.
In addition, under Nigerian law, only a lawyer is formally authorised to prepare legal documents (instruments) for the transfer of an interest in any property in exchange for a fee. Only a lawyer can ensure that a person does not have legal issues with a property title after purchasing one.
STEPS FOR BUYING A HOUSE IN NIGERIA
The buyer must demand and collect all relevant property title documents from the seller. The buyer may then engage a lawyer to investigate the title of the seller and also conduct due diligence in respect of the house to be sold. The buyer will conduct a search at the land registry and investigate the property's title accordingly through his or her solicitor. If the title of the property is genuine, a seller or buyer may go-ahead to prepare a contract of sale that will be signed by both parties. The buyer may go ahead and make a deposit or pay all the property sum at this stage. Upon the payment of the entire sum, the seller or buyer may prepare and sign the document conveying the interest in the property, which could be a deed of assignment or conveyance. The buyer may go ahead and perfect the title of the property with the relevant land registry
DOCUMENTS REQUIRED FOR BUYING A HOUSE IN NIGERIA
In order to efficiently transfer a good title to the buyer throughout the land acquisition procedure, the seller is required to provide a number of relevant documentation. These records are crucial since they frequently attest to the seller's ownership stake. It is important to be aware that Nigeria has several different kinds of property documentation. The following documents are among them:
APPROVED SURVEY PLAN
This important document helps in revealing the precise location of any property and its borders. It will also show whether or not the land is being acquired by the government.
DEED OF ASSIGNMENT
After the completion of any land transaction, either the seller or the buyer of the land should prepare this very important document. A property interest can be transferred using this document from one person to another. The new buyer must get a copy of this document if the seller previously bought the property from another seller in order to be able to track the history of the property being purchased.
PROBATE & LETTER OF ADMINISTRATION
The buyer must ask for a grant of probate or a letter of administration on behalf of the property in cases where the owner is late with a property transaction. The title to any documents that a deceased person directly owned and that were used to transfer ownership of that person's property before death is nullified upon death. The grant of probate or letter of administration will become the document that serves as a legal title in respect of any land or house owned by a deceased person. The document will name Executors or Administrators, as the case may be, who can sign any document transferring the interest in the property called Assent.
CERTIFICATE OF OCCUPANCY (COFO)
Regardless of the usage of any land or property in Nigeria, the CofO guarantees its legal ownership status. The government typically delivers a document attesting to the landowner's ownership interest in the property when such interest is really compliant with the law. It is a legal document that certifies that someone has obtained a property interest after receiving a statutory right of occupancy from the state governor. The CofO is not usually applicable to all properties. It is usually issued to persons who have owned a property in Nigeria before the enactment of the Land Use Act 1978 or to people who are getting direct property allocation from any government.
POWER OF ATTORNEY
Where an agent is acting on behalf of the house's owner, it is necessary. It is a document that grants specific permission for that person to act on behalf of the actual owner of the home.
Any property transfer requires the consent or attestation of the state governor, either directly or by an appointed commissioner. Any transaction involving the transfer or conveyance of any property interest from one person to another requires the consent of the governor of the state under the Land Use Act of 1978.
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 email@example.com
WRITTEN BY CHAMAN LAW FIRM TEAM
TEL: 08065553671, 08024230080