WHY YOU NEED A LEGAL ADVICE BEFORE BUYING PROPERTY IN NIGERIA
The duty of a property lawyer in Nigeria is to protect the interest of the parties in any property transaction (i.e. either the Purchaser or the Seller).
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WHY YOU NEED A LEGAL ADVICE BEFORE BUYING PROPERTY IN NIGERIA
Buying and selling of properties are very crucial and delicate transactions that need the services of experts like property lawyers. The duty of a property lawyer in Nigeria is to protect the interest of the parties in any property transaction (i.e. either the Purchaser or the Seller).
One very crucial duty of a property lawyer is to give advice to his client who wishes to purchase a property. This is to prevent the client from being scammed and to make the client’s choice easy to make.
It is very disheartening that in Nigeria, there are so many fakes; fake properties, fake owners of properties, fake agents as property buying is the easiest 419 people fall prey to. This has made it difficult to make a wise choice when purchasing a property. A client that is not an expert in real estate will ordinarily not know how to detect a fake property or a property that will not benefit him or fit his desired property.
This is the reason an expert opinion is needed before a client finally makes a choice on the property to purchase. The Lawyer has a lot cut out for him as he has to be knowledgeable enough to detect a property that would not be good enough for his client, or a property that is fake, or an owner that does not have a right to sell the property, or a defective property.
The Lawyer must also be vast in the law of Nigeria to be able to advice his client on his rights as a buyer, what he is to do and what he is not to do.
Many people have been victims when it comes to buying property in Nigeria. Therefore, the services of a lawyer is needed to give advice on various aspects on the buying of a property:
The Lawyer is to advise the client to conduct a property search to confirm the validity of the property. This is done by visiting the appropriate government office to confirm the property details.
The Lawyer should advise the client to follow due diligence before buying a property. And if defects are detected in the property, the lawyer is to advice the client on what to do.
The lawyer is to advise the client to purchase a property designated as ‘Committed’ or ‘under acquisition'.
The Lawyer is to advise the buyer on the best way to treat ‘Omoniles’.
The Lawyer advises the client on what to do when the property is not free from encumbrances.
Advice may include raising issues with the legal element of the title to the land, problem with a land information memorandum (LIM).
The Lawyer gives advice on the best course to take when the Vendor’s root of title is defective.
The Lawyer is to advise the buyer on the importance of property documents like Survey plan, Deed of Assignment, Certificate of Occupancy, Governor’s consent.
Advice on structure ownership, relationship property consideration and complexity around family trusts, guarantees, gifting and insurance.
The Lawyer should also give advice on the pest mode of payment and documentation.
Where a loan is needed to finance the purchase, the lawyer advises on the best way to go about it or if a loan is the best option at all.
IMPORTANCE OF LEGAL ADVICE
The client is protected from fakes.
The buyer is prevented from making very costly mistakes.
The buyer at the end of the day gets the perfect property that fits his desire.
The buyer does not have to waste money on matters that could be avoided.
The buyer has a smooth process of buying a property.
The Lawyer helps the buyer go through the due process of doing things.
The buyer will not fall prey to scammers. · A lot of time will be saved.
The probability that conflicts will arise is reduced.
The authenticity of documents is guaranteed.
Negotiation between the parties are smooth.
In Conclusion, the duty of a lawyer in property purchase cannot be overemphasized as the lawyer is indispensable and can make the purchase of property stress free and credible for a buyer. It is therefore be very important to seek the services of a lawyer before buying a property in a country like Nigeria.
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