In no particular order, here are the key steps you must take when buying land in Nigeria?
Have a budget in Mind
Like any other project, buying land in Nigeria requires budgeting. This will help you later when deciding on the size of land to get. Budgeting also helps you decide which location to buy land.
This is because the price of land varies at different locations. For instance, the price of land in Port-Harcourt is not the same in Abuja, even if there are both of the same sizes.
Choose A Strategic Location
It is very important to understand the benefits of a strategic location when investing in real estate land. The future value of a land depends so much on its location. A piece of land will appreciate at different rates in different locations.
A lot has to do with infrastructure, market sentiments, and proximity to key locations. In essence, the more developed an area is, the higher the cost of land.
Obtain relevant land owners documents
Before buying land in any part of Nigeria, make sure you get the necessary documents. These include the certificate of occupancy, the survey plan, tax clearance certificate, and deed of assignment, depending on the type of land, your budget, and of course the location of the property. Click here to see the different land documents available.
Also, make sure you obtain the original copies of those documents that applies to the type of property you’re going for, or better still make sure that the process of getting it is clearly stated out before continuing the transaction.
Verify The ownership of The Land and Its Availability
The next step after receiving or getting a concrete assurance of the copies of the land document is to authenticate them. Make sure the documents are not fake but actual copies signed by all parties in the right order.
Request for proof of ownership. If necessary, hire an expert to investigate the ownership claims. Don’t allow “good deal” to sway you. Many people have fallen victim to fraud by jumping on what they believe to be a good deal.
Ask Questions
For a foreign investor or people living abroad, this might be a challenge. But, there are estate agents who can carry out these duties for a price.
Considering the magnitude of your investment, hiring an agent to run around and do the needful isn’t a bad idea. Most of these agents have a good knowledge of the area and know the right people to meet for information. These questions are important especially to avoid problems with land grabbers.
Inspect the Land
Physical inspection is the best assurance. If you have no idea what to look for then, hire a professional who knows what to do. Make sure you inspect the land in person to avoid surprises. Do not easily trust the words of the landowner or agents as the case may be.
Document all Transactions
For this step, it is advised you get yourself an attorney. Make sure that every transaction is well documented and has the signatures of all parties involved. Do not neglect the importance of this step. Proper documentation especially in the presence of an attorney will prevent future land disputes.
You must also make sure that the following documents are available; Receipt of purchase, Land survey document, Letter of Allocation, Power of Attorney, Gazette, and Deed of Assignment.
Check with the Ministry of Land and Housing in the state where the land is located to get these documents. Also follow-up with all processes that are mandatory for new landowners as stipulated by the Ministry of Land and Housing.
Conclusion
Real estate requires a cool headed approach, when negotiating a buy, otherwise you might be seriously bruised and most times with no one to blame but your ignorance.
The steps listed in this article is in no way the complete deal breaker when buying land in Nigeria, but it is a good place to start when looking avoid the gold plated lies that most scammers uses, especially for first time buyers.