BUYING land in Nigeria’s major cities is not an easy task, as it’s always fraught with sharp practices by some individuals parading as estate agents.
However, in order to guide investors, experts at Naija Legal Talks have provided some tips to help first timers:
- Determine the kind of land you want:
What size of land are you interested in? And in what location? Instruct your agent on what you want. It is advisable to specify you do not want any land under government acquisition.
- Budget: You must also determine your budget. Price of land varies with the location of land.
- Inspection: When you or your agent find a possible piece of land that seems to meet your specifications, it is best to do a physical inspection of the site to determine if the property is as described.
- Conduct a search at the relevant land registry. The search is essential to determine if vendor is the rightful owner of the land, if the title presented is genuine and the property is not under dispute and it is not the subject of any government acquisition.
- Execute the Deed of Assignment. Execution occurs when both parties (buyer and seller) complete and sign the Deed of Assignment and payment is made for the land.
- Obtain certified true copies of the vendors title documents and survey plan.
- Payment of charting fee, endorsement fee and Form 1c.
- Processing of Government’s consent.
- After investigation and assessment of the true value of the property, the applicant will be informed of the amount for the registration fees, consent fees, stamp duty and capital gains tax that should be paid.
- Obtaining title from the land services department and stamping of Deed of Assignment
- Registration of Deed and title conferred: The stamped deed will then be filed with the cashier at the Lands Registry with the receipts and paying-in slips evidencing payment attached. A lands officer will be assigned to enter the deed into the registry records.
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