What to know before buying property

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3 years ago

Buying property like all legal transactions is a serious business and because acquring property is the dream of almost all humans, steps to getting property especially in a country like Nigeria has its technicalities.

Prospective house owners face the challenge of falling victim to fraudsters, as a result, there are steps to take to ensure a successful deal.

Buying property is a long-term financial commitment, consequently, there’s a need to have a plan, budget and above all, legal representation.

A competent legal representative is important because property law is a field on its own and not all lawyers can operate in this sector.

Before putting down payment on any property, ensure there is diligent investigation and you are dealing with the property owner and not an impostor

This is one major reason that a lawyer is needed to conduct the proper searches, ask the right questions, and request for the right documentation to determine if the person in charge is the real owner.

See what you are buying, confirm that the person you are dealing with has title documents and the property is free from litigation or any other issue. Take a surveyor for inspection to give professional advice.

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Ensure proper documentation; the contract of sale, receipt and Deed of Assignment.

Ensure to file all the necessary documentation with the appropriate government authority and then commence the process to obtain Governor›s consent on the transaction. Once Governor›s consent is obtained a Certificate of Occupancy is issued, and the property transaction is then complete.