Tips on buying a property in Nigeria

Tips on buying a property in Nigeria

Generally buying a property is very lucrative and worthwhile investment however it can come with its risks most especially when one does not reside in that city or country. Sometimes it seems like everyone is interested in ripping you off. Nigeria just like any other country has its own risks ranging from dealing with fake estate agents or companies to buying defective properties but there are several ways to reduce or avoid these risks.

Resolution Law Firm: Buying house in Lagos, Nigeria/ Buying property in Nigeria

Based on my experience with Nigerian Labour Congress (NLC) and Kriston Lally EPC in 2013 which ended up as a scam, I will advise to consider the following points:

1. Look out for an authentic owner of the house but if the property is under the care of an estate agent or company, make sure the estate company is real by checking for the valid documents of the property such as: Deed of assignment, certificate of ownership or power of attorney in case the agent is representing the owner.

2. Check for an authentic property and avoid defective property as much as you can by conducting due diligence investigations. There are some cases where the property is under litigation or pending litigation as the case may be. Some houses are not built on government approved land hence face demolition at a later stage. Stay away from such property and conduct relevant searches to make sure the property is not subject to government acquisition or demolition.

3. Compare prices with other real estate companies and do your search properly. Do not allow the real estate agent to hurry you up. Once a real estate agents begins to hurry up by telling that the property is selling out fast that you need to quickly make your payment, just be at alert it might be fraud.

4. Pay the right fees; buying of properties comes with payment of all kinds of fees such as legal fees, agency fees, fees for survey plan in case of land. However, this multiplicity of fees can get one confused thereby making unnecessary expenses. As a buyer make sure that you are not paying the fee meant for a seller to pay and do not pay agency fees before sealing the deal.