Purchasing property in a developing country like Nigeria can seem daunting given the complexities involved. Proper planning and guidance, however, makes the process manageable. Here are key steps for an informed property investment:
Determine Budget
With prices varying widely, first establish your budget range factoring in location preferences, property types, size, amenities, financing pre-approvals and other needs that impact affordability limits.
Conduct Thorough Property Search
Leverage property listings and consult experienced real estate consultants to identify prospective properties. Local neighborhood visits also provide on-the-ground insights not found virtually. Shortlist options that align with must-have features while avoiding clear deal breakers.
Schedule in-person property viewings
Walk through shortlisted properties in-person alongside your attorney. Closely inspect overall condition, layout, fittings and the neighborhood quality. Have a professional inspect and identify any concerning defects or safety issues needing correction.
Perform comprehensive Legal Due Diligence
Before finalizing purchase, engage a real estate attorney to verify valid property title, review planning documentation, confirm no encumbrances and ascertain the genuineness of all title documents. Robust due diligence protects against future disputes and claims.
Review and Finalize
If satisfied with due diligence, work with your legal counsel to finalize contract terms like agreed price, payment plan and completion date. Carefully review all titled documents before signing the legally binding agreement.
Complete payment & Registration
Once the final payment is made and the agreements signed. The conveyancing process officially transfers property ownership through signed deeds. The next step is to register the interest with the appropriate government authority.
While Nigeria’s real estate transactions require care across many complex steps, adequate diligence at each phase ensures a smooth investment.
The information provided in this article aims solely to educate readers generally.It does not establish an attorney-client relationship with our law firm or constitute legal counsel. Please contact us directly for any specific legal assistance required