Buying and selling properties are significant and complex transactions that necessitate the expertise of property lawyers in Nigeria. The role of a property lawyers in Nigeria is to safeguard the interests of all parties involved, whether they are the buyer or the seller. Here are several key reasons why retaining a property lawyer for any property transaction in Nigeria is crucial:
1. Conducting Property Title Searches
Before purchasing a property, it is imperative to conduct various title searches, which lawyers typically handle on behalf of their clients. These searches include:
• Lands Registry Title Search: This determines if the property is subject to any government acquisition or encumbrances, such as:
• Government acquisition for public interest
• Outstanding mortgages
• Construction liens
• Unpaid taxes
• Certain easements or restrictive covenants
• Court judgments
• Corporate Affairs Commission (CAC) Search: If the seller or previous owner is a company, this search reveals any floating or fixed charges against the company’s assets that could affect the property’s title.
- Probate Registry Search: This identifies whether probate has been granted on an estate and verifies the authority of personal representatives or executors to sell the property of a deceased person.
- Investigating the Root Title
Lawyers verify a property’s root title by consulting principal family members or relevant community individuals when the property is subject to family or community ownership. This ensures all necessary consents have been obtained and the title is not void or voidable. - Drafting Essential Documents
Lawyers draft various documents required for property transactions. Many buyers, especially of bare land, mistakenly rely on receipts and offer letters, which are risky. Lawyers determine the appropriate documents needed, such as contracts of sale and deeds of assignment, ensuring they meet the specific circumstances of the transaction. - Perfection of Title
Property lawyers assist in perfecting the title to newly acquired property by:
• Applying for the Governor’s consent or Minister’s approval
• Paying stamp duty
• Registering the deed of assignment at the Lands Registry
Under the Land Use Act, it is essential to perfect a property’s title to be recognized as the legitimate owner in government records.In conclusion, property lawyers are integral to real estate transactions. An experienced real estate lawyer ensures that property transactions are conducted legitimately and that the interests of the parties, particularly buyers, are fully protected.