Buying Land In Nigeria: 7 Essential Steps That’ll Save You Thousands of Naira
What are the steps needed when buying land in Nigeria? Whether you’re a first-time buyer or a seasoned investor, navigating the real estate market can be so intimidating, especially when it comes to purchasing land.
With a multitude of factors to consider and legal requirements to fulfill, it’s essential to be well-informed before taking the plunge.
In this article, we will walk you through the step-by-step process of buying land in Nigeria, ensuring that you are equipped with the knowledge and understanding to make a wise investment decision.
Let’s delve into the essential steps that will guide you on this exciting journey!
Have a Budget in Mind
Like any other project, buying land in Nigeria requires budgeting. This will help you later when deciding on the size of land to buy. Having the right budget in mind will also help you decide which location to buy land.
This is because the price of land varies at different locations. For example, the price of land in Lagos will not be the same in Abuja, even if they’re both of the same size.
Research Location to Buy
If you are familiar with the McDonald’s Real estate story, then you will understand the importance of a strategic location when investing in land. The future value of land depends so much on its location.
A piece of land will appreciate at different rates in different locations. A lot has to do with infrastructure, market sentiments, and proximity to key locations. In essence, the more developed an area is, the higher the cost of land.
Obtain Relevant Land Owners Documents
Before buying land in any part of Nigeria, make sure you get the necessary documents. These include the certificate of occupancy, the survey plan, the tax clearance certificate, and the deed of assignment. Always make sure you obtain the original copies of these documents before proceeding with any form of negotiation.
Verify Ownership of The Land And Its Availability
The next step after receiving the original copies of the land document is to authenticate them. Make sure the documents are not fake but actual copies signed by all parties in the right order. Request for proof of ownership.
If necessary, hire an expert to investigate the ownership claims. Don’t allow a “good deal” to sway you. Many people have fallen victim to fraud by jumping on what they believe to be a no-miss deal.
Ask Questions
If you’re looking at buying land in Nigeria as a foreign investor, or you’re a first-time investor, this might be a challenge. But, there are estate agents who can carry out these duties for a price. Considering the magnitude of your investment, hiring an agent to run around and do the needful isn’t a bad idea.
Most of these agents have a good knowledge of the area and know the right people to meet for information. These questions are important especially to avoid problems with land grabbers.
Inspect The Land
Physical inspection is the best. Make sure you inspect the land in person to avoid surprises. Do not easily trust the words of the landowner. If you have no idea what to look for, or maybe you’re living outside Nigeria, then it’s advised that you hire a professional and certified real estate agent who knows what to do.
Document All Transactions
For this step, it is advised you get yourself an attorney. Make sure that every transaction is well documented and has the signatures of all parties involved. Do not neglect the importance of proper documentation, especially in the presence of an attorney, to prevent future land disputes.
When buying land in Nigeria, you must make sure that the following documents are available; Receipt of purchase, Land survey document, Letter of Allocation, Power of Attorney, Gazette, and Deed of Assignment.
Check with the Ministry of Land and Housing in the state where the land is located to get these documents. Also follow-up with all processes that are mandatory for new landowners as stipulated by the Ministry of Land and Housing.
Buying Land In Nigeria – Final Thoughts
Buying land is a significant investment, and it’s essential to approach it with care and caution. Whether you’re looking to build your dream home or expand your investment portfolio, understanding the steps involved with buying land in Nigeria will empower you to make informed decisions and avoid potential pitfalls.
We hope this guide has provided valuable insights and will serve as a valuable resource on your path to land ownership in Nigeria. Remember, by following the steps outlined in this article, you are well-prepared to embark on your land purchase journey with confidence.