Step-by-Step Guide to Safely Acquiring a Property in Nigeria

Step-by-Step Guide to Safely Acquiring a Property in Nigeria

Acquiring property in Nigeria can be a complex process, but with the right steps, you can navigate it successfully. This guide provides a detailed step-by-step approach to ensure a safe and legal property acquisition.

Step 1: Define Your Purpose and Budget

Before making any purchase, it’s essential to clearly define why you need the property. Whether it’s for residential, commercial, or investment purposes, knowing your objective will help guide your decisions.

Additionally, assess your financial capacity and set a realistic budget. Consider other costs such as legal fees, agency fees, government charges, and taxes to avoid unexpected expenses.

Step 2: Identify a Suitable Property

Once your budget is set, the next step is to search for a suitable property. Use reliable sources such as:

• Real estate agents
• Property listing websites
• Social media platforms
• Direct listings

It’s important to conduct a physical inspection to verify the property’s condition and location suitability before making any commitments.

Step 3: Engage a Professional

To avoid legal and financial pitfalls, hire a real estate lawyer to review documents and provide legal guidance. Additionally, engage a trusted surveyor to verify land boundaries and ensure there are no disputes.

Step 4: Conduct a Background Check

Before proceeding with a purchase, conduct due diligence by:

• Verifying the seller’s ownership through title documents
• Checking for encumbrances such as loans, disputes, or government acquisitions at the relevant land registry
• Confirming zoning and building regulations with the local planning authority

Step 5: Negotiate and Agree on Terms

Once you’re satisfied with the property’s legal standing, negotiate the price, payment structure, and transaction timelines. Ensure all agreed terms are documented in writing to prevent disputes in the future.

Step 6: Verify and Obtain Legal Documents

The required legal documents depend on the status of the land, but essential documents include:

• Survey Plan – Defines the land boundaries
• Deed of Assignment – Transfers ownership from seller to buyer
• Certificate of Occupancy (C of O) – Confirms ownership rights
• Governor’s Consent – Required for transactions involving already titled land
• Approved Building Plan – Necessary if there is a building on the property

Step 7: Make Payment and Get a Receipt

To ensure proper documentation, make payments directly to the seller’s account and obtain a purchase receipt as proof of transaction.

Step 8: Sign a Deed of Assignment and Perfect the Title

Both parties should sign the Deed of Assignment, typically in the presence of a lawyer. Register the property with the relevant land registry to secure your title and prevent future ownership disputes.

Step 9: Pay Government Fees and Obtain Approvals

After acquiring the property, settle any required government fees, such as stamp duty and survey fees. If purchasing land for development, obtain building approval from the town planning office before construction begins.

Step 10: Take Possession and Secure the Property

Once all legal and financial obligations are met, take possession of the property. Secure it by fencing the land or placing a signpost to establish ownership. Regularly monitor the property to prevent encroachment.

Final Thoughts

Acquiring property in Nigeria requires careful planning, legal due diligence, and financial readiness. By following these steps, you can minimize risks and ensure a smooth and secure transaction. Always seek professional guidance to navigate the process effectively.