Navigating the Land Acquisition Process in Nigeria
August 8, 2024
This task in the Nigerian real estate space is quite a lot considering how complex the country is in terms of legalities and culture. This simply means that the land acquisition process is one that requires extra effort, care, and attention. As an investor or a buyer, you need to ensure that you leave no stone unturned. Here are some key steps to consider:
Never disregard the importance of conducting thorough research. You need to identify a suitable land set in a very fit location at your desired size. This should be followed by verifying the ownership of the land. Be sure that the seller has genuine ownership or, at least, has the rights to sell their properties. You could verify the availability and credibility of documents like a Certificate of Occupancy or the government’s consent.
As earlier explained, the Nigerian legal scope is quite broad, and the last thing you want is to fall victim to the pitfalls that may arise in dealing with the Nigerian laws. This simply means that you want to make the process less stressful and risky by hiring the services of a lawyer to guide you through it. The lawyer would assist with investigating the land’s history, checking for unsettled disputes or chances of the government’s acquisition.
Now, you want to go into the exchange process. Negotiate to arise at a very fair price with the seller. This would also involve research as to comparative market analysis, considering other comparable lands and their prices to be sure that you are about to secure a fair and profitable deal. This would lead you to agree on a price and sign a sale agreement. Be sure that this agreement outlines the terms, conditions, and obligations of the purchase.
Also, do not forget to pay stamp duties and registration fees. Make sure you fulfill the necessary tax and registration obligations, as this will certify your ownership of the land. Missing this step might jeopardize your investment and cause a dispute in the long run. This should be followed by obtaining the government’s consent to transfer ownership of the property, if required. Finally, register the deed of the property with the relevant authorities.
For extra caution, be aware of cultural and local terms. This should lead you to engage with local experts around your desired property to gain extra insight and guidance through the process. You should also be sure that you are complying with the environmental regulations of that particular location or locality. Consider working with real estate agents or consultants, such as Pryme Point Limited. Lastly, be sure that you maintain patience and calm throughout the process, as it is not an on-the-spot thing.
Understanding all of these steps and considerations can help you navigate the land acquisition process quite smoothly and stress-free. The idea behind all of these is that you are safe from potential pitfalls. Certainly! You are.