GUIDELINES TO BUYING YOUR FIRST LANDED PROPERTY IN NIGERIA

1. Determine Your Budget

Evaluate your finances: Before you start searching for properties, know how much you can afford.
Hidden costs: Factor in additional costs like legal fees, survey fees, deed of assignment, and agent fees.
Financing options: Explore if mortgage options are available to you or if you’ll pay in installments or outright.

2. Choose the Right Location

Proximity to work/schools: Ensure the property is in a location that suits your lifestyle, such as close to work, schools, or social amenities.
Neighborhood development: Look for areas with potential growth or government-backed infrastructure projects. This increases the value of the land over time.
Accessibility and infrastructure: Make sure the area has good road networks, electricity, water supply, and security.

3.Research the Property Title

Verify ownership: This is crucial to avoid buying disputed land.

Always ask for proof of ownership documents.
Check for encumbrances: Ensure the land is free from government acquisition or communal disputes. This can be done through legal professionals or verified real estate companies.
Important titles: Be familiar with these key land documents:
Certificate of Occupancy (C of O)
Governor’s Consent
Deed of Assignment
Excision
Survey Plan

4. Engage a Professional Real Estate Agent or Lawyer

Real estate consultant: A qualified and trustworthy agent will help you identify the best properties that fit your budget and location needs.
Property lawyer: They will handle the verification of the land title, prepare legal documents, and ensure you aren’t tricked into fraudulent transactions.

5. Physical Inspection

Visit the land: Always visit the land you want to purchase. Don’t rely on pictures or descriptions provided by sellers.
Survey the environment: Look at the landscape, flood risks, and whether the area is underdeveloped or developing.
Check nearby amenities: Are there schools, hospitals, markets, or other essential facilities close to the land?

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6. Carry Out Due Diligence

Lagos State Land Bureau Search (if in Lagos): If the land is in Lagos, perform a search at the Land Registry to ensure there are no legal issues with the land.
Verify survey plan: Make sure the survey plan is registered and the coordinates correspond with the land being sold.
Check for legal disputes: Find out if there are any ongoing court cases related to the land.

7. Negotiate and Finalize Payment

Negotiate wisely: Try to negotiate a fair price based on the location, size of the land, and its future potential.
Payment options: Clarify the payment structure—whether it’s a lump sum, installment plan, or mortgage financing.
Request a receipt: Always ensure you get a receipt for any money paid to the seller or agent.

8. Sign Legal Documents

Deed of Assignment: This document transfers the ownership of the land from the seller to you.
Survey Plan: This specifies the exact size and boundaries of the land.
Other documents: Ensure that all other necessary documents are prepared, signed, and handed over to you.

9. Registration of the Property

File with the Land Registry: After completing the purchase, register the property in your name with the relevant government authority to obtain a valid Certificate of Occupancy (C of O) or Governor’s Consent.

10. Take Possession

Clear the land: It’s advisable to fence or clear the land as soon as you purchase it to avoid encroachment.
Develop a plan: Whether for immediate construction or future development, make sure you have a long-term plan for the property.
Additional Tips for First-Time Land Buyers:
Avoid ‘Omonile’ (Land Grabbers): Be cautious when dealing with local land sellers who claim to represent family lands or communities. Always confirm ownership through legal means.

Understand Land Classifications: Some lands are classified as government acquisition areas or reserved for specific purposes. Make sure the land you are buying is free from such constraints.

Trustworthy Developers:

If you’re buying from a real estate company, ensure they have a good reputation. Look at their previous projects and customer reviews.

Patience Pays Off:

Don’t rush the process. Ensure that all documents are verified and legitimate before you commit financially.

By following these guidelines, you’ll make an informed and secure decision when purchasing your first landed property in Nigeria. Owning land is a valuable investment, and with the right approach, it can yield excellent returns in the future.