Things to Ask Your Realtor When Planning to Get a Landed Property in Nigeria

Investing in a landed property is one of the most significant financial decisions you can make, and it’s essential to get all the right information upfront. Whether you’re a first-time buyer or a seasoned investor, having the right realtor on your side makes a world of difference.

In Nigeria, the real estate market is thriving, but it’s important to ask the right questions to ensure a smooth and secure transaction.
Here are 8 key questions to ask your realtor when planning to buy landed property in Nigeria:

1. What is the Land Title?
The title of the land is perhaps the most crucial element when buying property in Nigeria. Titles such as Certificate of Occupancy (C of O), Governor’s Consent, or Deed of Assignment provide legal backing to your ownership. Always ask your realtor what title the land carries and verify it through legal means to avoid buying a property with questionable ownership.
Tip: Ensure your realtor provides proof of the land title and consult a legal expert to confirm its authenticity.

2. Is the Land Free from Government Acquisition or Disputes?
Many lands in Nigeria are either under government acquisition or involved in family disputes. Ask your realtor if the land is free from any government acquisition, “committed” status, or communal disputes that could lead to future complications. This will prevent you from losing your land due to legal challenges.

3. What Is the Location and Accessibility of the Property?
Location is key in real estate. Ask your realtor about the exact location of the land and its proximity to essential amenities like roads, schools, hospitals, and business centers. Accessibility is vital, as it not only affects your convenience but also determines how quickly the value of the property will appreciate.
Pro Tip: Ask about future developments in the area, such as planned infrastructure projects, which can significantly increase the value of your property.

4. What Are the Total Costs Involved?
Many first-time buyers fall into the trap of only budgeting for the purchase price. However, there are additional costs such as documentation fees, survey plans, legal fees, and in some cases, development fees or estate levies. Clarify all expenses with your realtor to avoid hidden surprises after making your initial deposit.

5. What Are the Payment Plans and Terms?
Most realtors offer flexible payment plans that allow you to spread payments over several months or years. Ask about available payment plans, interest rates (if applicable), and penalties for late payments. A good realtor should provide options that align with your financial capacity.

6. Are There Any Restrictions on the Use of the Land?
Some estates or developments place restrictions on how landowners can use their plots. This can include limits on the type of structure you can build, fencing options, or even certain building materials. Make sure to ask your realtor about any restrictive covenants or building regulations that may apply to the property.

7. What Is the Land’s Topography?
Knowing the land’s topography is essential, especially in areas prone to flooding or erosion. Ask your realtor whether the land is dry, flat, or on a slope. You’ll want to ensure that the plot is suitable for building and doesn’t require costly groundwork.

8. Can You Inspect the Property in Person?
Before making any purchase, it’s always best to visit the land and inspect it in person. Ask your realtor to arrange a site visit so you can see the property for yourself. During the inspection, check for things like accessibility, the state of the surrounding environment, and any development already taking place.

Conclusion
Purchasing a landed property in Nigeria can be a profitable and rewarding venture when done correctly. By asking your realtor these essential questions, you’ll ensure that you’re making a smart investment and securing a property with the right legal backing, in a great location, and at a fair price.
Always work with trusted and reliable realtors who are transparent and ready to guide you through the process. Remember, a knowledgeable buyer is a confident buyer!
Need expert guidance on your next land purchase? Reach out to us at www.gestpointnig.com for advice and tailored investment opportunities!