- Judith Akatugba
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Many individuals think that purchasing a house in Lagos, or anywhere in Nigeria, is a major hassle since they think it’s a difficult process. One of these requirements is the basic verification of the land’s ownership title, which is accomplished by completing the property’s title documents and searching at the relevant authorities to look into the seller’s title. In light of the aforementioned, it is crucial to provide a succinct overview of how to buy a home in Nigeria without encountering any difficulties.
Every home buyer should take caution and seek professional assistance in order to prevent purchasing a mountain of legal bills. In actuality, if done correctly, the process of purchasing a home in Nigeria need not be difficult.
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The process of purchasing a home in Lagos is thought to be more difficult than in other jurisdictions due to the widespread problem of land grabbing by some dishonest individuals as a result of the city’s multiculturalism.
The following are the things that every prospective homeowner in Nigeria ought to think about.
FACTORS TO CONSIDER WHEN BUYING A HOUSE
• Professionals or experts to be consulted when buying a house
• The nature of the house (purposely built residential or commercial)
• Location of the property.
• Nature of the environment where the house is situated
• Mode of payment the vendor may request
• The title documents the Seller has and the capacity in which he sells
• Regulatory agencies in charge of registering title documents
• The charges to be paid, if any
• Third-party interest in the house (dual ownership, available tenants, and other equitable interest)
• Encumbrance attached such as mortgage
• Unpaid land charges
The buyer’s solicitor is allowed to make requests for clarification on any issues with the seller’s title problems in the home. When a home has a mortgage plan linked to it, when rent is still being paid by tenants, when a home is being litigated, etc., the title is considered faulty.
After doing due diligence, the buyer’s solicitor may, on behalf of the buyer, go to the state’s Ministry of Lands and Office of the Surveyor General to search for information regarding the type of interest, the property’s description, and any fees or charges that may be applicable, such as ground rent or taxes that the government may levy. A lawyer may also look for other types of encumbrances, such as government acquisitions and court judgments, among other things, when examining a property.
The buyer and seller, or the seller’s solicitor and the buyer’s solicitor, must negotiate a price known as the consideration sum. Once an agreement is reached, the buyer can start the payment process.
The sale of a house may be completed by both parties in the form of a written contract, which will be considered to have created the contract in cases where the buyer pays a portion of the purchase price. The buyer has equitable interest after a contract is entered and exchanged.
On the other hand, if the buyer pays the entire remaining amount, which is the house’s price, both parties may complete a deed of conveyance or assignment right away.
The buyer would be able to obtain the original title documents of the home from the vendor for the future perfection of his or her own title after making the full payment and getting both parties to sign the deed.
Detailed under are some of the documents a buyer may expect to get from the seller upon purchase of a house in Lagos:
• Receipt of Purchase of the property
• Deed of Assignment
• A copy of the land survey
• A Certificate of Occupancy (where applicable)
• A copy of the grant of Probate or Letter of Administration
• Deed of Gift (where applicable)
• A Judgment of the court (where applicable)
CONCLUSION
A seller who wants to sell his home needs to be certain that he is giving the buyer a clean title or that he is legally allowed to sell. Before deciding to purchase a home in Nigeria, a buyer has a need to exercise caution.
Without the right guidance, purchasing a home in Nigeria may be a difficult and dangerous procedure. Before purchasing a home, every buyer is required to be meticulous and perform due diligence. A real estate solicitor will undoubtedly provide positive results for both seasoned and novice home buyers.
