Steps in Land Acquisition in Nigeria: Real estate fraud is a prevalent issue in Nigeria, with many falling victim to scams involving fake land titles, double sales, and fraudulent property agents.
Every buyer must know that land in Nigeria is governed by the Land Use Act of 1978. This law vests all land within each state under the control of the governor, who holds it in trust for the public. Essentially, private ownership of land does not exist without government consent. Any land acquisition involves obtaining a Certificate of Occupancy (C of O), which certifies a person’s right to occupy and use the land for a certain period (usually 99 years).
Moreover, the government of Nigeria has the power of an eminent domain, which allows it to acquire private land for public use. This process involves the payment of compensation to the landowner for the acquisition of the land.
This steps in Land Acquisition in Nigeria will walk you through the entire legal process of how to buy land in Nigeria, from selecting a plot to finalizing the transaction, with other critical insights.
Land acquisition in Nigeria to avoid scam involves various steps and stages which are necessary for both the vendor and purchaser. Before progressing with a sale or purchase of a land, it is advisable one involves a solicitor to guide and ensure that the acquisition smooth and proper.
7 Steps in Land Acquisition in Nigeria to Avoid Scam
Aquiring land in Nigeria can be a daunting process, especially with the prevalence of scams and fraudulent practices. However, with the right knowledge and guidance, you can navigate this journey safely and successfully. Here are the essential steps to ensure a secure land acquisition:
1. Conduct Thorough Research
Before making any commitment, research the land’s history, the seller’s background, and the property’s location. Ensure that the land is free from disputes and encumbrances. This initial step can save you from potential legal and financial troubles down the line.
2. Engage Professionals
Hire a qualified real estate agent, a surveyor, and a lawyer. These professionals will help verify the land’s legitimacy, conduct a proper survey, and handle legal documentation. A reputable agent can provide insights into the market, while a surveyor will ensure the land boundaries are accurate.
3. Verify Land Titles
Ensure the land has a valid Certificate of Occupancy (C of O) or Governor’s Consent. Verify these documents with the relevant land registry to confirm their authenticity. Fraudulent land titles are common, and verifying them is crucial to avoid purchasing land that has legal issues.
4. Conduct a Site Visit
Visit the land to confirm its physical state and boundaries. This helps you avoid buying land that doesn’t match the seller’s description. During the visit, you can also check for any encroachments or signs of dispute.
5. Negotiate and Draft a Sale Agreement
Negotiate the terms of the sale and have a lawyer draft a sale agreement. This document should outline all terms, including payment details and transfer conditions. A well-drafted agreement protects both parties and ensures transparency in the transaction.
6. Make Payments Through Traceable Channels
Always make payments through bank transfers or other traceable means. Avoid cash transactions to ensure you have a record of the payment. This traceability is essential for proving payment and resolving any disputes that may arise.
Bank transfers provide a verifiable record of transactions. Make sure payments are made to an account associated with the seller’s legal entity or name. Always ensure that you receive receipts for all payments.
7. Register the Land
After completing the purchase, register the land with the relevant authorities to update ownership records and avoid future disputes. This final step legally recognizes you as the owner and is crucial for long-term security.
By following these steps, you can significantly reduce the risk of falling for scams and ensure a smooth land acquisition process. Stay informed and always seek for my professional advice. To LEARN MORE, stay tuned, and follow this page for more tips and insights! You can send us email for Land Acquisition in Nigeria.
FAQ
What can I check before buying property in Nigeria?
- Legal ownership (title verification).
- Survey plans and physical inspection.
- Encumbrances, such as unpaid taxes or court cases.
- Governor’s Consent for full legal ownership.
How can I verify titles of land in Nigeria?
- Visit the Land Registry in the state where the property is located.
- Request a certified true copy (CTC) of the property documents.
- Conduct a search to ensure the title is free of any encumbrances.
How can I avoid scam real estate agent
- Work with agents registered with The Nigerian Institution of Estate Surveyors and Valuers (NIESV).
- Verify their credentials and track record.
- Consult a lawyer to cross-check the agent’s claims.
What real estate fraud are common in Nigeria?
- Double sales: Selling the same property to multiple buyers.
- Fake documents: Fraudsters using counterfeit land titles or deeds.
- Phantom properties: Selling property that doesn’t exist.
