Buying property in Lagos, Nigeria can be a complex process, but it can be broken down into several steps:
- Determine your budget: The first step in buying a property in Lagos is to determine your budget. Lagos is one of the most expensive cities in Nigeria, and property prices can vary widely depending on the location and type of property you wish to purchase.
- Search for properties: You can search for a suitable property yourself via online classified ads or through a real estate agent who can help you search for properties that fit your budget and requirements.
- View the property: Once you have found a property that you are interested in, you should schedule a viewing with your real estate agent. During the viewing, you should inspect the property carefully to ensure that it is in good condition and meets your requirements.
- Conduct due diligence through a lawyer: Before finalizing the purchase, it is important to conduct due diligence on the property through a legal practitioner. This involves verifying the ownership of the property, conducting a land search, and ensuring that all necessary documentation is in order.
- Prepare and sign the contract of sale: Once you are satisfied with the due diligence, your lawyer will go ahead and prepare a contract of sale. You can sign the contract and pay a deposit or the full amount to secure the property.
- Complete the transaction: The final step is to complete the transaction by paying the balance of the purchase price and signing a deed of assignment.
It is important to work with a lawyer and to conduct thorough due diligence to ensure a successful property purchase in Lagos, so as to avoid buying a bunch of court cases instead of a home.
Conveyancing of Property in Lagos Nigeria
Conveyancing is the process of transferring legal ownership of property from one party to another. In Nigeria, the process of conveyancing is governed by different Nigerian property laws such as Land Use Act, Property Conveyancing Law, and Land Instrument Registration Law, which set out the legal framework for property transactions.
The conveyancing process in Nigeria can be divided into several stages:
- Pre-Contract Stage: This stage involves negotiations between the parties and their legal representatives. The buyer’s lawyer will conduct a search to ensure that the seller has legal title to the property and that there are no outstanding charges or encumbrances on the property.
- Contract Stage: Once the buyer is satisfied with the search results, a contract of sale is prepared and signed by both parties. The contract will specify the terms of the transaction, including the purchase price, the payment schedule, and the completion date.
- Post-Contract Stage: At this stage, the buyer will pay a deposit from the purchase price to secure the property. The seller’s lawyer will then prepare the conveyance documents, which may be the deed of assignment, which transfers legal ownership of the property to the buyer.
- Completion Stage: On the completion date specified in the contract, the buyer will pay the balance of the purchase price, and the seller will sign legal documents transferring legal ownership of the property to the buyer.
- Post-Completion stage: The buyer is expected to register his/her interest in the property with the appropriate government authority to ensure that the buyer’s legal ownership of the property is recognized.
It is important to note that the conveyancing process in Nigeria can be lengthy and complex, and it is advisable to seek the advice of a qualified legal practitioner to ensure that the process is properly managed and that all legal requirements are met.
Written by Real Estate Law Team at Resolution Law Firm