Nigeria, a flourishing real estate market, offers many opportunities for land and property investment. However, like any market, it has its share of scams and fraudulent practices. Thus, knowing how to safely buy land in Nigeria is an essential skill that can help protect your investment. This article guides you through the process, from understanding the steps involved in a safe land purchase to identifying and avoiding potential scams.
Essential Steps to Safely Purchase Land in Nigeria
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Investigate the Land and Seller: Before proceeding with any land purchase, it’s essential to conduct extensive research about both the land and the seller. Ensure the seller has the legal right to sell the land and verify the property’s documentation. Ask for the original copies of land documents, such as the Certificate of Occupancy, Survey Plan, Deed of Assignment, and Receipt of Purchase. Cross-check these documents with official records at the lands registry to validate their authenticity.
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Engage a Trustworthy Real Estate Lawyer: A good real estate lawyer is crucial in guiding you through the complexities of the land purchasing process. They can confirm the legality of the land and its documents, negotiate on your behalf, and ensure the contract protects your interests. Never sign any document without your lawyer’s advice or presence.
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Carry Out a Site Survey: Visiting the site physically helps you understand the topography, boundaries, and any potential issues with the land. It also provides an opportunity to interact with locals and gather valuable insights about the area, land disputes, or any other problems.
Identifying and Avoiding Property Scams in Nigeria
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Watch Out for Red Flags: Some scammers might rush you to pay for the land without providing adequate documentation or allowing you to conduct due diligence. Any seller who is reluctant to allow proper investigation or insists on only cash transactions should be avoided. Moreover, unusually low prices compared to market rates could also be a red flag.
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Beware of ‘Omonile’ Land Scams: ‘Omonile’ refers to the original landowners or their descendants who often claim rights to lands and sell them without proper legal authority. In such cases, the potential buyer might end up in legal disputes. To avoid this, it’s recommended to always purchase from reputable real estate companies or check the land documents’ validity with the state’s land registry.
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Avoid Lands under Government Acquisition: This refers to lands that the government has acquired for future development purposes. These lands often come with attractive offers, but purchasing them may lead to loss of the property. Always verify that the land is not under government acquisition before proceeding with the purchase.
Buying land in Nigeria, like any other investment, requires careful research and due diligence. By taking the necessary steps to validate the land and seller, engaging a knowledgeable real estate lawyer, physically inspecting the property, and being aware of common scams, you can navigate the process securely. Always remember, if a deal seems too good to be true, it probably is. So, approach every transaction with caution to avoid falling victim to land scams in Nigeria.
