Acquiring a landed property in Nigeria is like playing a game of chess where the king is the most important piece, but is one of the weakest but relating this to land acquisition you are the weakest and most principal figure lost in the process of obtaining a land property. Hence you have to take extra precautionary measures in order to safeguard your money so that you won’t be duped and lose your funds to fake Real Estate companies that specialize in defrauding prospective land purchasers.
With this in mind, we present to you the basic steps you need to consider before cashing out on that landed property.
Have a Budget
Acquiring a piece of land in places like Lagos, Abuja, Portharcourt, Abeokuta, Ibadan etc. is no child’s play. It is more than just having the cost price for the landed property, apart from your interest in it; there is a lot of processes involved which includes finances before you can be a legitimate owner of the land.
For example: For a newly acquired land you need to have paid a legal fees, agency fees; before you think of the money involved in getting a survey plan, cost of fencing it round immediately after purchase, cost of acquiring documents such as C of O, Survey Land Information, Ratification fees – all with the Land Registry.
With the aforementioned points, you just need to have enough in your account before you become a land owner.
Know more about the seller
It is saddening to know that with the current trend of fake real estate agencies specialized in defrauding land purchasers, some people still put all their trust in a total stranger (a so called agent from an agency). We know that you are excited about getting your property but be careful about the decisions you make.
Do your investigations – know the agency’s office and make sure they are credible before even considering doing business with them.
Make payment and collect the right documents
After you must have done your investigations on the owner of the land, the real estate agent facilitating the sale and you are satisfied; proceed and pay for the property and make sure you collect the necessary document such as the purchase receipt and other necessary documents.
Proceed and register it with the government
You need to register your land with the government which makes you the legal owner of the property. This is the most important stage of the purchasing process, with the C of O (Certificate of Occupancy) you’ve got the backing of the law.
