If you are considering buying land in Nigeria, you may have come across the term “government land under acquisition.” This refers to land that the government has acquired for public purposes, such as building roads, schools, or hospitals.
But can you buy government land under acquisition in Nigeria? The answer is yes, but there are several factors to consider before making a decision to buy that land.
Firstly, you need to verify the status of the land.
The government must declare the land as acquired in the official gazette or a newspaper publication. You should check these publications to confirm the acquisition status of the land. If the land is still under acquisition, you may need to wait until the government completes the compensation process and obtains a certificate of occupancy (C of O) for the land. Without a valid C of O, the land may not be registered with the state land registry, which could lead to legal challenges in the future.
Engage the services of a competent lawyer or real estate agent
The services of a competent lawyer or real estate agent who has experience in dealing with government land transactions will review the relevant documents and advise you on the legal implications of the acquisition, including the rights and obligations of the parties involved. The real estate agent can help you assess the market value of the land and negotiate a fair price with the seller.
Thirdly, you should conduct due diligence on the land before making a purchase.
This includes a physical inspection of the land, checking for encumbrances or restrictions on the title, and obtaining necessary permits and approvals for your intended use of the land. You should also factor in the costs of developing the land, such as surveying, fencing, and construction, into your budget.
There are many real estate investors that have lost their cash due to not undergoing a proper due check of buying government land under acquisitions.
Read more on: What is Land Excision: Understand what Excision Means?
There are some risks associated with buying government land under acquisition in Nigeria. One of the risks is that the government may revoke the acquisition status of the land, which could lead to a loss of your investment. The compensation process can also be lengthy and complicated, which could delay your development plans. Furthermore, you may face resistance from the local community, especially if the land has cultural or historical significance.
To mitigate these risks, you should conduct thorough research on the land and the local community. You should also consult with relevant government agencies and seek expert advice from lawyers and real estate agents.
In conclusion, buying government land under acquisition in Nigeria is possible, but it requires careful planning and due diligence. You should verify the acquisition status of the land, engage the services of experts, and conduct due diligence on the land before making a purchase. You should also be aware of the risks associated with buying government land under acquisition, such as revocation of acquisition status and resistance from the local community.
By taking a cautious and informed approach, you can benefit from the opportunities presented by Nigeria’s growing real estate market.
Note Epe Land is under more on acquisition.
Adeyeye IfeOluwa is a Web Designer & Developer, Digital marketer, Real Estate Consultant, and Writer
Landsprout.com came with a passion to help you achieve wealth in real estate investment and solve the hassle within it.
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