This title, Things to Consider and Investigate before You Buy Any Land in Nigeria has been discussed in many online real estate blogs and news. I saw this and decided to share with you and I have broken the articles into different parts. This is for you to read easily and meditate on it.
You have the money to buy a land and you are interested in investing in real estate. It is marvelous, really, because land is the best piece of investment a person can chuck his money into.
Why?! You ask
Because Land, unlike other investment, can only appreciate in value over the years; it never depreciate.
However, let me chip in this that before you buy or make a purchase, there are certain factors you have to check in before you pay. It is called Due Diligence.
If you do not conduct your Due Diligence, you may succeed in buying the land, but you will definitely suffer for it in the years to come.
The Need for Legal Due Diligence in Land Transactions.
Now the need for due diligence is this, The land you are vying to buy from omo onile or a real estate company is own by one family from generation to another generations.
In this time of century we are now just know that before you buy please dig deep to know the family generations of the land before going ahead to chuck out your life savings money and buy just because you felt that it’s a nice place to build. You need to watch out.
When trying to delve into a land transactions, you as a purchaser should endeavor to contract the services of these three sets of individuals:
1 A legal practitioner
2 An estate surveyor/valuer
3 An expert real estate adviser
A legal practitioner, if and when consulted in a land purchase transaction, is the one responsible for conducting the legal due diligence on the land the purchaser intends to purchase. He is the person that will look into certain matters pertaining to the land:
He is the one to request for the epitome and abstract of title from the vendor
He is the one to check for patent and latent defects on the land
He is the one to check court records, probate registry records, conduct land registry search, amongst others, and then prepare the search report in which he will give his client either the go-ahead to purchase the land or the advise to keep his money
He is the one to help negotiate the terms of payment for the land (if the purchaser is buying from estate agents, he can negotiate for a payment scheme to be followed which will be favorable to the means of the client)
He is the person to check out a lot of details about the land which the purchaser may have absolutely no knowledge of prior to entering into the transaction
Lastly, he is the person to prepare the Deed of Assignment; and this is because the law authorizes only a legal practitioner to be the person to prepare a Deed of Assignment and frank same.
No other person can prepare a Deed of Assignment to effect transfer of ownership in a land from vendor to purchaser, so you see why you have to sign on the services of a legal practitioner?