Real Estate in Nigeria is a topic that I am passionate about. One thing is for sure, investing in properties in Nigeria can be very lucrative but you need your wits about you on this one. The core of the Nigerian dream is to own your land and build your house one it.
Most of my friends and people I know see buying land and building houses in Nigeria as the true sign of success or achievement. I share the dream of owning some real estate in Nigeria also, which is why I did a little research to share with you guys.
Real Estate in Nigeria range from lands of single plots to acres, bungalows, duplexes, houses within serviced estates to mansions and commercial property.
The challenges of living in Nigeria are many if you do not have the right facilities where you plan to settle or buy.
In Nigeria, real estate professionals often play different roles within the buying process. This is the most important step in owning your own piece of real estate in Nigeria.
My absolute recommendation is to find a Lawyer to do the sourcing and litigation for you. This will save you money in terms of percentages because you have bypassed one of the middlemen.
However an agent has more time to spend on helping you find your ideal property but is less effective in legal matters, while a lawyer could be just as good as an agent in finding quality properties.
It can be difficult to find such a Lawyer, which is why I'll introduce you to mine. My Lawyer and real estate agent is Mr Shola Lamid.
Shola or Mr Lamid is a man I trust because he combines legal expertise with market knowledge and has more than 15 years experience litigating on and marketing real estate in Nigeria.
What next? I know I said step 2 was the most important, guess what? Without the right documents your money is probably gone with the wind or rather on a 419ner's next car.
The most crucial step is to request the Title documents then proceed to do a search at the relevant State Federal Land Registry or if in Abuja the Abuja Geographical Information Systems office.
The search will be carried out on your behalf by a Lawyer like Shola Lamid to determine the authenticity of the documents.
Examples of Legal title documents include:
Certificate of Occupancy or C of O
Deed of assignment
Deed of sublease
Deed of Ascent( for those inheriting property)
The Nigerian real estate market is unregulated with no rent controls and very pro home-owner, so I doubt the seller would reduce their price based on the opinion of your valuer.
Best to Negotiate well and get a good deal, your valuer's estimate could prove useful for bargaining with. Payment should be made by checks or banker's draft.
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