Things You Should Know Before Paying For Land n Nigeria

Buying land in Nigeria can be a fruitful investment, whether for building your dream home, developing commercial property, or securing an asset that appreciates over time.

However, buying land in Nigeria can be complex and jampacked with challenges if you’re unfamiliar with the necessary steps.

In this guide, we’ll walk you through everything you need to know to buy land in Nigeria safely and legally without huge risks.

Let’s dive right in…

1. Understand the Types of Land in Nigeria

Before you start looking for land to buy, it’s essential to understand the different types of land in Nigeria:

• Government-Owned Land: This land is owned by the government and can be leased to individuals or organizations for some time. You need to obtain a Certificate of Occupancy (C of O) to use the land.
• Private Land: This land is owned by individuals or entities who have obtained legal titles. Transactions involving private land typically involve sales from one individual to another.
• Community Land: This type of land is owned by local communities and can be more complicated to purchase due to communal ownership and local customs.

💡Tip: If you want to buy land in a place that yields high returns on investment, buying landed properties in places like Lagos — especially the newly developing areas like Lekki, Ibeju-lekki, and Epe are great choices.

Contact Ragnarok Property Development to professional get guidance on how to buy lands that yield high returns on investments without unnecessary risks.

2. Conduct Proper Research and Due Diligence

Due diligence is a crucial step when buying land in Nigeria. Here’s what you should do:

• Verify the Land Title: Ensure the seller has a genuine and valid title document. The most common documents include the Certificate of Occupancy (C of O), Deed of Assignment, Survey Plan, and Governor’s Consent.
• Check for Government Encumbrances: Verify with the Land Registry to ensure the land is not under government acquisition or subject to any legal disputes.
• Survey the Land: Have a professional surveyor check the land boundaries and verify that they match the details on the survey plan.
• Inspect the Land: Visit the land in person to ensure it meets your requirements and check for any physical encumbrances or issues, such as flood-prone areas or poor access roads.

3. Understand the Legal Process

Buying land in Nigeria involves several legal steps to ensure the transaction is legitimate and binding:

• Prepare a Purchase Agreement: Once you’ve agreed on a price, a purchase agreement should be drawn up, outlining the terms and conditions of the sale.
• Get a Deed of Assignment: This legal document transfers ownership of the land from the seller to the buyer. It must be prepared by a qualified lawyer and signed by both parties.
• Obtain Governor’s Consent: The Nigerian Land Use Act requires that any transfer of land ownership must be approved by the state governor. This is to ensure that the transaction complies with all state regulations.
• Register the Land: Finally, you must register the land with the appropriate land registry. This ensures that your ownership is officially recognized and protects you against future disputes.

With Ragnarok Property Development Limited, you can purchase landed properties — in Lagos — that follow all the needed legal procedures for your security.

4. Be Aware of the Costs Involved

Buying land in Nigeria can involve several costs beyond the purchase price. Here are some possible key expenses to consider:

• Survey Fees: Payment for a professional surveyor to survey the land and produce a survey plan.
• Legal Fees: Fees for hiring a lawyer to handle the legal aspects of the transaction.
• Agency Fees: If you are using a real estate agent or broker, they will charge a commission, usually a percentage of the purchase price.
• Consent Fees: Fees for obtaining the Governor’s Consent.
• Land Registration Fees: Charges for registering the land at the Land Registry.

5. Common Mistakes to Avoid When Buying Land in Nigeria

To ensure a smooth transaction, here are some common mistakes to avoid when buying land in Nigeria:

• Not Verifying the Seller’s Claim to the Land: Always verify the seller’s ownership and right to sell the land. Ask for and cross-check the title documents.
• Skipping Legal Representation: Hiring a qualified lawyer can help you avoid costly mistakes and ensure that the transaction is legally sound.
• Not Conducting a Physical Inspection: A site visit allows you to see the land’s actual condition, check the neighborhood, and ensure there are no disputes.
• Ignoring the Survey Plan: The survey plan shows the exact boundaries of the land. Make sure it is accurate and that there are no discrepancies with what is on the ground.
• Overlooking Zoning Laws: Make sure the land is zoned for the type of development you intend. Some lands have restrictions on the type of structures that can be built.

6. Consider Engaging Professionals

Buying land in Nigeria can be complex, so it’s advisable to engage professionals to guide you through the process. A good real estate agent, lawyer, and surveyor can help ensure that you make a sound investment and avoid pitfalls.

Conclusion

Buying land in Nigeria is a significant investment that requires careful consideration and due diligence.

By understanding the types of land available, conducting thorough research, following the legal process, and being aware of the costs involved, you can make an informed decision and secure a valuable asset.

Whether you are a first-time buyer or an experienced investor, following these steps will help you navigate the process of buying land in Nigeria with confidence.

If you are ready to take the next step in your real estate journey, you can engage Ragnarok Property Development Limited for professional guidance on how to make profitable investments in real estate.

Thanks for reading 🙂