Questions to Ask When Buying Land in Nigeria

Everything You Need to Know

I’m sure you are aware that purchasing land in Nigeria can be a very profitable investment, whether you’re looking to build your dream home or invest in real estate.

However, the process can be complex, and making the wrong decision can lead to significant financial losses. And this is something you should avoid at all costs.

To ensure a successful land purchase, it’s important to ask the right questions. This is why we’ve created this blog post to show you everything you need to know when buying land in Nigeria.

1. Is the Land Free from Government Acquisition?

One of the most important questions to ask is whether the land is free from government acquisition. In Nigeria, some lands are reserved for government use, and purchasing such land could lead to legal disputes or even loss of the property without compensation.

Before making any payment, check the status of the land at the Land Registry to confirm it’s not under government acquisition.

2. What Type of Land Title Does the Property Have?

Understanding the type of land title the property holds is vital for ensuring a secure transaction. Common land titles in Nigeria include:

• Certificate of Occupancy (C of O): The most recognized title issued by the government, proving ownership and right to occupy.
• Governor’s Consent: Required for transferring land ownership when a C of O is already in place.
• Deed of Assignment: A document showing the transfer of ownership from one party to another.

Always verify the land title to ensure it’s legitimate and can be transferred to you without issues.

If you want to get a real estate property securely without experiencing legal issues and hidden charges try out Ragnarok Property Development Limited

3. Are There Any Encumbrances on the Land?

An encumbrance is any claim, lien, or liability attached to the land that could affect your ownership. It’s crucial to ask if there are any encumbrances, such as unpaid bills or disputes, which could become your problem after purchase.

Conducting a thorough search at the Land Registry will help uncover any hidden encumbrances.

4. Is the Land Surveyed, and Is the Survey Plan Available?

A survey plan is a document that outlines the exact boundaries and size of the land. It’s essential to confirm that the land has been properly surveyed and that a registered survey plan is available.

This document will help prevent boundary disputes and ensure you are getting what you pay for.

5. What Is the Zoning of the Land?

Zoning laws dictate how land can be used in specific areas. Before buying land, find out the zoning restrictions to ensure it aligns with your intended use, whether for residential, commercial, agricultural, or industrial purposes.

Purchasing land with the wrong zoning could mean you can’t use it as planned.

6. Are There Any Development Restrictions or Future Plans for the Area?

It’s wise to make enquiry about any existing development restrictions and future plans for the area. Some lands may have restrictions on the type of structures that can be built, height limitations, or environmental regulations.

Also, knowing about future developments, such as road expansions or industrial projects, can impact the value of the land and your decision to buy.

7. Is the Land Prone to Flooding or Other Environmental Issues?

Environmental factors play a significant role in land value and usability. Ask if the land is prone to flooding, erosion, or other environmental issues that could affect your investment.

Be sure you are not buying a property in a water-logged area, unless there is a reason you would prefer a water-logged area.It’s advisable to visit the site during different seasons to observe the land’s condition and confirm its suitability for your intended purpose.

If you would like to get a real estate property with good environmental conditions and amenities contact Ragnarok Property Development Limited

8. Who Are the Neighbors, and What Is the Community Like?

Understanding the neighborhood and community can provide valuable insights into the land’s potential.

Ask about the demographics, safety, and amenities in the area. If possible, speak with neighbors or community members to get a sense of what living or doing business there might be like.

9. What Are the Total Costs Involved in the Purchase?

Beyond the purchase price, there are often additional costs associated with buying land in Nigeria. Some of it may include legal fees, survey fees, agency fees, and stamp duties.

This is where some Nigerians fall prey to buying/purchasing properties that have hidden costs attached.

Make sure to clarify all costs upfront to avoid any unexpected expenses and ensure you have a comprehensive budget for the purchase.

The good news is that there are reputable property development companies that help you avoid these pricing issues.

Ragnarok Property Development Limited ensures you get a real estate property that has all-inclusive pricing. In this case, there are no hidden costs attached to the properties you purchase.

10. Can You Verify the Seller’s Identity and Ownership?

Fraudulent land sales are common in Nigeria, so it’s essential to verify the seller’s identity and ownership. Request to see the seller’s identification and any relevant ownership documents. It’s also advisable to engage a qualified real estate lawyer who can conduct due diligence and ensure all legal aspects of the transaction are correctly handled.

Ragnarok Property Development Limited is a company you can trust. You can visit their head office in Lekki, Lagos Nigeria to make enquiries.

Conclusion

Buying land in Nigeria can be a rewarding investment if done carefully. Asking the right questions and conducting thorough due diligence will help you avoid pitfalls and make a sound investment decision.

Remember to verify all documents, understand the total costs involved, and engage professionals to guide you through the process. With the right approach, you can secure a valuable asset and enjoy the benefits of land ownership in Nigeria.

If you need more personalized guidance on how to safely secure a property in Nigeria affordably without risk you can contact the MD of Ragnarok here