When purchasing a property in Nigeria, engaging a local lawyer can be essential to navigate the legal requirements and ensure a successful transaction.
One crucial document they can assist with is the Deed of Assignment, a legally binding contract between the buyer and seller that outlines the terms and conditions of the sale.
The Nigerian lawyer can also help with conducting a Property Title Search to verify the property’s ownership status and identify any potential legal issues or encumbrances.
Moreover, they can guide you through the process of obtaining necessary permits and approvals, such as approval from the local Land Registry or relevant authorities.
They will ensure that all applicable taxes and fees, such as the Property Transfer Tax and Stamp Duties, are paid correctly and in compliance with Nigerian laws and regulations.
What are the risks when purchasing a property in Nigeria?
We’ve got an article dedicated to the risks associated with purchasing property in Nigeria.
1. Unclear title deeds. In Nigeria, obtaining a valid and clear title deed on a property is a challenging process due to the complexity of the land registry system and lack of transparency.This can lead to a situation where the buyer may not be able to prove valid ownership of the property or may be subject to disputes with other parties who claim ownership of the property.
2. Property crimes. Nigeria is known for having a high rate of property-related crimes such as burglary, squatting, and land grabbing. This can leave the buyer in a vulnerable position if they are unaware of the risks associated with buying a property in Nigeria.
3. Poor infrastructure. Many parts of Nigeria lack basic infrastructure such as roads, electricity, and water. This can make it difficult for the buyer to access their property or to use it for its intended purpose.
4. Political instability. Nigeria is known for having a volatile political environment, which can lead to sudden changes in government policies that can have a direct impact on the property market. This can have a negative impact on the value of the property and make it difficult for the buyer to resell the property in the future.
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