What to look out for in property acquisition in Nigeria -ESV. Pius Achilike

An Estate Surveyor and Valuer ESV. Pius Achilike said that there are things to look out for in property acquisition in Nigeria .
ESV Achilike made this known yesterday in Abuja .
He said that Property Acquisition in Nigeria can be so rewarding and much return on investment, but could be much risky if done without proper check.
He said there is a need for individuals, companies to check out Title disputes, land scams,crabbers and unregulated agent are road block buyer fall into.
“To avoid financial loss and property litigation, it’s important that one understands factors to look out for when purchasing property in Nigeria.
“Verifying the Genuineness of the Property/Land Titles: most important step to take in property acquisition is to cross check if the seller has the authority or powers to transfer ownership of the title he claims to have.
Such Title Documents Includes
Certificate of Occupancy (CofO), Right of occupancy (in term of land in local government area), Survey Plan, Governor’s consent, Registered Deed of Assignment.
Always confirm these documents at the Land Registry to ensure they are authentic and free from any encumbrances.
“Conduct a proper survey and site inspection: Visiting the site or location of the property is very key to ascertain the existing boundaries, topography. One can engage a licensed land survey to verify such as the land coordinates, whether the land is under government Acquisition or if any community is occupying the land.
“Investigate The Seller’s Identity and Authority: Acquiring property is like other purchases that required know you customer (KYC) it’s important to know the real owner of the property whether individual, Community, or family land.
“Buying land from unauthorized persons could be risky and dangerous, one can lose his hard earned resources. Also, there is a need to obtain the seller’s means of identification, phone number and email address, after purchase for easy registration at government land office”
“Confirm zoning and government regulation: Different areas have different zoning laws or regulation governing property development in Nigeria. Some are designated as Residential, Commercial, Mix Use and
Agricultural. Buying property that violate zoning regulation can lead to demolition or revocation of title document.
“Engaging qualified professions: engaging Professional such as Estate Surveyors and Valuers, Lawyers and Land Surveyors can reduce risk in property acquisition. Also, it helps in making the transaction faster and with better result and Secure a Proper Sale Agreement: Proper documentation like Deed of Agreement, Power of Attorney and Lease Agreement will help the buyer in case of any further disagreements”,he stated.
He added that These document will clearly state the purchase price, data of handing over possession, dispute Resolution approach, description and boundaries of the property.

He encouraged everyone with property to register your title immediately: Most people after acquiring property do not register their interest with land authority and this sometime gives room for scammers to take advantage.
“ A registered title will indicate the current owner of the property thereby putting buyers on notice”.

He also advised the public to avoid extremely cheap Deals:
“If the price of a property seems too good to be true, be careful to do due diligent. It could be that the property is under legal issues, government acquisition, and hazard area or there are more than one person laying claim on the property.

He concluded by saying that acquiring property in Nigeria can be more profiting if done diligently, with professional guidance and regulatory requirements and legal awareness.
“Buyers can protect themselves from financial loss, long-term disputes and fraud by following above steps”.

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