Purchasing land in Nigeria is one of the most major real estate investments, requiring careful thought and extensive research. While purchasing land has enormous potential for growth and financial gains in the future, there are a number of obstacles that potential buyers must avoid to guarantee a safe and successful transaction. This article examines ten expensive blunders that people should stay away from while investing in Nigerian real estate.
These mistakes have the ability to compromise the integrity of the investment, ranging from ignoring zoning laws and physical inspections to missing important paperwork and falling for enticing offers. Aspiring landowners may protect their investments and make wise choices in the dynamic and ever-changing Nigerian real estate market by being aware of these typical blunders and actively avoiding them.
THE MISTAKES TO AVOID
1. Failure to Conduct Proper Due Diligence:
Conducting due diligence involves researching the property’s history, including any legal disputes, outstanding taxes, or encumbrances. Consult with legal professionals to ensure that the property has a clear title and is free from legal complications.
2. Ignoring Land Documentation:
Land documentation, such as the Certificate of Occupancy (C of O), survey plan, and deed of assignment, are critical. Ensure that these documents are authentic, up-to-date, and legally binding. A legal expert can assist in verifying the legitimacy of these documents.
3. Bypassing a Professional Survey:
A professional survey helps to accurately determine the land boundaries and prevent boundary disputes. Engaging a licensed surveyor ensures that the land’s dimensions are accurate, and potential issues like encroachments are identified and addressed. Charts the coordinates of the property and verify at Surveyor’s General office.
4. Disregarding Zoning Regulations:
Understanding local zoning laws is crucial to ensure that the land is suitable for your intended use. Zoning regulations dictate what type of development is allowed in a specific area. Non-compliance can lead to legal issues and the inability to use the land as planned.
5. Skipping Physical Inspection:
Physically inspecting the land allows you to assess its current state, the neighborhood, and its proximity to essential services. It also helps in identifying any potential environmental concerns or risks that may not be evident through online information.
6. Neglecting Community and Environmental Factors:
Examining community dynamics involves understanding the local community’s acceptance of the proposed development. Additionally, assessing potential environmental risks, such as flooding or contamination, is vital for the long-term viability and safety of the investment.
7. Incomplete Title Transfer:
Ensuring a complete and legal title transfer is crucial. Confirm that the seller has the legal right to sell the property, and all necessary paperwork, including the change of ownership, is completed. Failure to do so might lead to legal disputes in the future.
8. Ignoring Infrastructure Development Plans:
Being aware of government plans for infrastructure development in the area can significantly impact the land’s value. Upcoming projects like roads, schools, or commercial centers can positively influence property prices, making it a more attractive investment.
9. Not Confirming Land Ownership:
Verifying the seller’s ownership through land registry records is essential. This ensures that there are no competing claims to the property and helps prevent potential legal issues arising from disputes over ownership. This usually happens when you buy land from Omo onile. If at all you are convinced of their authenticity, ensure that you begin its development immediately.
It’s advisable to buy from only those you trust and that have adequate knowledge of Real Estate.
10. Falling for Unrealistic Deals:
If a deal seems too good to be true, it’s crucial to investigate thoroughly. Unrealistically low prices may indicate hidden issues, such as title disputes, undisclosed liabilities, or fraudulent activities. Seek professional advice and proceed cautiously to avoid falling victim to scams or financial losses.
Dennis Isong is a TOP REALTOR IN LAGOS. He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041
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