STEPS TO TAKE BEFORE PURCHASING A PROPERTY IN NIGERIA
Hello and welcome to another edition of our blogpost. Trust you are making the best use of the current period and that you are following the laid down guidelines on covid19 by staying at home, wearing a facemask, keeping social distance and using hand sanitizer. We do care about you a lot. If you have been following our previous blog posts. You will definitely know we always dish out the best real estate information on this blog. Today we will not disappoint, we have a very important topic we are taking you through today and this is very important if you are a first time home buyer or you have been buying properties and not taking the right steps. After reading this post, I’m very certain you will find one or two new things you haven’t learn. Now, sit back and relax, take your learning materials or better still get your popcorn and drinks ready and let’s go to the topic “STEPS TO TAKE BEFORE BUYING A PROPERTY IN NIGERIA”
- Decide On a Budget and Location
If you are a first time homebuyer or an existing home buyer, the first step to take when you want to buy a home is to decide on the budget and location as these two factors plays an important role. In many scenarios, The location often determines the price of a property, factors such as existing projects, neighbourhood, landmarks and the development of the area plays major role in the price of a property hence the reason why it is important to decide on a budget and location. While deciding on a budget, you have to consider the location, it’s very important you put the two into consideration.
2. Hire a competent realtor or real estate agent
After deciding on what budget and location you are purchasing the property. The next step to take is for you to employ a competent and reliable real estate broker or agent to help you in your home search. The reason why you need a competent realtor is due to the fact that they have all the necessary connections and know which home is the best for you to buy. They help you find a home you will fall in love with and without any form of conflict or dispute ensuring after the purchase of the property. Home searching may be a little daunting a task for you to embark on, trust me it’s not easy as it seems, it takes a lot of walk up and down, a lot of time and might be energy consuming, that’s why you need a competent realtor to help you ease the stress and save you the energy.
3. Searching for the property
After employing the services of a competent real estate broker, trust him or her with helping you finding the perfect home for you based on the given budget and location.
4. Investigate the Property / Seller
This is a very important part, after finding the suitable property to be purchased, the next step is to do a thorough background check on the property, Know the title it carry, know who the owner is, find out if there is dispute on the house and ensure the property has not been used as a collateral for a loan or willed out to the relatives. In this case, it is essential you involve your lawyer who will assist you in checking the documents on the property and ensure they are genuine and that the property is safe for purchase. The lawyer will conduct the relevant searches and examine the appropriate documentation to ensure that the property is free from any encumbrance or pending litigation, that the property is not the subject of any Government acquisition, and that the property is not subject to any overriding interests.
After proper document search and acceptance of all terms and conditions by the two parties, the next step is negotiation. Your lawyer will be very instrumental here as well, as the lawyer will also be able to give you a solid indication of what future liabilities will exist for you (stamp duty fees, other government fees), so you can factor that in when making an offer. It is also a good idea to have an independent valuation of the property carried out in order to have a guide regarding the value of the property and whether the amount being negotiated represents fair market value of the property.
After the buyer is satisfied with all the terms and condition during the negotiation phase and If the negotiation goes well and the offer is accepted, then the buyer’s lawyer (and the seller’s lawyer) can move to the stage of drafting and negotiating all the completion documents. The document may include the contract of sale, the receipt, and the Deed of Assignment. The lawyers will deal with this, and ensure that the interests of both parties are addressed.
7. Exchange and possession of the property
At this stage, the property transfer process is gathering pace, the buyer and the seller have signed and exchanged contracts, and the buyer is now in possession of all the original title documents and transfer documents. The purchase price of the property has also been made at this stage. Once all that is complete, the buyer becomes the owner of the property and can take possession.
I hope you have learnt one or two things from this topic. If you are first time home buyer or an existing homebuyer and you haven’t been following the steps stated above in your property acquisition, now is the right time for you to do it the right way. Do you require a competent real estate broker to help you in your home purchase search or to sell your home, Kindly contact Lasgidi Realtors Limited and trust us with your real estate concerns. Until next time when i will be taking you through an exciting topic on this Real estate tours, Remain Safe and do ensure you are taking the necessary precaution to prevent the spread of Covid19.
Ajani Dhikrullah Ololade
For, Lasgidi Realtors Limited.