Property Law Tuesday- 5 things to do when buying a house or land. P.D.Pius

A land dispute takes an average of 10 years to resolve in Nigeria. To avoid a protracted legal dispute, here are five things to do whenever you want to buy a house or a land in Nigeria:

1. Choose wisely. Buying a house or property may be better than building. However, if you have sufficient funds, it’s okay to build. Just ensure you don’t take forever building.

2. Investigate the title of the property you want to buy. There are different title documents or different interest in land that can be bought or sold. A certificate of occupancy is not better than family land. It depends on the root of the title. A lawyer is better positioned to investigate the title for you.

3. Ensure the appropriate land document is prepared. There is a difference between sale agreements, power of attorney, mortgage, deed of assignment, lease and tenancy agreement. Your lawyer will advise on the appropriate land document needed at each stage of the transaction.

4. Payment. Payment can be a lump sum or staggered or financed by someone or an institution. The kind of interest you want in the land may affect the kind of payment option to deploy.

5. Registration of the new title. Anytime you buy a property, there is need for registration with appropriate government agency. A lawyer will advise you on this, depending on the location of the property, the cost, the type of transaction and even the purpose of use of the property.

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P. D. Pius

& Associates