Things to Look Out For Before Buying Land in Nigeria [2024]

When it comes to buying land in Nigeria, it’s not a simple task like picking candy off a shelf. It involves a detailed process with crucial steps that can significantly impact your investment. In this guide, we’ll walk you through everything you need to consider to make informed decisions and avoid potential pitfalls.

1. Budgeting for Your Land Purchase:

Before diving into the search for the perfect land, establish a clear budget. Knowing how much you can spend on land will help you make a well-informed decision. Consider your financial commitments beyond the land purchase, such as rent, daily expenses, and other life priorities.

2. The Importance of Location:

The cost of land varies significantly based on location. A plot in Lekki Phase 1, Lagos State will have a different price tag compared to one in Ifo Ogun State. Factor in the accessibility of the area, road networks, and overall development. Urban areas tend to be more expensive, so choose a location that aligns with your budget and preferences.

3. Requesting Land Owner’s Documents:

Never proceed with a land purchase without verifying essential documents. Ask the seller for the Certificate of Occupancy (C of O), Survey Plan, Tax Clearance Certificate, and Deed of Assignment. These documents are crucial for ensuring the legitimacy of the land and protecting yourself from potential scams.

4. Verification of Land Ownership and Availability:

Beyond requesting documents, take the extra step to verify their authenticity. Engage professionals to conduct a thorough investigation, ensuring that the land is not entangled in legal issues or disputes. Don’t rely solely on documents sent to you; confirm their validity before proceeding.

5. Asking Questions Before Committing:

Once documents are verified, feel free to ask questions. Inquire about the seller’s motivation for selling, any disputes over the land, and its history. Cross-check this information against the provided documents and ensure that everything aligns. Thorough questioning adds an extra layer of confidence to your decision-making process.

6. Personal Inspection of the Land:

Never delegate the inspection of the land to others. Physically visit the land to see it firsthand. While real estate experts can provide guidance, your direct observation is crucial. Avoid relying solely on pictures; inspecting the land yourself helps you identify potential issues and ensures you’re making an informed decision.

7. Documentation and Payment:

Document every aspect of the transaction meticulously. From the land cost to survey fees, ensure detailed records are maintained. Any reluctance from the seller to provide proof of ownership is a red flag. Receipts, land surveys, Letters of Allocation, Power of Attorney, Gazette, and Deed of Assignment are critical documents.

8. Dealing with Omo Onile (Land Grabbers):

In Nigeria, land acquisition is sometimes complicated by Omo Onile, or land grabbers. Be aware of their existence and factor them into your plans. Avoid buying land directly from them and focus on due diligence. The government has taken measures against land grabbing, and you can report any encounters to security agencies.

9. Understanding Additional Costs:

The initial price of the land may not be the final cost. Be prepared for additional fees, including survey plans, legal fees, and agency fees. Different states may have unique requirements, so familiarize yourself with the specific costs associated with your land purchase.

10. Avoiding Troubled Lands and Taking Possession:

Stay away from lands marked with “This Land Is Not For Sale” signposts. These are potential red flags indicating trouble. After acquiring the land, take immediate possession by erecting a visible perimeter fence. This action deters land grabbers and protects your investment.

Conclusion:

Before making any land purchase in Nigeria, conduct thorough research, work on proper documentation, and consider partnering with a trusted real estate agent. This comprehensive guide aims to equip you with the knowledge needed to navigate the complexities of buying land in Nigeria while minimizing risks.

Also read: What Are Land Sizes In Nigeria – Plots, Acres & Hectares