Acquiring property in Nigeria is a significant investment that requires careful due diligence. Without strict adherence to regulatory protocols and thorough documentation, investors can easily fall victim to fraudulent activities or face prolonged litigation.
1. Title Verification (Due Diligence)
Before making any payment, it is crucial to conduct a comprehensive search at the relevant land registry. This search confirms the true owner of the property and reveals whether the property is subject to any encumbrances or pending disputes.
2. Preparation of Deeds and Agreements
Upon satisfactory due diligence, a Contract of Sale is executed followed by a Deed of Assignment. These legal documents transfer the interest from the seller to the buyer and must be drafted accurately by competent legal practitioners to ensure validity.
3. Governor's Consent and Registration
Under the Land Use Act, any transfer of interest in land requires the consent of the State Governor. Following this, the deed must be registered to establish priority of title and ensure it is admissible as evidence in a court of law.
In summary, engaging competent legal counsel from the inception of a property transaction is not merely a formality but a fundamental requirement to secure your investment.