10 things you must check for before buying a property in Nigeria! -

Here are 10 crucial things to check when buying a property in Nigeria:

Certificate of Occupancy (C of O): This is the most crucial document, proving government approval and ownership rights. Ensure it’s genuine by verifying with the issuing authority.
Registered Deed of Assignment (if buying from a previous owner): This document confirms legal ownership transfer from the seller. Verify its authenticity with the land registry.
Survey Plan: This document depicts the property’s boundaries and ensures you’re buying the exact piece of land you think you are.

Verify Seller’s Identity: Confirm the seller’s true identity through government-issued IDs and match them with the names on the title documents.
Check for Outstanding Liabilities: Investigate if there are any existing mortgages, liens, or outstanding taxes on the property. These can cause complications later.
Power of Attorney (if dealing through a representative): If you’re dealing with a seller’s representative, ensure they have a valid Power of Attorney with clear authorization to sell the property.

Understand Zoning Restrictions: The property’s zoning designation determines what type of development or activity is permitted on the land. Ensure your intended use aligns with the zoning regulations.
Check for Encumbrances: These are restrictions on the property’s use, like easements or rights of way granted to others. Be aware of any limitations on how you can utilize the land.

Thorough Property Inspection: Conduct a comprehensive inspection of the property, including the structure, plumbing, electrical systems, and any potential problems. Consider hiring a professional inspector for a detailed evaluation.
Environmental Concerns: Investigate for any potential environmental hazards on or near the property, such as soil contamination or proximity to industrial sites.

Engage a Lawyer: Having a qualified lawyer review all documents, conduct searches, and advise you throughout the buying process is crucial.
Understand Payment Options: Determine your payment options (cash, mortgage) and factor in any associated costs like transfer fees and legal fees.
Negotiate the Price: Don’t be afraid to negotiate the asking price based on your findings from inspections and due diligence.

Access to Basic Amenities: Evaluate the property’s access to essential services like water, electricity, sewage disposal, and waste collection.
Proximity to Infrastructure: Consider the property’s location relative to roads, public transportation, schools, hospitals, and other amenities important to you.

Area Development Plans: Research any planned infrastructure projects or zoning changes in the area that might impact the property’s value or future use.
Anticipated Appreciation: Consider the property’s potential for appreciation in value based on the surrounding area’s development trends.

Crime Rates in the Area: Research the crime rates in the neighborhood to assess the property’s safety and security.
Security Features: Evaluate existing security features on the property and consider any additional security measures you might need to implement.

Factor in Maintenance Costs: Consider the ongoing costs of maintaining the property, including repairs, replacements, and potential renovations.
Property Taxes and Service Charges: Research any property taxes, homeowners association fees, or other ongoing expenses associated with owning the property.

Overall Suitability: Beyond technical considerations, ensure the property aligns with your lifestyle needs and provides a comfortable living or working environment.
Gut Feeling: While not always objective, trust your gut feeling about the property and the surrounding area. It can be a valuable indicator of whether it’s the right fit for you.

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