So you interested in buying a land in Nigeria, but don’t know how or where to buy land in Nigeria. In this article I will be discussing on how you can buy land in Nigeria, so just read to the end before you buy a land
What Kind Of Land Are You Interested In??
Before you can buy a land in Nigeria, you should know first the kind of land you want to buy ,how you want to buy it ,maybe you want to buy lands or acres, do you prefer to buy in yaba or festac. Are you going for land that is close to an tertiary institution or a neighboring road.
You are expected to meet an real estate agent with where and what type of land you want to buy before the search for land even commences.
What Is Your Budget?
How much are you willing to spend on buying a land. The price of land depends mostly on several factors such as whether the land Is located, as well as features that are available, history, character, commercial drive, road network as well as the kind of people found there.
Have You Examined the Land?
When buying at thing for the first time, you inspect what you buying if its good or not, just like buying a land that you are honestly interested in, you have to carry out an inspection and you should consider doing this in the company of the real estate professional you are working with.
The reason you are to carry out physical inspection is to confirm that the land you are about to buy is precisely what you have been told it is. Viewing videos and photo galleries of the land is good but it’s not enough. A physical inspection is essential.
How Do You Carry Out a Search?
To find out if the land you are interested in is one under family dispute or legal battles, you start by submitting an application to the land registry. Attach a sworn document of your status as well as the purpose of the search to the document.
This document is also known as the conveyance, which is the act of transferring an ownership interest in real property from one party to another. Conveyance also refers to the written instrument, such as a deed or lease that transfers legal title of a property from the seller to the buyer.
Both you and the seller need to sign the document to make it valid. Never make payment for a land without this document.
Do You Have the Certified True Copy of Title Document and Survey Plan?
What is a survey plan? A survey plan is a document that provides the coordinates of the land and is expected to fit within the state’s official map. This document also highlights the boundaries of the property.
Another step you are to take on buying a land is to obtain the certified true copies of the vendor’s title document and survey plan.
Pay special attention to these documents and the reason is simple – The certified true copy of the title document and the survey plan form part of your requirements at the point of applying for the Governor’s consent.
To legally own a land, you need proof of identity of the land. This explains why you need a certified true copy of the survey plan. This document has to be approved by the town planning authority.
To obtain a certified true copy, you need to submit an application letter and a sworn affidavit that states your purpose.
You are expected Pay For Charting, Endorsement and Form 1C?
Before you can even apply for a Governor’s consent to buy land in Nigeria, you need to pay for charting, endorsement and the Form 1C. These fees are to be paid at the state’s designated banks.
You take the receipt issued to you at the registry along with the slip issued to you at the bank and then pay the fees with a bank draft payable to Lagos State Government.
How Do You Process Governor’s Consent?
The Land Use Act identifies state governors in each state of the federation as owning all the land in Nigeria. What this means is that before you buy land, you need the consent of the governor of that state to legally take ownership of landed property.
To obtain the Governor’s consent, you send an application to the Directorate of Land Services.
Below is a list of documents needed to obtain the Governor’s consent:
Completed Form 1C
Certified True Copy of title documents of assignor (vendor)
Current tax clearance certificates for you and the assignor
Four copies of the deed of which consent is sought
Copy of the approved survey plan
Evidence of payment of charting fee, endorsement fee and Form 1C
Evidence of payment of land use charge
A picture of the property
A copy of the applicant and/or his agent’s identification
Have You Paid Your Registration Fees, Consent Fees, Stamp Duty and Capital Gains Tax?
The next step is to pay for the notice and payment of stamp duty, pay your registration, consent fees and Neighbourhood Improvement Charge.
Have You Obtained Title From the Land Services Department?
This is the point where the Attorney General and Commissioner for the State will grant you consent. They will do this on behalf of the governor of the state and sign on the submitted Deed of Transfer.
When Will Your Deed of Assignment be Stamped?
The Deed of Assignment gets stamped at the Stamp Duties Registry. This process includes receipts that authenticate payment of the stamp duty.
When Does the Registration of Deed and Title Conferment Happen?
The next stage in your process of buying land is to get your stamped deed filed with the cashier at the Lands Registry. This should be accompanied by the receipts and paying-in slips, which stand as evidence of payment. An officer would then be assigned to you. The land officer’s job is to enter the deed into the records of the registry.
Have You Secured Your Land?
Paying for a land that you are interested in is just one side of the coin. After you have bought the land, you should secure it by building a fence around it. You can also consider building a well and depositing building materials especially sand on the land.
Hiring a security guard for the property would also be a good idea.
Buying a land in Nigeria might be very stressful and tiring but it would better if you know how you can buy a land in Nigeria before buying one.