When purchasing land or property in Nigeria, a prospective purchaser of any property (or normally his solicitor) should have two main concerns:
First, he or she must be sure that the vendor of the property is really entitled to sell it. Thus, the buyer must first insist that the vendor proves that his legal title to the land is good and that he can pass to the purchaser the land/ property which he is offering to sell.
Secondly, the purchaser will want to know whether any third parties have rights to the land which might interfere with his intended use of it. These third-party rights might include covenants restricting usage, a right of way, tree preservation order, or even mortgages.
Concerns about these matters will lead the purchaser or his representatives, to make extensive inquiries before the purchase of the property is finally concluded.
There are however many factors one needs to consider before buying a land in Nigeria these ranges from:
i. The size of the land,
ii. The soil type,
iii. The location of the land which is very important,
iv. The purpose which the land will be used for,
v. Accessibility of such land i.e proximity to access road,
vi. The price of the land,
vii. The legal papers available in respect of the land,
viii. The environment, as well as the security conditions of the area, should be well evaluated before engaging in such a transaction. Read More