Investment Strategies

Introduction: Why Property Verification Matters

Imagine saving your life’s earnings to purchase your dream property, only to find out later that it legally belongs to someone else. It’s a nightmare scenario faced by many in Nigeria’s fast-paced and sometimes chaotic real estate market. Fraudulent sales, disputes, and invalid property titles are common pitfalls. But the good news is, you can avoid these traps by taking a few essential steps. This guide provides a detailed roadmap to help you verify property titles and secure your investment.

1. Understand the Basics of Property Titles

Property titles/ownership in Nigeria revolves around critical documents that confirm legal rights. These include:

  • Certificate of Occupancy (C of O): A government-issued document granting ownership rights for a defined period, typically 99 years.
  • Right of Occupancy (R of O): Similar to the C of O but often issued for undeveloped land.
  • Deed of Assignment: Indicates the transfer of ownership from one party to another.
  • Governor’s Consent: Approval from the state governor validating the transaction.

Always request these documents from the seller before proceeding with any negotiations. They are your starting point for verifying ownership.

2. Conduct Preliminary Checks

Before diving into formal verification, gather all relevant documents:

  • Survey Plan: Shows the property’s boundaries and coordinates.
  • Building Plan Approvals: If there are existing structures, ensure they are government-approved.
  • Agreements and History: Review any agreements related to the property’s use or sale.

These documents help you assess the property’s background and uncover potential red flags early.

3. Verify Title Documents at the Land Registry

Take the seller’s documents to the Land Registry in the state where the property is located. Each state has a designated registry—for instance, the Abuja Geographic Information System (AGIS) for properties in the Federal Capital Territory. The registry will:

  • Confirm the authenticity of the property titles.
  • Check for any encumbrances, such as unpaid mortgages or government acquisitions.
  • Ensure the property is free from liens or disputes.

This step is non-negotiable when it comes to safeguarding your investment.

4. Validate the Survey Plan

Visit the Surveyor-General’s Office to confirm the survey plan. This ensures that the land’s coordinates, size, and boundaries match what is indicated in the title documents. Any discrepancies could point to ownership disputes or even government acquisition.

5. Conduct Background Checks on Vendors

If a company owns the property, perform a search at the Corporate Affairs Commission (CAC). This reveals:

  • Whether the company has registered encumbrances or charges against the property.
  • The legitimacy of the company’s authority to sell the property.

For properties linked to a deceased estate, visit the Probate Registry to confirm who has the legal authority to sell.

6. Investigate Family-Owned Lands

In cases of family-owned lands, ensure that all principal family members consent to the sale. This helps prevent future disputes from heirs or other family members who might later contest the transaction.

7. Conduct a Physical Inspection

Visit the property site in person to verify its condition and boundaries. Look out for:

  • Signs of encroachment by neighbors.
  • Ongoing disputes, such as claims of ownership from other parties.
  • Alignment between the physical land and its description in the documents.

8. Seek Legal and Professional Support

Engage a trusted real estate lawyer to:

  • Review all documents.
  • Negotiate terms on your behalf.
  • Ensure compliance with legal requirements.

A competent lawyer can identify and resolve potential issues you might overlook.

9. Consider Title Insurance

For additional protection, consider purchasing title insurance. This type of insurance safeguards you financially against unforeseen disputes or title defects that may arise after the purchase.

Conclusion: Verify Before You Buy

Buying property in Nigeria requires diligence and patience. A single misstep could cost you everything, but by following these steps, you can minimize risks and make informed decisions.

Don’t fall victim to scams. Always verify before you buy. Share this guide with others to help them secure their dream properties without fear. For more expert tips on navigating Nigeria’s real estate market, follow us for regular updates!

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