Nigerian real estate can be very profitable, but because of problems like fraud, ambiguous property titles, and convoluted legal procedures, there are also many possible risks and pitfalls. You can save time, money, and stress by being aware of and avoiding these typical blunders whether you’re a buyer, seller, or investor. The following are some crucial errors to stay away from when buying or selling real estate in Nigeria.

1. Failing to Perform Adequate Due Diligence on Property Titles:

In Nigeria, conflicts over property are frequent, especially in relation to land ownership and the clarity of titles. A property may possess ambiguous ownership or unresolved legal matters, potentially resulting in expensive legal disputes or financial loss.

Solution:

-Always confirm the title of a property prior to making a purchase. This entails ensuring that seller possesses the correct documentation including the Certificate of Occupancy (C of O), Deed of Assignment, and other pertinent documents with the relevant local government or land registry. Additionally, you may seek advice from a lawyer to confirm the validity of these documents.

2. Purchasing real estate without conducting a thorough land survey can result in disagreements, particularly regarding local zoning laws, boundary lines, and land encroachments.

Solution: 

Before buying any real estate, have a certified surveyor perform a land survey. This will guarantee that the property’s borders are precisely marked out and free of any inconsistencies that might lead to problems later.

3. Handling Fraudulent Agents and Sellers:

Real estate fraud is Real estate major issue in Nigeria, where numerous dishonest agents and sellers deceive buyers into acquiring properties that do not exist or have contested titles.

Solution:

Collaborate with trustworthy and licensed real estate agents, ideally those affiliated with established organizations such as the Nigerian Institution of Estate Surveyors and Valuers (NIESV). Always confirm the identity and qualifications of your agents and sellers, and ensure they are authentic before engaging in any financial commitments.

4.  Not Verifying the Ownership History of the Property:

In certain situations, a property might have several owners or may have changed hands multiple times without adequate documentation. This can lead to a legal mess when attempting to transfer ownership.

Solution:

Examine the ownership history of a property via the Land Registry or with assistance from a real estate attorney. This can aid you in steering clear of buying property with ambiguous ownership records or existing conflicts.

5.Ignoring Local Government Approval for Development:

In Nigeria, a lot of real estate developers avoid getting the permissions they need from the local government. This can lead to future demolition orders, a lack of infrastructure, or problems with title transfers. Solution: Verify that any property you buy has received the appropriate development approval from the town planning authorities or the local government. Check for permits required for the property’s intended use and confirm zoning laws.

6. Failing to Confirm the Seller’s Identity and Ownership:

In Nigeria, it is not unusual for people to sell real estate without complete ownership or the required authorization. Sometimes people who are not the legitimate owners of a property or who lack the authority to transfer the title sell it. Solution: Always make sure the seller is who they say they are and that they are legally allowed to sell the property. Ask for official records like the property’s title deeds, the seller’s identification, and proof of ownership.

7.Rushing through the process can result in errors:

Even though the Nigerian real estate market can move quickly. When buying real estate or land, making snap decisions can lead to you missing crucial information or falling for scams. Solution: Take your time when making the purchase. Verify all documentation, do extensive research, and consult a professional before making any purchases.

 In conclusion,

Real estate deals in Nigeria can be very profitable, but they also carry certain risks and difficulties. Avoiding these typical blunders and spending the necessary time to check titles, investigate the history of the property, and speak with experts will help you reduce potential problems and make wise choices. Always seek the advice of professionals, such as certified real estate agents and legal counsel, to guarantee a seamless transaction and safeguard your investment.