- Diaspora Nigerians can safely buy property in Nigeria by carrying out thorough checks on ownership and documents before paying
- They should also hire a property lawyer and licensed surveyor to review contracts and identify possible disputes or government acquisition
- Using secure payment channels and choosing a reputable developer can further reduce the risk of fraud and other problems
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
For Nigerians living abroad owning property back home is both a financial investment and a way of staying connected to Nigeria.
However buying property from overseas comes with risks, including fraud, poor documentation, land disputes and substandard construction.
Source: UGC
Some buyers have lost money after dealing with agents or developers while others later discovered that their property was under government acquisition or involved in unresolved family disputes.
To avoid these problems diaspora buyers should take the following steps before committing their money.
1. Conduct due diligence
Proper due diligence is one of the most important steps when buying property in Nigeria. Before making any payment verify the seller’s ownership through the land registry and confirm that the documents are genuine.
Key documents to review include the Certificate of Occupancy Deed of Assignment and survey plan. Buyers should also confirm that the property is not under government acquisition facing demolition risks or involved in a dispute.
Where possible visit the property personally. Appoint a trusted representative to inspect it. Speaking with people in the surrounding community can also provide information about the property and its ownership history.
2. Engage a property lawyer and surveyor
Diaspora buyers should avoid relying on agents or family members to handle property transactions. A qualified property lawyer can review contracts verify ownership documents and ensure the transaction is legally valid and transferable.
A licensed surveyor can also confirm the propertys boundaries. Establish whether the land has been encroached upon disputed or affected by other claims.
Professional advice can help identify hidden problems such as government acquisition, land disputes and documentation loopholes before they become issues.
3. Use payment plans
Financial transparency is another important safeguard. Buyers should insist on payment plans showing the total cost, payment schedule, timelines and any additional charges.
Payments should only be made through traceable channels with receipts, contracts and other verifiable records kept safely. Where necessary buyers can consider structured instalment plans or mortgage options to spread payments and reduce pressure.
Avoid making payments based solely on verbal promises or informal agreements.
4. Work with a developer
Choosing a credible developer can significantly reduce the risks associated with buying property from abroad. Established developers typically have processes, necessary approvals and track records that buyers can assess before making a commitment.
Source: UGC
Ultimately careful verification, professional guidance, secure payments and a reputable developer can make property ownership in Nigeria safer and more convenient, for Nigerians living.
Things you must know before buying land
In related news, Legit.ng shared details about the essential considerations for buying land in Lagos.
With the potential for significant financial returns, understanding the complexities of land ownership and the risks involved is crucial to avoid costly mistakes in this bustling metropolis.
Source: Legit.ng