10 simple steps to conduct due diligence in land transactions

To Conduct due diligence in land transactions and before purchasing a landed property in Nigeria is crucial to avoid potential legal and financial issues. Here are 10 simple steps you should consider:

1. Verify Ownership and Title Documents:

   • Request the seller to provide all relevant title documents for the property. These may include the Certificate of Occupancy (C of O), Deed of Assignment, Deed of Conveyance, Power of Attorney, Survey Plan, Certificate of Deposit Gazette, and others.
   • Cross-check the documents with relevant government agencies to confirm their authenticity. You can visit the state’s land registry or land office to verify the property’s title.
   • Ensure that the property’s title is free from any government acquisition or revocation.

2. Physical Inspection:

   • Physically visit the property to confirm its location and condition. Ensure it matches the description provided by the seller.
   • Check for any encumbrances, disputes, or legal issues on the property.
   • Ensure that the beacon stone numbers on the survey plan matches the beacon stone numbers on the property.

3. Search for Liens, Encumbrances, Outstanding taxes and Bills:

   • Conduct a search with the relevant government agency or registry to determine if there are any liens, encumbrances, or third-party claims on the property.
   • Confirm that there are no outstanding property taxes, utility bills, or other financial obligations associated with the property.

4. Land Use and Zoning Regulations:

   • Verify that the property is zoned for your intended use. Different areas may have specific land-use regulations that affect what you can do with the property.
5. Environmental Assessment:
   • Assess the environmental condition of the property and the topography to ensure that the area or property is not prone to flooding, erosion and other environmental hazards.

6. Survey and Boundary Markers:

   • Obtain a recent survey plan and ensure that boundary markers are in place and clearly demarcate the property’s boundaries.

7. Community and Neighbourhood Checks:

   • Engage with the local community and neighbours to gather information about the property’s history, potential disputes, and any issues related to land use.

8. Market Analysis:

   • Research the property market in the area to determine if the asking price is fair and competitive.

9. Transfer of Title:

   • Follow the legal process for transferring the title of the property to your name, including registering the property with the relevant government agency.

10. Seek Professional Assistance/Legal Consultation:

• • It’s highly recommended to engage the services of qualified professionals, such as real estate agents, lawyers, and surveyors, to assist you to conduct due diligence in land transactions and to assist you throughout the due diligence process.
  • Consult with a legal expert, preferably a Real Estate Attorney in Nigeria, who can guide you through the legal requirements and help you understand the title documents.

Remember that the process of purchasing property in Nigeria can be complex and may vary from State to State. Consulting with legal and Real Estate Experts who are familiar with local regulations is essential to ensure a smooth and legally sound transaction.

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