Buying a property in Akwa Ibom, Nigeria or any other State in Nigeria involves several steps to ensure a smooth and legally binding transaction. Here’s a general outline:
- Engage a Real Estate Attorney: This is listed as No. 1 on the list. Engaging the services of a professional Real Estate Attorney is important as it will definitely help you avoid and prevent certain pitfalls in property transactions. The Real Estate Attorney will ensure that your interest in duly protected and will see through the process from start to finish, while providing you with timely updates on the transaction.
- Physical inspection: You should carry out a physical inspection on the property you intend to purchase. One can do this either personally, through a trusted family member or through a Real Estate Attorney. A physical inspection will reveal defects on the property if any any, and also help to ascertain if the ownership of the property is in dispute. It is advised to watch out for write ups such as “caveat emptor”, “this property is not for sale” and other similar writings on the wall as these usually spell potential issues with the property.
- Research/Investigation: As soon as one picks interest in purchasing a property, the first advisable step to take is to conduct a through research on the property. This entails carrying out an investigation in a bid to verify and confirm the seller’s title which we treated here. Other factors like proximity to amenities, security, accessibility, and potential for appreciation should also be put into consideration. The listed factors could influence the purchasing price of the property. It is also expected that one should conduct thorough due diligence. This includes confirming that the property is not subject to any legal disputes or encumbrances, and ensuring that all necessary approvals and permits are in place.
- Negotiation: Negotiate the price and terms of the sale with the seller or their agent. Be sure to clearly outline all aspects of the transaction, including payment terms, timelines, and any conditions that need to be met before the sale can be finalized.
- Survey and Valuation: Conduct a survey of the land to confirm its boundaries and dimensions. You may also want to obtain a professional valuation of the property to ensure that you’re paying a fair price.
- Payment: Once you’re satisfied with the due diligence and have agreed on the terms of the sale, you’ll need to make payment of the agreed consideration sum to secure the property, followed by the balance upon on the agreed date, if payment was to be done in instalments.
- Documentation: Prepare all necessary documentation for the transfer of ownership. This may include a Deed of Assignment, Power of Attorney and any other relevant documents required by law.
- Stamp Duty and Registration: Pay the necessary stamp duty on the transaction and register the transfer of ownership with the appropriate government authority in Akwa Ibom. This helps to ensure that your ownership of the property is legally recognized. We listed 8 compelling reasons to register your property here.
- Completion: Once all documentation has been signed and registered, and the full payment has been made, the sale is considered complete. You can then take possession of the property and begin enjoying your new investment.
Remember that buying property in Akwa Ibom, Nigeria can be complex, so it’s important to seek professional advice and guidance throughout the process to protect your interests.
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