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Nigerian Real Estate Market Regulation and Guidelines

por Rufus Lea (2020-02-02)

with cash And in a fair Manner. - Do you want to purchase a landed property in Nigeria? Here is a guide to invest in Nigerian propertyas well as regulations that comes with the necessary documentations that you need to proceed with

page1-120px-Congressional_Record_Volume_Our previous article had a step by step real estate investment guide which included the following;

Buying and selling of real estate properties for a high return of investments.

Renovating an old but promising building in order to sell it for a high price.

Leasing properties to have a continuous return of your investments.
Today we will talk more on the regulations surrounding documentation that you need to know that works hand in hand with the guidelines.

• Survey Plan

Every consultant who gives you a guide to invest in Nigerian property will always mention a survey plan document. A Survey plan is a primary document that all real estate transactions must have because it helps in giving an accurate description of the real estate property and it is prepared by a Land Surveyor. Without a survey plan, land buyers are at risk of losing their land to the government in the future as they will not be aware of what the property has been mapped out for. Survey plan of a land contains specific information about the property, such as; the title of the survey which is usually the name of the owner, the location and area details, the plan number, the surveyors address, seal and signature. A genuine survey plan should also contain a stamp showing that the land is free from government acquisition.

• Proof of Government Excision

Government Excision is a document to prove that the real estate properties have been legally handed over to Indigenous settlers. With a proof of government excision, processing C of O becomes very easy especially when the property is free from omonile troubles. Processing Excision documents take time and that is why it is very necessary to know the real estate investment guide that involves every process of investment. The Head of the community will forward excision application documents to the Land Use and Allocation Committee on a letter headed paper. After days of inspection from the government agency, the property will be reported to have met all satisfactory requirements and the technical committee will submit a report to the Governor of the state recommending Excision Approval. Any property with government excision approval is always safe for investing regardless of the real estate investment guide option you choose.

• Deed of Assignment

Deed of Assignment is the most important document a property owner must have because it is a proof of purchase. Deed of Assignment is a signed agreement document that shows that the seller has transferred all his legal title, interest and rights to the buyer. This document specifies the date at which the property is effectively transferred from the seller to the buyer. Deed of Assignment documents is usually documented with Land registry as proof to the public that the property has been bought by someone else. It contains specific information like the names and addresses of both parties and the document contains the signature of the buyer and the seller as well as witnesses. Most importantly, the document contains the signature of both parties and witnesses.

• Receipt of Payment

The receipt contains the actual amount of payment made for the property. This is usually the first thing a buyer gets after making payments. It is usually signed by the seller and the buyer. A receipt of payment should have the seller's name on it, the date of payment received, the invoice number, the amount received and the remaining balance if there is any.

A guide to invest in Nigerian property is not complete if you do not know about these most important property documents that is a part of the Nigerian real estate market regulation. Knowledge is power.