Why Land Verification is Crucial for Real Estate Success in Nigeria

Do you know that a staggering 65% of land disputes in Nigeria arise from issues related to ownership verification? This alarming statistic highlights just how crucial land verification is for anyone looking to invest in real estate in the country.

The verification of land ownership before you part with your money can save you from legal headaches and financial losses down the road. When you’re looking to buy land in Nigeria, there are several important things to keep in mind.

With the rise of real estate scams, the potential for trouble from local thugs known as “omonile,” and various types of fraud, it’s more crucial than ever to handle your transactions through either a verified real estate company or work with reputable professionals like a lawyer, a land surveyor or a real estate agent. This will help ensure that your investment is safe and secure.

What Does Land Verification Entail?

Land verification involves confirming the legitimacy of a property’s title and ownership status. This process typically includes checking certain documents, such as the Certificate of Occupancy (C of O), conducting searches at the Land Registry, and ensuring there are no encumbrances on the property.

Why Does Land Verification Matter?

To avoid unforeseen future problems that may arise after a real estate transaction, you need to embrace the process of land verification. Below are reasons why it matters:

1. To Avoid Fraudulent Transactions

One of the primary reasons to verify land ownership is to protect yourself from fraud. Unfortunately, many properties are sold by individuals who do not have legitimate ownership rights. By conducting proper verification, you can ensure that the seller is indeed the rightful owner and that there are no hidden claims or liens on the property.

2. To Prevent Legal Disputes

Land disputes are all too common in Nigeria, often leading to lengthy and costly legal battles. By verifying ownership before you make a purchase, you significantly reduce your risk of getting embroiled in disputes over property rights. This proactive approach can save you both time and money in the long run.

3. To Secure Financing

If you plan to secure a mortgage for your property, most financial institutions will require proof of ownership and clear title documents. Without proper verification, you may find it challenging to obtain financing and this could derail your investment plans.

4. To Enhance Resale Value

Properties with verified titles are more attractive to potential buyers. If you ever decide to sell your property, you will make the process a lot smoother and increase your chances of receiving a fair price if you have clear and verified documentation.

Tips to Consider Before Purchasing Land in Nigeria

Before you go ahead and buy land in Nigeria, here are some important tips to keep in mind:

1. Use a Verified Real Estate Platform

This is so that you avoid falling victim to fraudsters. Reputable real estate platforms have measures in place to protect buyers and ensure legitimate transactions.

2. Request a Copy of the Survey Plan

Always ask for a copy of the survey plan. It’s a good idea to have a surveyor help you verify it against the coordinates to ensure everything matches up.

3. Check the Excision File Number

Ask for the excision file number for the land you’re interested in. This will help you confirm whether the land is available and free from disputes.

4. Involve Your Lawyer

This is one step you don’t want to skip. Have your lawyer review all documents related to the real estate transaction. Their expertise and keen eyes can help catch any potential issues before you commit.

5. Consult Your Real Estate Agent

Do not hesitate to ask your real estate agent for their advice about the land. They can provide valuable insights and guidance based on their experience in the market.

Conclusion

Land verification is an essential practice that can safeguard your investment and ensure your success in Nigeria’s real estate market. Any attempt to purchase land without undergoing a verification process is a very risky endeavor. If you found this helpful, share your thoughts in the comments.