How to Buy Property in Nigeria: A Complete Step-by-Step Guide

Buying property in Nigeria can seem daunting, but with the right knowledge and preparation, it can be a smooth and rewarding process. This guide walks you through every step.

Step 1: Define Your Budget and Requirements Before you start searching, determine how much you can afford. Consider not just the purchase price, but also legal fees (5-10%), agency fees (3-5%), and any renovation costs. Get pre-approved for a mortgage if you need financing.

Step 2: Research the Market Use trusted platforms like NaijaProp to browse listings. Visit neighbourhoods at different times of day to get a feel for traffic, noise, and community life. Compare prices across similar areas.

Step 3: Engage a Lawyer Hire a registered property lawyer to handle due diligence. They will verify the title documents, conduct searches at the Lands Registry, and ensure the property is not encumbered by disputes, government acquisition, or existing mortgages.

Step 4: Conduct Due Diligence Verify the Certificate of Occupancy (COfO) or Governor's Consent. Check the survey plan against the physical boundaries. Confirm that all ground rent and tenement rates are up to date.

Step 5: Make an Offer and Negotiate Once satisfied with the due diligence, make a formal offer. Negotiate the price and terms, including payment schedule and any conditions.

Step 6: Execute the Sale Agreement Both parties sign a Contract of Sale or Deed of Assignment. Your lawyer will prepare the documents and ensure they comply with the Land Use Act.

Step 7: Complete Payment and Transfer Make the agreed payment, obtain a receipt, and ensure the deed is stamped at the Stamp Duties Office. File for Governor's Consent if required.

Step 8: Take Possession Collect the keys, conduct a final inspection, and update your records with the relevant authorities.