Property Transaction Fees in Nigeria: Everything You Need to Know

Beyond the purchase price or rent, there are several fees to budget for in any Nigerian property transaction.

For Buyers: - Legal Fees: 5-10% of property value (negotiable) - Agency/Commission: 3-5% of property value - Survey Verification: N50,000 - N200,000 - Stamp Duty: 0.5-1.5% of property value (varies by state) - Registration Fee: Varies by state (Lagos charges approximately 1-2%) - Governor's Consent Fee: 8% of assessed value (Lagos) - Valuation Fee: N100,000 - N500,000 (if required by mortgage lender)

For Renters: - Agency Fee: Typically 1-2 months' rent - Legal Fee: N50,000 - N200,000 (for tenancy agreement) - Caution Deposit: 1-3 months' rent (refundable) - Service Charge: Varies by estate (covers security, cleaning, amenities)

For Sellers: - Agency/Commission: 3-5% of sale price - Legal Fees: 2-5% of sale price - Capital Gains Tax: 10% of profit (if applicable) - Advertisement Costs: Varies

Always get a written breakdown of all fees before committing to any transaction. Negotiate where possible and ensure all payments are receipted.