Buying or selling property in Nigeria is an exciting yet complex process. Understanding the legal steps involved can save you from costly mistakes and ensure a smooth transaction. Whether you’re a buyer or seller, knowing the ins and outs of the process is crucial for success. This guide walks you through the legal procedures while highlighting why TBILProperty.com is your best partner for listing and selling properties seamlessly.
Step 1: Conduct a Property Search and Verification
Before buying any property, it’s essential to conduct a thorough property search to verify ownership and ensure the land is free from disputes or government acquisition. This step involves checking the land records at the appropriate Land Registry Office.
Tip: Sellers can preempt this step by ensuring their property documents are complete and verified before listing.
At TBILProperty.com, all listed properties undergo a rigorous verification process to provide buyers with peace of mind and build trust between parties.
Step 2: Draft and Sign a Purchase Agreement
Once the buyer is satisfied with the property search, both parties should draft a purchase agreement outlining the terms of the transaction. This agreement should include:
- Purchase price
- Payment terms
- Timeline for completion
- Contingencies, if any
Engage a qualified real estate lawyer to review or draft this document.
TBILProperty.com simplifies this step by connecting buyers and sellers with trusted legal professionals through our extensive network.
Step 3: Obtain the Governor’s Consent
Under the Land Use Act of 1978, all land in Nigeria belongs to the government, and transactions involving land require the Governor’s Consent. This involves submitting the necessary documents, such as the deed of assignment, to the State Ministry of Lands for approval.
Skipping this step can invalidate the transaction, so it’s critical for both buyers and sellers to prioritize it.
Step 4: Payment and Title Transfer
Once the Governor’s Consent is obtained, the buyer can make the final payment. Afterward, the title documents, such as the Certificate of Occupancy (C of O) or Deed of Assignment, are handed over to the buyer.
TBILProperty.com supports secure transactions by providing a platform where buyers and sellers can finalize deals with transparency and ease.
Step 5: Stamp Duty and Registration
The final step is to pay the required stamp duty and register the property at the Land Registry in the buyer’s name. This ensures the new ownership is officially recorded and protects the buyer’s legal rights to the property.
Why Choose TBILProperty.com for Buying and Selling Property?
TBILProperty.com simplifies the property transaction process with a user-friendly platform designed for efficiency and trust. Here’s how we stand out:
- Verified Property Listings: All properties on our platform undergo thorough verification to ensure authenticity.
- Access to Legal Experts: We connect you with experienced real estate lawyers to handle the legal aspects of your transaction.
- Wide Reach: With thousands of daily visitors, your property gets unmatched visibility when listed on TBILProperty.com.
- Secure Transactions: We prioritize transparency, ensuring buyers and sellers can confidently complete transactions.
- Expert Support: Whether you’re listing or searching, our dedicated team is here to assist every step of the way.
