FAQ
FAQ
Frequently Asked Questions
What is the process for buying a property in Nigeria?
The process of buying a real property in Nigeria involves identifying the right property, carrying out investigation and entering an enforceable contract.
It can be broken down as pre-contract stage, contract stage, post-contract stage and perfection stage.
How do I know if a property is genuine or not?
The best way to venture into investing in real estate is by engaging the certified professional in property market to carry out the preliminary investigations on the particular property vis-a-vis any pending encumbrances and finally engaging the service of conveyancing lawyer to handle the contract to the conclusion.
What are the documents required to buy a property in Nigeria?
Each property transaction has its peculiarity. Thus, the documents vary according to the nature and type of property involved.
The commonly documents are: Survey plan, Registered Conveyance, Land Certificate,Certificate of Occupancy, Governor’s Consent, Registered Court judgement, Probate/Letters of Administration, among others.
Can I trust online real estate listings?
To some extent.
Please, always engage a trusted professional for physical background check.
How do I make payments for a property purchase?
The safe deal is through a bank payment, such as bank draft or cheque.
What is the average cost of renting a property in Nigeria?
Location determines the rent. Hence, no generalisation.
How do I know if a neighborhood is safe for living?
The due diligence report of a professional real estate practitioner like an Estate Surveyor and Valuer would be a best guide. Also, some local security watch alerts may help.
What are the benefits of working with a real estate agent?
Working with a certified real estate agent will help you to make an informed decision in real estate investing project.
How do I get financing for a property purchase?
Various options available to financing property acquisition. This includes equity finance, loan finance, mortgage finance, joint venture finance, etc.
What is the process for renting out my property?
Listing property for rent takes some procedural rituals:
1. The property for rent must be made habitable.
2. The property is introduced to the market via on and offline media.
3. Inspection is conducted by the prospects.
4. The prospects are screened.
5. The most fit and proper prospective tenant is selected.
6. The selected tenant makes payment and execute formal agreement.
7. Verification of landlord’s fixtures and fittings.
8. Final handover of the property to the new tenant.
How do I determine the value of my property?
It’s the professional duties of an Estate Surveyor and Valuer to carry out the valuation of your property and determine their worth.
What are the common mistakes to avoid when buying or selling a property?
The following are the few avoidable mistakes in real estate investing:
1. Failure to engage certified real estate practitioner’s services.
2. Buying property in the wrong location.
3. Purchasing an inherited property without proper documentation.
4. Purchasing property without registered title.
5. Failure to engage the services of a legal practitioner.
6. Purchasing a property within a government acquisition scheme.
How do I resolve disputes with my landlord or tenant?
Tenancy disputes can be resolved through any or combination of the following media:
1. Negotiation
2. Conciliation
3. Arbitration
4. Mediation
5. Litigation
What are the tax implications of buying or selling a property in Nigeria?
Tax is a compulsory payment imposed by the government at different level, in Nigeria.
The incidences of the tax on property transactions are statutorily defined and may be contracted between the parties to the respective transaction.
How do I stay updated on the latest real estate trends and news?
By subscribing to our newsletter and following us on all social media platforms, @aia_valuers.
Let's Find You Together The Place You Deserve
Partner with us to find the perfect place that meets all your needs and expectations. We offer a personalized approach to real estate, ensuring you find a space that aligns with your lifestyle and aspirations. Contact us today to start your journey to the perfect place.