Have you heard the phrase “The best time to invest in real estate was 10 years ago, the next best time is today”? There is an increase in the interest of Nigerians in owning both land, properties and houses.
With more and more people wearing the badge of being a realtor, buying properties has become a wearisome task rather than the promising venture it used to be. Yes, it is safe to buy and invest in land if you follow the right steps. Thinking of buying or investing in land, let’s walk you through the risks, the safety steps, and how Krent makes buying land safe and stress-free.
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Every day, more Nigerians want to invest, become landlords, and create generational wealth from real estate, which is a good idea. But If you’re not dealing with fake realtors or unknowingly buying already-owned land, you’re likely worrying about document issues, omonile wahala, government coming back to take your land, and a whole lot of other issues.
That is not to say that buying land is a scam or not a profitable venture, we have seen how people who invested in Lekki in the years back are making returns, and those who flip lands are cashing out, so what then is it? S
Krent is a real estate platform in Nigeria. Whether you're looking to buy, rent, or short let a house, apartment, land, or commercial space, check out our listings. You can also request specific properties.
Common Risks Involved in Buying Land in Nigeria
Now, you have decided to buy land in Nigeria, what’s the first issue you can encounter? Omonile problems and family disputes. Omonile meaning “child of the land” usually refers to those who have inherited land in those areas from their ancestors. Now, omonile also means hoodlums and landgrabbers who are known for reselling other people’s land. Also, they can sell the land to you today and snatch it back. There is also the risk of them coming up with illegal charges every step of the way.
Another risk people encounter is double sales and collecting forged documents, and this can also be traced down from the omonile risk. There are more than enough stories on the internet of different sides of a family selling land to different individuals, now the land has two owners, two separate documents, and if you’re on the unlucky end, you will be with the forged document.
Another common occurrence is buying from unauthorised sellers, people not affiliated with the land. People take pictures of lands from the internet and pose as realtors, deceiving and luring unsuspecting buyers into making payments, selling properties that do not exist and disappearing right after payment.
Buying land without visiting or any form of site inspection is also a common risk that those interested in buying and investing in land take. Buying land that you have not seen, taken a surveyor to or properly vetted, is a no-no.
How to Confirm Land Ownership and Authenticity
Knowing the risk involved in buying land is just the first step in actually buying land successfully. The next step is to familiarise yourself with the relevant documents you should be given as a landowner, and to confirm their authenticity.
The first document in Nigeria you should have is the Certificate of Occupancy, which is popularly called the C of O. This document is given by the state government, certifying that you have the right to occupy. It is the legal document that shows that you own the land, it gives you Proof of Ownership, discourages omonile from harassing you or grabbing your land, and you can use it to resell or mortgage the land.
The next document you’ll be given is the Deed of Assignment, which documents the sale of the land to you, so it is very important. It is what transfers title and interest in the land from the seller to the buyer, starting from the date of purchase, which should be clearly spelled out in the document. After this, you need a Survey Plan that outlines exactly where your land encompasses, the boundaries, and the measurement of your land. You’ll need the Governor’s Consent, which is an approval from the state governor on any land sold; it shows his consent on a land transaction. Without a governor’s consent, your transaction can be deemed illegal; it is required for any other transaction after the Certificate of Occupancy has been issued.
It is also recommended to get a Power of Attorney [POA] document. A registered power of attorney is a legally enforceable document that safeguards the rights of both the owner of the land and the agent. It helps prevent issues, as it shows the agent’s authority to sell and act on behalf of the owner of the land. This is especially essential if you’re thinking of flipping or reselling.
The final document is your Payment Receipt. This might look small compared to all the government and legal documents you have to get, but having your receipt proves your payment and your purchase of the land. It certifies that payment has been made and payment has been received.
Visiting the land registry.
Conducting a search at the Nigerian land registry is as important a step as there is. A search helps remove the risk by confirming if the land has a valid title, if there are obstacles, and if it’s government-owned land. Every state in Nigeria has a land registry. To carry out this process, you need to visit your state Land Registry with your Survey Plan, submit a formal application by filling out an application form, attaching the necessary documents, and paying your application fee. Your result will contain the owner of the property, mortgages or dues on the property, government-owned, and legal troubles.
Once that is settled, you’re all good to go. Remember to use professionals in surveying and verifying these documents. Get a lawyer, a surveyor, and a snag inspector if possible.
Key Steps to Safely Buy Land in Nigeria
To buy land, ensure you do your due diligence.
- Check the company or the individual selling the land.
- Visit the location, or send a trusted person to go there if you can’t go by yourself.
- Confirm the current ownership from the land registry, to ensure the seller is who he claims to be or at the very least has a power of attorney to sell that land to you.
- Involve a legal representative, get a lawyer to check all the documents you are being given, and to help vet them.
Buying land is a marathon, not a sprint. Do not be in a hurry to make payment and get the land, it is important to cross-check, overcheck, and double-check, ensure all documents are duly signed. Make sure you are satisfied with all the information given; buying land is the one time you are allowed to overthink everything. Land fraud is one of the most popular scam operations in Nigeria, so it is important to be safe before you commit to anything.
Using Krent to Buy Land Safely
The good thing for land buyers is that with Krent, you don’t have to figure out buying land alone. Let’s be honest, buying land in Nigeria can feel overwhelming, especially after reading all the risks, unverified agents, and fraudulent issues that could come up. Here’s where Krent comes in.
Krent eliminates these concerns by offering a secure and streamlined experience for land buyers. Through verified listings, Krent ensures each property has undergone proper title checks, giving buyers confidence in the legitimacy of the land, and gives you access to vetted agents and professionals who are familiar with the legal and practical aspects of land properties in Nigeria, which reduces the risk of falling into real estate scams.
We don’t just leave you with the agents, we are with you every step of the way from start to finish. You always have access to free property inspections whenever you request, ensuring you make informed decisions before committing. Krent’s support team is also readily available to guide you, answer questions, and give you a smooth buying experience. These features are not limited to first-time buyers but also seasoned investors. The ultimate goal is to simplify and safeguard your purchasing journey. By merging tech and real estate, we are meeting the unique needs of land acquisition. Our platform helps all stakeholders involved in property, including buyers, sellers, renters, and those looking to lease out.
Red Flags to Watch Out For
You must watch out for these signs in any agent and any listing you find when deciding to purchase land.
- Sellers who refuse verification or documentation is an original red flag. If you ask to verify the property with your state land registry or get your surveyor, and they say “there’s no need, the land is real,” best believe you’re walking into a scam.
- Extremely low prices in high-value areas is another major red flag. There are a lot of promos and verifiable real estate deals aimed at making the process fairer for you; but if it feels too good to be true, then it is most likely a lie. For example, a 4-bedroom duplex in Admiralty, Lekki for sale at N3,000,000 should be ringing warning bells in your head.
- Pressure to make quick payments especially while still in the discussion phase is something to worry about. They tell you how it’s urgent and could be grabbed up at any minute; that’s a premium red flag.
What to Do After Buying Land
You’ve navigated all the red flags and scammers out there and have purchased your land through the Krent platform. What’s next?
- Documentation and registration with land registry: Collect all your complete documents and go and update them in the relevant offices. Scan a copy and upload somewhere digital like the cloud for safe keeping.
- Fencing and land possession: Fence your land to avoid land grabbers, people encroaching on it, and to show ownership.
- Ensure you get your survey plan.
Frequently Asked Questions
What documents should I check before buying land in Nigeria?
When buying land in Nigeria, request the survey plan to confirm the land’s location and boundaries. Check for a deed of assignment, which shows transfer of ownership. Ensure the seller provides a payment receipt. A Certificate of Occupancy proves government-recognized ownership. If the land has changed hands before, you’ll also need the Governor’s Consent.
How can I verify land ownership in Nigeria?
Start by doing a land search at the state’s land registry to confirm ownership and any existing issues. Verify the survey plan with the Surveyor-General’s office. Check the authenticity of the Certificate of Occupancy or other title documents. It’s wise to visit the land physically. Get a real estate lawyer from Krent for full legal verification.
Is it better to buy land through an agent or directly from the owner?
Buying directly from the owner may save costs, but it demands more personal due diligence. Agents offer convenience and access to more listings, but some may not be trustworthy. Use agents from Krent, who have a solid reputation. Regardless of the method, verify all documents. Legal support is recommended either way.
What is the safest way to buy land in Lagos or Abuja?
To safely buy land in Lagos or Abuja, use a reputable real estate lawyer to check all paperwork. Verify titles, visit the land, and speak to locals about any disputes. Only buy from trustworthy sources like Krent with full documents. Ensure the land has government approval.
Conclusion
Is it safe to buy land in Nigeria? Yes, it is if you follow the process. Even though there are a lot of scams and fraudsters, when done right, you get to enjoy your investment and make the most out of your decision. It is important you remain vigilant and smart, call in experts if you have to. With platforms like Krent by your side, you’re guaranteed a safe and easy experience.