Owning property in Nigeria and selling practices.

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Owning property in Nigeria and selling practices.

by Maria Rendon
(Brownsville, Texas)

I inherit some land and I want to sell. Do I have to travel to Nigeria to sell it or can I just go through an attorney to sell for me?

Is it true that I wont get my money until I leave Nigeria?

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Owning property in Nigeria and selling practices.

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Aug 05, 2010
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Taxes on property sale
by: Anonymous

The tax in Lagos state is 25 percent of earnings above 160,000 Naira.

Property sale falls under earnings. The govt expects you to pay tax when you generate revenue in Nigeria. And tax return is made latest March of the following year.

However, at the point of sale, there is no specific tax.

Aug 04, 2010
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taxes
by: Anonymous

hoe much taxes do i have to pay before i get my money

Aug 22, 2009
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You can sell through an attorney
by: samson

You don't need to come to Nigeria to sell. You can sell through an attorney or through a Nigeria real estate agent.

You simply need to formally authorize the attorney to sell on your behalf and send him photocopies of the property documents.

However, you need to do a background check on the attorney or agent to confirm that he is trustworthy.

Part of the directive in the authority to sell letter should be that the property sale amount will be paid to your account, a bank account specified by you, ideally a bank account in your name.

Specify that the original documents of the property will be released to the suppose buyer only after you receive the payment.

That way, you protect yourself aginst fraud.

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