Real Estate Attorney Nigeria - Free Tips To Get The Most From Solicitors

Real estate attorney Nigeria. This section provides free tips to help you get the most from real estate solicitors in Nigeria.

The truth is . . . you need real estate solicitors to finalize your Nigeria real estate transaction. Real estate attorneys play a key role in the property letting and sale process. Their principal role is to ensure that you get value for your money and that the transaction follows a legal process.

Key to all of this is the transaction documentation or, better still, the legal documentation that follows the transaction process.

Let's start with the role of the real estate attorney with respect to renting an apartment or a building, whether residential or commercial.

Suppose you have spent some time searching for a property to rent. After a long gruesome search, you finally find something that matches your taste and your pocket. The real estate agent reels out the terms to you. Nothing distasteful. So you decide to meet with the landlord or property owner.

The real estate agent sets up a meeting. You discuss with the property owner and reach a consensus. You find him agreeable so you decide that this property is just what you need. Your next natural inclination would be to ask for mode of payment and then go ahead and pay for the apartment.

If you're tempted to do this . . . don't. Why you ask?

If all is clear and you decide that this is the house for you, there is one more step you should climb before you make payment. And that is to request for a copy of the lease contract or agreement you would be given to sign after you make full payment.

When you receive this agreement (a photocopy will do), pass it on to your real estate solicitor to read through and certify that you're not about to be bound to an unhealthy prejudiced agreement, when you finally make payment.

If the agreement contains clauses that your solicitor deems controversial, request for modification of the wording of the affected sections as per advice from your solicitor.

Finally, make payment for the apartment when your solicitor gives the green light.

In relation to Nigeria real estate purchase, the property attorney will . . .

  • Verify that the seller has authority to sell
  • Verify that the property is not within government acquired land
  • Verify that the property is not within government special project areas like areas allocated to oil pipelines, roads, electricity power lines etc
  • Verify that the land survey is genuine and that the red copy is on file at the bureau of lands of the Nigeria state where the land is located
  • Verify that the land documents are genuine
  • Verify that the building plan is approved by the town planning authority, in the case of a building for sale

    Now, you could do all of the above yourself. But, hey, you risk making expensive mistakes.

    The cost of real estate is huge. Your home will perhaps be the most expensive single item you will ever buy. And it is an asset you will pass on from generation to generation.

    So, do not risk this investment by taking own the legal responsibility of ensuring your property transaction is secure and legal. Leave that to an experienced attorney who will do due diligence to protect your investment.

    But how do you ensure you get value for the fees you pay real estate solicitors?

    Do two things:

    1. Request a formal letter from your solicitor stating the extent of work to be done and the stages. The letter should also state the documentation you expect to get during each stage. This letter is like a contract of engagement.

    2. Request a final report on the status of the property - a fall out from all the investigations/verification work done by your solicitor

    3. Get you solicitor to finalize the contract document between you and the seller

    The real estate attorney is like any other consultant. He needs to be supervised if you want to get the best result. The more experienced the solicitor is, the less supervision you need.

    Yes, solicitor fees can be expensive. But it is peanuts compared to the value of your investment.

    I vote YES to employing the services of a real estate attorney when buying or letting a property. It pays in the long run.

    P.S: Need a real estate attorney? Use my lawyer, Barrister Blessing Imafidon. Click HERE to contact her.

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