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.
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 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 . . .
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.