Real Estate Due Diligence in Nigeria should never be ignored, real estate is one of the most expensive investments in this world, it makes your money, livelihood and life savings on the line. If you are not extra careful, you may become the basketball of land scammers, fraudulent sellers, and dubious agents.
If you don’t carry out special due diligence, you may be presented with fake property documents, buy disputed land or purchase a government-acquired property.
Don’t trust anyone, the developer or the agent you want to trust may only be interested in your money. Once money changes hands, you will begin to hear stories!
Major Aspects of Real Estate Due Diligence in Nigeria
Table of Contents
Title Investigation
The preliminary Title report indicates the current legal owner of the property and any mortgage liens, unpaid income, property tax liens, judgement liens or other recorded encumbrances against the property.
Background Check
Collect economic data about the city and the neighbourhood, collecting data on competitive properties for the present market values – rentals & sales.
Document Verification
Contact the appropriate government authority and make sure that all the available documents are duly checked and verified. Some of these documents include;
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Deed of Assignment
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Certificate of Occupancy (C of O)
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Wills
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Letters of Administration
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Governors Consents
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Gazettes
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Survey Plans
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Letter of Offers
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Memorandum of Association (M.O.U)
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Planning Permit and Approved Building Plans
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Leases and Sub Lease
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Affidavits
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Taxes and Receipts
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Mortgage Deeds
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Purchase agreements
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Many more.
Physical / Structural Integrity Check
Make all the necessary structural checks and determine any change of use, check the overall condition of your property, this would cut across;
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Foundation
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Roof
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Plumbing
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Electrical
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Walls
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Windows
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Moisture Intrusion
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Illegal Construction
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Planning Approval Violation
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etc.
Can you do all these yourself?
I guess the answer is CAPITAL NO because you are not a real estate industry expert! our team can personally work with you, and we will make sure our company give you all the necessary support in buying a property that is free of;
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Real Estate Scammers
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Fake Documents
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Government Acquired Property.
You deserve the best!
Learn more about our Property Verification and Due Diligence Service
Disclaimer
The contents of this article are for informational purposes only. Always do your research and consult the relevant expert before you embark on any due diligence service.
If you need real estate due diligence support, click here
Author Profile
- I am Bolaji Afolabi, I am a Partner at Globalclique, we provide Real Estate Technologies, HR/Talent Acquisition/Outsourcing Support and E-Business Solutions. We are a multi–disciplinary Solution Provider.
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