How Can I Do Transfer of Ownership of a Property in Lagos?

It’s important to understand the process one has to follow to successfully transfer property ownership in Lagos before you buy or sell a piece of property. Lagos offers a wealth of opportunities for investors, and with the right guidance, the journey to owning a property can be smooth and rewarding. 

In this guide, we will take you through the step-by-step process of transferring property ownership in Nigeria.

Step 1: Conduct Due Diligence

Before diving into any real estate transaction, conducting thorough due diligence is essential. This entails verifying the authenticity of the property’s title, assessing any encumbrances or legal issues, and ensuring that the seller has the legal right to sell the property. If you are purchasing an Omonile property, you need to be sure every member of the family and community head are aware of the property sale.

Engaging the services of a reputable real estate lawyer or consulting with a reliable real estate company like Greenish Estate can make this process stress-free.

You must not make the mistake of purchasing a property without first looking at these things:

• The land title
• Topography of the land and
• The original owner of the property

These factors are important for you to have a smooth property ownership transfer in Lagos.

Step 2: Negotiate and Agree on Terms

Once due diligence is complete, it’s time to negotiate the terms of the transaction. What are the terms of the transaction you must follow when purchasing a property? This includes agreeing on the purchase price, payment schedule, and any other relevant terms. 

Do not forget that negotiation is a normal part of the process. For you to get the best real estate deal, you must learn to be patient. Being calm during the buying phase can lead to a mutually beneficial outcome. 

No matter how the prospect is in a haste to make a purchase, ensure that there are terms of agreement.

Step 3: Prepare the Purchase Agreement

With the terms agreed upon, the next step is to prepare the purchase agreement. This legal document outlines the terms and conditions of the sale and protects the interests of both parties. To avoid any potential pitfalls, give the agreement to a competent lawyer to draft it.

Step 4: Payment and Documentation

Upon signing the purchase agreement, the buyer is required to make the payment as agreed. This typically involves paying a deposit and the balance within an agreed-upon timeframe.

Simultaneously, the seller must provide all necessary documents, including the original title deed, survey plan, and any other relevant paperwork. A reliable real estate company can assist in ensuring that all documents are in order and compliant with local regulations.

Step 5: Transfer of Ownership

Once you are done deciding on the payment made and documentation, the final step is the transfer of ownership. You are to do this at the office of the land registry or the appropriate government agency responsible for land transactions. 

The buyer and seller, along with their legal representatives, must be present during this process. These people are to stand as witnesses. The property’s title will be officially transferred to the buyer’s name, making them the rightful owner.

Step 6: Registration and Tax Payment

After the transfer of ownership, it is essential to register the property with the appropriate government authorities. This step secures the buyer’s legal ownership and prevents any future disputes. Additionally, property registration may require the payment of certain taxes and fees. So, it’s essential to be aware of the applicable regulations.

The moment you complete these steps completed, you are now the proud owner of a property in Lagos. The Lagos real estate market offers excellent investment potential. By following this guide and partnering with a reputable real estate company, you can enjoy a smooth and rewarding property ownership experience.

Investing in the Lagos real estate can be a transformative journey, and we are here to assist you every step of the way. Our team of experts is dedicated to making your property acquisition a seamless and satisfying endeavor.

Call us today to book inspection for any of our estates in Lagos.