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Browse our 2 legal questions about Real Estate Due Diligence in Nigeria and the lawyer answers, or ask your own questions for free.
Due diligence in real estate refers to the process where one takes the necessary care in a real estate transaction to avoid foreseeable issues. In Abeokuta, Nigeria, this process has been influenced by the Nigerian land laws and policies, which require every potential buyer to adequately inspect, analyze, and authenticate a property before making any commitments.
There are several scenarios where you might need a lawyer's assistance in conducting real estate due diligence. These include ensuring the property's legal status, helping with title searches, checking for unpaid taxes or pending lawsuits on the property, analyzing lease agreements if it's a rental property, and assisting with zoning and land use regulations. They also help in drafting and negotiating contracts to protect your interest.
The local laws relevant to real estate due diligence in Abeokuta include the Land Use Act, which governs all land transactions in Nigeria. There's also the Registration of Titles Law of Ogun State, which mandates the registration of all interests in land. The Conveyancing Act of 1881 is helpful in solving disputes regarding the conveyance of property.
A title document, tax clearance certificate, and planning permit are among the essential documents to verify. Confirming the sales agreement is also crucial.
While it's not illegal, it's highly advisable to hire legal assistance due to the complexities involved in the due diligence process.
Generally, it's the responsibility of the buyer to perform due diligence. However, a seller may also conduct due diligence to ascertain the buyer's financial capability to avoid future disputes.
Due diligence should be carried out before concluding a real estate transaction to avoid legal or financial complications down the line.
The process can take anywhere from a few weeks to a few months, depending on the size and complexity of the property in question.
You are advised to go through the Nigerian Property Centre and the Estate Surveyor and Valuers Registration Board for more guidance. Other useful resources are publications by the Nigerian Institute of Estate Surveyors and Valuers and National Association of Estate Agents.
If you need legal assistance with real estate due diligence, you should contact an experienced local attorney who specializes in real estate law. They can help you navigate the legal complexities associated with real estate transactions and give you peace of mind as you make an informed decision.
