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Real Estate Due Diligence in Ajah, Nigeria is a crucial process before any real estate transaction, including buying, selling or leasing. It involves the comprehensive appraisal of a property to confirm its legal, financial, and technical aspects. Key areas of interest during due diligence include verifying property ownership, confirming the correctness of land titles and reviewing any encumbrances on the property such as leases, mortgages, or other restrictions.
Potential real estate investors require a lawyer to navigate the complexities of the Nigerian real estate law. Lawyers help in checking the reliability of all information given by the property seller. They also facilitate registering the property, obtaining consent for the property transfer, and verifying that no litigation is pending against the property.
The main laws that govern real estate transactions in Ajah, Nigeria include the Land Use Act (1978), the Real Property Act (1956), and Lagos State’s Land Registration Act (2010). These laws cover aspects on acquiring, owning, and transferring interests in land. For instance, the Land Use Act vests all lands within the state in the Governor and property owners must obtain a Governor's Consent for any transaction involving a change of ownership.
The timeframe can vary from a few weeks to a couple of months, depending on the complexity of the transaction and the specifics of the property.
Without proper due diligence, you risk investing in a property with legal or financial problems. This can result in delays, asset depreciation, or even loss of investment.
The cost differs depending on the complexity of the property. It typically involves paying for solicitor fees, cost for property search at land registries, and fees for obtaining the necessary documents and permits.
While it is possible to conduct a level of due diligence independently, the complexity of Nigerian property laws and system makes it highly advisable to engage a legal professional to handle the process.
If a property fails due diligence, it would be advisable to review the terms of the transaction or to withdraw from the transaction entirely to avoid potential risks and losses.
Local Land Registry Offices, Nigeria's Corporate Affairs Commission, and the Supreme Court Registry are valuable resources for obtaining property documents and information. Lagos State Real Estate Transaction Department also offers support for individuals dealing with real estate transactions.
If you require legal assistance with real estate due diligence in Ajah, reach out to a reputable lawyer who specializes in Nigerian real estate law. They can guide you through the process and safeguard your best interests. Ensure that all documents are thoroughly examined and that the transaction is compliant with all local laws and regulations.
