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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.
Real Estate Due Diligence in Awka involves a comprehensive appraisal of a property before acquiring it. This process ensures that the prospective buyer or seller understands the condition of the property, its legal and financial status. Being supported by the Nigerian law, due diligence process includes investigating property title, checking for any pending legal issues related to the property, and assessing true market value.
Navigating the complex landscape of property purchase can be tricky, as misunderstandings, potential legal issues and fraudulent transactions might occur. Having a competent lawyer can help protect your interests and ensure compliance with every legal regulation on land acquisition and development. Lawyers can provide advice about the potential liabilities of the property, review contracts, and handle dispute resolution.
Nigeria's legislation for real estate generally includes the Land Use Act of 1978, applying also to Awka. According to this Act, all Land comprised in the territory is vested in the Governor of the State. However, the Governor may grant statutory or customary rights of occupancy to any individual or organization for the use of land. During property transactions, it's crucial to follow traditional laws as well, which recognize traditional rulers as custodians of the land, requiring buyers to seek their consent and approval.
In Awka, a significant part of real estate due diligence involves a comprehensive survey of the property. A surveyor establishes the boundaries of the property, determines the exact area, and checks for any encumbrances or improvements on the land.
Key documents to review are the title documents, tax receipts, planning permissions, and any relevant legal documents. These documents should be thoroughly checked to ensure their authenticity.
The duration of the due diligence process depends on the complexity of the property. However, it commonly takes between two weeks to a month.
While it's technically possible to carry out due diligence without a lawyer, it can be highly complex and detail-oriented for the untrained eye. Hence, it's recommended to work with a legal professional.
If issues are found during due diligence, the buyer has the option to renegotiate the terms, seek resolution of the issues, or withdraw from the transaction.
For additional assistance and resources, consider reaching out to the Nigeria Bar Association, National Association of Estate Valuers, and Nigeria Institute of Surveyors. These organizations can provide expert advice and resources to conduct Real Estate Due Diligence in Awka.
If you require legal assistance in real estate due diligence, it is advised to consult with a professional real estate lawyer. They can guide you with personalized advice that caters to your specific situation. Another smart move is to engage a reputable surveyor and property valuer to ensure a comprehensive due diligence process.
