Are there things one need to know before they can safely purchase a property in Abuja, FCT, Nigeria? The answer is yes. These things will help you not to be a victim of land scams in Abuja.
The In the last couple of years, Abuja has seen a lot of urbanization and relocation. And it’s easy to see why — it’s the capital city that has attracted a lot of businesses and investments.Â
And of course, people go where the money and connections are, which is why this migration and development will not end any time soon. With a current population of 4,026,000, the FCT is a good place to invest in real estate.
If you are already thinking of purchasing a property in Abuja right, you’re on track. However, you will need to be careful so you don’t fall into the hands of land grabbers and property racketeers.
To help you, this article will explain everything you need to do before you purchase any property in Abuja.
What to Do Before You Purchase Any Property in Abuja
1. Do your due diligence
Oftentimes, we get carried away by the prospects of what seems to be a good deal. Maybe you saw a property in your choice location or one with a too-good-to-be-true kind of price.
In this instance, take a deep breath and reassess the situation. Is the seller actually selling the property at that price or is it a ploy to lure unsuspecting buyers? Even when all conditions seem right and nothing feels out of place, you still need to do your due diligence.
If you can, take your property lawyer along with you to inspect the property. This is assuming you have a lawyer already. If you don’t, endeavor to get one as every property deal needs the expertise of a qualified property lawyer.
For the inspection, it doesn’t matter if it’s a building or an empty lot, get into the neighborhood and ask questions about the property’s history, potential issues, and any other relevant information that can affect your decision.
2. Request for title and all the other relevant property documents
Let’s say this first, without seeing the original property documents, no matter how much you like the property, never purchase it.
That said, the next thing to do before you part with your money is to request the title document. The document is what confirms that the person selling the property to you is the real owner. This is really non-negotiable, so begin your requests from here.
The other documents you need to request are:
a. Certificate of occupancy:
This document shows the legal ownership of the land by the government and grants the holder the right to use the property. It is important to ensure that the seller possesses a valid Certificate of Occupancy for the property before purchasing it.
b. Survey plan:
A survey plan is a document that delineates the boundaries of the property and provides information on its exact size and dimensions. This helps to prevent boundary disputes and ensures that you are buying the correct piece of land.
c. Power of attorney:
Power of attorney is a document that grants the seller the authority to act on behalf of the property owner. So, verify that the seller has the legal right to sell the property and that the power of attorney is valid and up-to-date.
d. Probate/letter of administration:
If the property is being sold by a real estate company, you will need to see the probate or letter of administration to confirm that the executor or administrator has the legal authority to sell the property.
e. Deed of assignment:
This document transfers ownership of the property from the seller to the buyer. If the property you are buying has been previously sold to the current seller, you need to see the property’s deed of assignment to the property was legally and properly handed over to the present owner.Â
Before you purchase a property in Abuja, you should know the difference between deed of assignment and contract of sales. That way, you will be sure you are getting all the necessary documents.
3. Begin formal investigation
You may have done some legwork in terms of investigations and due diligence initially. However, for the best results and according to the demands of each stage, you may need to do more.
It’s at this stage that you conduct official investigations concerning the property. Depending on whether the property is an empty land or a building, you’ll conduct investigations at the Land registry.
The Abuja registry is headed by the Abuja Geographic Information System (AGIS). This is where you’ll verify the authenticity of the land title, survey plan, and other relevant documents. Make sure to cross-check the information provided by the seller with the records at the land registry to ensure accuracy and legitimacy.
The next place is the Corporate Affairs Commission. If the property is owned by a company, you’ll need to conduct searches at the Corporate Affairs Commission (CAC) to verify the company’s registration and ownership status.
This search will help you confirm that the seller has the legal authority to sell the property on behalf of the company.
Finally, if the property is being sold as part of an estate, you’ll need to search the probate registry to confirm the validity of the probate or letter of administration and ensure that the seller has the legal authority to sell the property.
4. Verify the property’s compliance with regulations
Before finalizing the purchase of any property in Abuja, you need to verify that the property complies with all relevant regulations and zoning laws.
This includes checking for any outstanding building permits, environmental regulations, and land use restrictions that may affect your intended use of the property.
Also, if the property has been in use before now, find out if the current occupants owe any taxes, property rates, or any other government debts that might put the property at risk of actions and levies.
Also Read: What Are the Fastest Developing Locations in Abuja for Real Estate Investment?
5. Assess the infrastructure and amenities
When purchasing property in Abuja, find out the availability and quality of infrastructure and amenities in the area. From access to roads, to water supply and electricity, find out if all the amenities are in order.
If you are purchasing the property for residential purposes, also check for the closeness of schools and shopping malls to the property.
As much as you can, evaluate the current infrastructure and consider any planned developments or improvements that may affect the value of the property both as a residence or as a property you plan to resell.
6. Check the property’s potential for appreciation
Before making a final decision, carefully calculate if the property is in an area that has a fast-growing market appreciation. The best places to buy property are in areas where your property’s value can skyrocket over time.
So, part of the factors you should look out for are population growth, economic development, infrastructure projects, and market trends. These are factors that may influence property prices in Abuja.
Without a doubt, investing in property with a strong potential for appreciation can provide significant long-term returns on your investment.
7. Consider hiring a professional property inspector
While you may have inspected the property yourself and conducted due diligence, it’s always a good idea to hire a professional property inspector to assess the condition of the property thoroughly.
A qualified inspector can identify any hidden issues or structural defects that may not be apparent to the untrained eye, helping you make an informed decision and avoid costly surprises down the line.
Another similar suggestion is to hire other professionals in the property industry as well. These include a real estate lawyer, a quantity surveyor etc.
These professionals have been around properties long enough and can easily give objective views about any property you want to buy.
Also Read: Money Saving Guide for Your First Real Estate Investment in Abuja
Purchase properties with peace of mind
Purchasing a property in Abuja offers numerous opportunities for growth and investment. However, you will need to approach the process with caution and diligence to safeguard your interests.
If you seek professional advice and take the time to thoroughly research any property before making a purchase, you can minimize the risk of encountering problems.
This way, you will be able to make a sound investment decision in Abuja’s real estate market and purchase a property that will have a reasonable ROI.
