It’s important to verify every property before buying in Lagos, Nigeria for several reasons:
- Verification of Ownership: Verifying the ownership status of theproperty is crucial to avoid falling victim to fraudsters who may present fake property documents or sell the same property to multiple buyers.
- Legal Clearance: Verifying the legal clearance of the property by checking for any outstanding legal issues, outstanding taxes, andproperty is essential to ensure that you are not dealing with fraudsters who sell properties they do not have the legal right to. It’s crucial to verify the documents presented to you by the property seller, including the land certificate, deed of conveyance, and survey plan, among others, to ascertain the validity of the property ownership.
- Ensure the Property Is Not Encumbered: Verifying the property’s legal status helps to identify if there are existing liens, mortgages, or encumbrances attached to the property. Buying a property with unresolved encumbrances may result in losing your investment or incurring additional costs.
- Confirm the Physical State of the Property: Verification of the property’s physical state is equally essential to ensure that the property is suitable for your intended use. You want to confirm the property’s location, accessibility, infrastructure, and amenities in Lagos, as these can significantly impact the property’s value.
- Legal Compliance: In Lagos, there are regulations and requirements you need to meet before acquiring a property. Verification of legal compliance will safeguard you from running afoul of the law and avoid incurring legal penalties in the future.
In conclusion, verification is essential for any property investment because it helps to ensure that you make a wise investment decision and protect your investment from future risks.