Real Estate Laws in Nigeria
Nigeria’s real estate law is a combination of so many laws that regulate the real estate industry in Nigeria. These laws are many as you will expect for a nation as big as Nigeria.
Obviously, we will consider all of these property laws here and we will make sure we discuss important and critical ones are to keep you well informed so you can make the right choices, make the right investment, and make money. It also ensures you don’t make the sort of mistakes that can cost you your real estate investment in the long run.
“The land use act” is the first law that comes to mind and is the most popular of them all.
The land use act essentially states that all land in Nigeria belongs to the government. And that the government only leases the land to individuals or corporate bodies as appropriate for a period of 99 years.
This means that when the government issues a certificate of occupancy or C of O to you for a property purchased, the C of O is only for a period of 99 years.
So, what happens after 99 years?
That question is still the subject of great debate among Nigerians. As it is, the first set of C of O was issued sometime in 1976 when the land use act came into effect. Let’s see what happens when the first set of certificate of occupancy issued by the government expires.
“What is the quality of the title on the property?” By that they mean how old is the C of O? This question is always asked by potential real estate buyers.
A new C of O has a life of 99 years before the government withdraws it or demand renewal. A property that has a C of O that is 30 years old has a life of only 69 years left.
Some people don’t consider this when considering buying homes for sale in Lagos Nigeria whereas some try to negotiate a lower sale price based on the life of the C of O. This is entirely up to you.
lamudi.com.ng
