The steps to buying a property in Nigeria.
Stage 1: Holding Deposit
Upon your offer being accepted the first stage is to put down a holding deposit to take the property off the market. This varies from property to property, depending on the price.
Stage 2: The pre-agreement
We always advise our clients to use a solicitor for the purchase and can recommend several solicitors. Unless you are paying in full and in cash immediately, you will need to enter into an essential preliminary sales contract. This is normally a simple agreement in which the Seller (Citypoint) agrees to sell the property, and the Buyer agrees to buy the property at the price agreed. This will contain all of the relevant details such as a description of the property, purchase price, and date of completion. At this stage you will be expected to pay a deposit, this is at least 30% of the agreed purchase price.
Prior to entering the contract, the following checks will need to be carried out:
(a) Check on planning status
(b) Check on title and whether the mortgage is being sold free of debt
Stage 3: Final Contract
On the completion date the balance of the purchase price (sales price minus deposit) and any fees payable by the buyer must be paid.
The seller and buyer then sign the contract, which is equivalent to the title deeds of the property. The buyer is then issued with the public deed of assignment. Independent legal advice should be taken to protect your own interests.