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29 Jul

THINGS TO CONSIDER FOR WHEN BUYING A PROPERTY

Title documents. This refers to a person’s right or claim of ownership over a property. There are kinds of title documents such as deed of assignment which serves as proof that title has passed from the assignor to the assignee, survey plan that shows the geographical map of a person’s land, certificate of occupancy which serves as proof that the property is legally owned by the vendor.

Clauses in the contract. When buying a property, ensure you go through and understand all the clauses in the contract. An example of such clauses is the indemnity clause. The inclusion of the clause is to protect the purchaser from any legal problems or flaws in the property or title that is to be transferred. It means that indemnitor (vendor) contracts with the indemnitee (purchaser) to pay the indemnitee for any loss incurred by the indemnitee.

Location of the house. Look for a place that is easy to get to from the main roads. Check out the flow of traffic as well. If you do all of these things before you buy a property in Nigeria, it will be easier to get in and out of the neighbourhood. If you buy a property close to where you work or go to school, you’ll save time and money on gas.

Infrastructure. The infrastructure of the area where you want to buy a property is also a very important thing to think about. Before you buy a property in Nigeria, you should find out if the area has good road or train connections. There should be a good amount of water in the area. Lastly, you should find out if the area has things like phones, internet, street lights, and parks for recreation.

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