11 ways to avoid property disputes in Nigeria
As a real estate entrepreneur, you are likely to encounter property disputes from time to time. These disputes can be costly, time-consuming, and damaging to your business reputation. However, there are steps you can take to avoid property disputes and protect yourself and your business. In this article, we will discuss 11 ways to avoid property disputes in Nigeria.
Extensive Research: It's crucial to do your research thoroughly before purchasing or selling a home. This entails looking into the title records, survey maps, and previous owners of the property. It's also a good idea to hire a lawyer or real estate expert to assist you with the due diligence procedure.
Conduct a proper survey: A correct representation of the property you are buying or selling in the title documents depends on the results of a survey. It can assist in locating any encroachments or other problems that might cause conflicts.
Get the necessary documentation: Make sure that all essential paperwork, including the assignment deed, purchase agreement, and ownership transfer documentation, are acquired and correctly completed. This lessens the possibility of conflicts and establishes clear ownership of the property.
Employ a reliable estate agent: When using an estate agent to buy or sell a property, be sure they are respectable and have a successful track record. This lessens the possibility of fraudulent transactions.
Hire a lawyer: A lawyer can guarantee that the transaction is done correctly and that all legal requirements are met. They can also assist in mediating any conflicts that could emerge.
Legal agreements; all contracts involving the property must be in writing and duly executed. Verbal agreements can give rise to conflicts and are challenging to enforce.
Obtain a property valuation: To make sure you are paying or receiving a fair price when buying or selling a house, it is vital to get a property value. This lessens the possibility of conflicts regarding the property's worth leading to disputes.
Seller’s Identity: Research on the seller's identity to make sure they are the legal owners of the property. It is crucial to confirm the seller's identity. This lessens the possibility of disputed transactions and fraud.
Property insurance can aid in defending you against losses spurred by theft, damage, or other problems. To lower the possibility of disputes, it is crucial to make sure the property is adequately insured.
Recognize your rights: It's critical for investors and property owners to comprehend their legal responsibilities and rights. This lessens the possibility of arguments or disputes over legal matters being misunderstood.
If a conflict does emerge, think about using an alternate dispute resolution process, such as mediation or arbitration. Instead of going to court, this can help to settle the dispute more swiftly and affordably.
In conclusion, property conflicts are an unfortunate reality of the Nigerian real estate market, but they can be avoided with the appropriate information and strategy. You may reduce your chance of becoming involved in property disputes and make sure your real estate investing journey is successful by heeding the advice provided in this article.
