Abdul Muhammed Law Practice
Abdul Muhammed Law Practice details a brief guide to navigating Nigerian real estate beginning with the Consultation and to closing the land deal.
Introduction
Embarking on a real estate journey in Nigeria can be a labyrinth of complexities, but fear not – armed with the right information, your path can be a smooth one.
This article provides you with a roadmap for what to expect after your free initial, no-obligation consultation and guide you through the subsequent steps in your quest to acquire or sell a piece of real estate.
First step
The journey begins with a free initial consultation. Picture it as a friendly rendezvous where you and I sit down to discuss your aspirations, concerns, and the intricacies of your potential real estate venture.
This consultation is your opportunity to lay bare your objectives and gain insights into the legal landscape of your intended transaction.
Here’s what you can expect during your consultation:
Objective assessment:
Your real estate lawyer will delve into the specifics of your real estate goals. Are you looking to purchase a property or sell one? What are your expectations, concerns, and timelines? This phase is all about setting the stage for a tailored legal strategy.
Legal framework discussion:
Your real estate lawyer will break down the legalities involved in your prospective transaction. Your real estate lawyer will discuss the essential legal processes, potential challenges, and how to navigate them together.
Fee structure insights:
Drawing inspiration from local economic dynamics, your real estate lawyer will provide you with a transparent breakdown of the fee structure. Unlike the looming 10 percent fee proposed, we believe in a balanced and adaptable approach that aligns with the needs of the client and the complexity of the transaction.
Next steps
Once you’ve had our enlightening consultation, and you’re ready to proceed, your real estate lawyer will embark on the following steps:
Title investigation:
To ensure peace of mind, your real estate lawyer will initiate a thorough investigation into the land title. This step, constituting about 30 percent of the total fee, aims to uncover potential issues, disputes, or inconsistencies that might affect your investment.
Documentation and conveyancing:
Your legal team will meticulously handle all documentation aspects of your transaction – from contracts to deeds. This 40 percent portion of the fee ensures that your transaction is accurately and legally documented.
Perfection of land title:
Going the extra mile, your real estate lawyer will perfect your land title at the land registry office, ensuring its legality and readiness for your use or resale. Please note that third-party costs at the land registry office are to be borne by you.
Conclusion
Embarking on a real estate venture in Nigeria requires a strategic legal partner who understands the unique challenges of the market.
After your free initial consultation, you’ll be armed with insights, a clear fee structure, and a roadmap for the legal journey ahead.
Together, your real estate lawyer and yourself will navigate the complexities, ensuring a smooth and successful real estate transaction.
Good luck!
Secure your land transactions in Nigeria
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