Can one own a property in Abuja if they live abroad? The answer is yes. We’ve helped many real estate investors in the diaspora like you purchase affordable properties in Abuja
Investing in real estate in Abuja, Nigeria, while living abroad may seem like a challenging endeavour. However, with the right guidance and precautions, it can be a rewarding venture.
In this comprehensive blog post, we’ll go deeper into each step.
In the end, you will be ready to own a property in Abuja even if you live overseas.
Identifying a Suitable Property
So let’s get to the nitty-gritty. The initial step involves identifying a property for purchase. Our Kyami Pavilion Estate is the best selling property at the moment.
You can be in touch with the market through various means.
This can be achieved through advertisements, recommendations, or engagement with property managers.
Online platforms and real estate forums can serve as valuable resources for identifying potential properties. You can get across to us for a quick recommendation, +2348132794689.
Engaging a Property Lawyer
To ensure a legitimate transfer of property title, it is imperative to engage the services of a qualified property lawyer.
These legal experts play a crucial role in conducting due diligence, ensuring a smooth transaction, and protecting the buyer’s interests.
As someone who resides outside the country, the services of a lawyer are even more crucial. We have trained lawyers we can recommend to you if you don’t have one already.
It is not only beneficial but legally necessary in preparing land transfer documents.
Also Read: 7 Factors to Consider When Buying Commercial Land for Sale in Nigeria
Physical Inspection of the Property
We often advise buyers to physically inspect the property before making payment.
This helps to uncover any potential defects and negotiate the price.
Doing this aligns with the principle of caveat emptor.
In law, it emphasizes the buyer’s responsibility to exercise due diligence.
If you are unable to visit in person, leveraging technology for a detailed video inspection is a viable alternative.
You can then take a close look at the property and its surroundings.
Another means is to engage a trusted partner to thoroughly check the property. You can send 2 or 3 people to independently inspect the location so as to get the best reviews from them.
Otherwise, you will have to make a trip to see for yourself.
Requesting Necessary Documents
Title documents, such as
- Right of Occupancy
- Certificate of Occupancy
- Approved Survey Plan
- Approved Building Plan
- Power of Attorney, and
- Probate or Letters of Administration
must be requested and thoroughly examined by professionals to validate land ownership.
These documents serve as critical evidence of the seller’s valid ownership or right of occupancy over the land.
Conducting Investigations
Your lawyer will conduct investigations at various places, including the Land Registry (in Abuja, the Abuja Geographic Information System), Probate Registry, and Corporate Affairs Commission, to verify ownership and identify any encumbrances.
This extensive due diligence process is essential for uncovering potential red flags and ensuring a secure transaction.
Also Read: What are the Fastest Developing Areas for Real Estate Investment in Abuja?
Drafting Necessary Documents
After confirming the legitimacy of the title and property, you can proceed to draft documents for the transfer of title.
Often, a deed of assignment and a sale of land agreement are prepared and signed.
Payment is usually made at this stage, and it’s crucial to use secure channels.
Perfection of Title
After you have bought the property, you have to register with the Federal Capital Territory Administration (FCTA).
This is to perfect the title per the Land Use Act.
This step ensures that the new owner’s rights are officially recognized and protected.
In the end, you will get documents like:
- Receipt of Payments/Payment acknowledgement
- Allocation letter stating the plot number allocated to you
- Contract Of Sale (Deed) which transfers ownership of the said plot within the estate to you.
You will then sign the documents like the Contract of Sale.
Investing in Nigerian Real Estate from Abroad
Investing in real estate back home offers lucrative opportunities and has good economic prospects.
However, managing real estate investments from abroad has its challenges which require these essential tips and strategies.
While you are trying to invest from overseas, remove sentiments and emotions from the equation.
Instead of handing over the process to unscrupulous family members, engage the services of professionals.
Many people have had their fingers badly burned mixing business with sentiments. If you want to own a property in Abuja but you are based abroad, it is better to hire a professional, independent agent.
Also Read: Read This Before You Purchase a Property in Abuja
Conclusion
Owning a property in Abuja while residing abroad is a feasible and secure investment, if you follow these guidelines diligently.
With the assistance of a reputable property lawyer and careful adherence to legal procedures, you can navigate the complexities of the real estate market in Abuja and secure a valuable asset in the heart of Nigeria.
In conclusion, real estate investment in Abuja is not only an investment in property but also a venture into the rich cultural and economic landscape of Nigeria.
Follow these guidelines and confidently navigate the process.
This way, you will contribute to the growth of your real estate portfolio.
To invest in our Abuja real estate offer, Kyami Pavilion Estate, please, call +2348132794689 or send a WhatsApp message to +2348132794689.
