Yes, foreign individuals and entities can own land in Nigeria. The Nigerian Land Use Act does not prohibit foreign ownership of land, allowing foreigners to acquire land through proper legal channels.

To obtain a C of O:

Application: Submit an application to the state’s Land Bureau or relevant authority.

Survey Plan: Provide a detailed survey plan of the land.

Fees: Pay the required processing fees.

Inspection: The land will be inspected by officials.

Approval: Upon approval, the C of O is issued, granting legal recognition of ownership.

When purchasing land, be aware of the following taxes:

Stamp Duty: A tax on legal documents, including property transactions.

Capital Gains Tax: Applicable if the seller makes a profit from the sale.

Withholding Tax: May apply depending on the transaction structure.

Consult with a tax professional to understand the specific tax obligations related to your purchase.

Financing options include:

Personal Savings: Using personal funds to purchase the land outright.

Bank Loans: Securing a loan from a financial institution.

Mortgage Facilities: Some banks offer mortgage plans for land acquisition.

Ensure you meet the lender’s requirements and understand the terms before proceeding.

A real estate agent assists by:

Identifying Suitable Properties: Matching your requirements with available land.

Negotiating Terms: Facilitating discussions between buyer and seller.

Coordinating Documentation: Ensuring all legal documents are properly prepared and executed.

Engaging a reputable agent can streamline the buying process and provide valuable insights.

Avoid:

Skipping Due Diligence: Always verify the land’s legitimacy and ownership.

Ignoring Legal Advice: Consult with a real estate lawyer to navigate legal complexities.

Overlooking Hidden Costs: Be aware of additional fees and taxes associated with the purchase.

Being thorough and cautious can prevent future disputes and financial losses.

Land zoning laws designate specific areas for residential, commercial, industrial, or agricultural use. Understanding the zoning of a land parcel ensures it aligns with your intended purpose and complies with local regulations.

An environmental assessment identifies potential environmental hazards or restrictions associated with the land, such as flood risks or soil contamination. This evaluation helps in making informed decisions and planning appropriate land use.

To resolve land disputes:

Mediation: Engage in mediation with the conflicting parties to reach an amicable solution.

Legal Action: If mediation fails, seek legal redress through the courts.

Consult Authorities: Involve local land authorities to verify ownership and settle disputes.

It’s advisable to consult with a legal professional experienced in land matters to navigate disputes effectively.

PWAN Group offers:

Verified Properties: Ensuring legitimacy and proper documentation.

Flexible Payment Plans: Accommodating various financial capacities.

Professional Support: Guidance throughout the purchasing process.

When purchasing land, ensure the seller provides the following key documents:

Survey Plan: Details the land’s exact location and boundaries.

Deed of Assignment: Transfers ownership from the seller to the buyer.

Certificate of Occupancy (C of O): Confirms the legal right to occupy and use the land.

Purchase Receipt: Proof of payment for the land.

These documents are crucial for verifying the land’s legitimacy and ensuring a smooth transaction.

To confirm a land’s authenticity:

Conduct a Land Registry Search: Visit the state’s Land Registry to verify the title and check for any encumbrances.

Perform a Physical Inspection: Ensure the land matches the survey plan and is free from disputes or illegal occupants.

Consult a Real Estate Lawyer: Seek professional assistance to review documents and provide legal advice.

These steps help prevent fraud and ensure a secure investment. 

When purchasing land in Lagos:

Verify Land Ownership and Title Documents: Ensure the seller has a valid title, such as a Certificate of Occupancy or Deed of Assignment.

Conduct a Land Survey and Geotechnical Studies: Assess the land’s suitability for your intended purpose.

Check for Government Acquisition: Ensure the land is not under government acquisition or designated for public use.

These considerations are vital due to Lagos’s complex real estate market. 

To purchase land in Abuja:

Application Form: Obtain and complete the land application form from the Abuja Geographic Information Systems (AGIS).

Application Fee: Pay the required fee (e.g., ₦100,000 for commercial land, ₦50,000 for residential land).

Submission: Submit the completed form with necessary documents, such as Tax Clearance Certificate and identification, to AGIS.

Following these steps ensures compliance with Abuja’s land acquisition procedures. 

To find affordable land:

Research Emerging Areas: Consider developing regions where land prices are lower.

Engage with Reputable Real Estate Companies: Firms like PWAN Group offer various properties across Nigeria.

Attend Property Auctions and Expos: These events can provide access to discounted properties.

Diligent research and professional guidance can help you find cost-effective options.

Risks include:

Fraudulent Sellers: Individuals selling land they don’t own.

Disputed Ownership: Land with ongoing legal disputes.

Government Acquisition: Purchasing land designated for public use.

Mitigate these risks by conducting thorough due diligence and consulting legal professionals.

Beyond the purchase price, consider additional expenses such as:

Legal Fees: For document preparation and verification.

Survey Fees: To obtain an accurate survey plan.

Registration Fees: For registering the land with relevant authorities.

Clarify all potential costs upfront to avoid surprises.

The Land Use Act vests all land in a state under the governor’s control, who holds it in trust for the people. This means individuals obtain rights to use land through Certificates of Occupancy, typically valid for 99 years.

A C of O is a legal document issued by the government that confirms an individual’s right to occupy and use a parcel of land. It is essential for securing land tenure and is often required for obtaining loans or selling the property.

PWAN Group offers comprehensive real estate services, including:

Diverse Property Listings: Access to lands and houses across Nigeria.

Professional Guidance: Assistance throughout the buying process.

Flexible Payment Plans: Options to suit various budgets.

For inquiries, contact PWAN at +2349160009929 or info@pwan.com.ng.

By addressing these FAQs, prospective land buyers in Nigeria can make informed decisions and navigate the purchasing process more effectively.