How To Own A Property In Ibadan If You Live Abroad

Can one own a property in Ibadan if they live abroad? The short answer is yes. We’ve helped many investors abroad like you purchase affordable properties, Ibadan would not be out of place.

Investing in real estate in Ibadan, Nigeria, while living abroad may seem like a challenging endeavour. However, with right planning and due diligence, it can be a rewarding opportunity for you.

In this blog post from GLE Properties, we’ll go deeper into each step.

In the end, you will be ready to own a property like Abraham’s Court, Ido in Ibadan even if you live overseas.

Steps To Owning A Property In Ibadan If You Live Abroad

Find A Property With High Value Proposal

You will need to do quite a handful of research in finding the best property to invest your money in if you want good returns on your investment. And you can do this through various means.

To save you the stress of stressful research, you can look at our best selling property in Ibadan. Abraham’s Court, Ido; this property when we first launched “Phase 1”, we sold out in less the 3 weeks.

Understand and Verify Property Documents

Having an understanding of land documents is essential. Documents like Deeds, Certificates of Occupancy (C of O) indicate the authenticity and security of the property. Being cautious with status requires an evaluation of your plans for title perfection.

Knowing about these documents before making decisions and steer clear of land disputes. And you can avoid unnecessary issues and court back and forth in the future. Never buy any property if you live abroad without first verifying this.

Consider using legal assistance to help with the Nigerian property purchase process. As well as verifying the authenticity of documents provided to you before payments.

Request Virtual or Physical Inspection of the Property

We advise investors to inspect the property before making payment, can be physical or remote.

This helps to uncover any potential defects and negotiate the price.

In law, it emphasizes the buyer’s responsibility to exercise due diligence.

If you are unable to visit physically, leverage technology for a virtual inspection of the property before making any payments

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 a few friends or family to independently inspect the location so as to get the best reviews from them.

Request For Necessary Documents

Before making purchase for any property in Ibadan, you need to sight necessary documents;

  • Deed of Assignments

  • Certificate of Occupancy

  • Approved Survey Plan

  • Approved Building Plan

are some of the document to 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.

Document Processing

After you have confirmed the person or company selling to you has 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

What are the Possible risks of Investing in Real Estate If You Live Abroad

1. Unclear title deeds. In Nigeria, obtaining a valid and clear title deed on a property is a challenging process due to the complexity of the land registry system and lack of transparency.

This can lead to a situation where the buyer may not be able to prove valid ownership of the property or may be subject to disputes with other parties who claim ownership of the property.

2. Property crimes. Nigeria is known for having a high rate of property-related crimes such as burglary, squatting, and land grabbing. This can leave the buyer in a vulnerable position if they are unaware of the risks associated with buying a property in Nigeria.

3. Poor infrastructure. Many parts of Nigeria lack basic infrastructure such as roads, electricity, and water. This can make it difficult for the buyer to access their property or to use it for its intended purpose.

4. Political instability. Nigeria is known for having a volatile political environment, which can lead to sudden changes in government policies that can have a direct impact on the property market. This can have a negative impact on the value of the property and make it difficult for the buyer to resell the property in the future.

Conclusion

Owning a property in Ibadan if you live abroad is very possible, if you follow these guidelines diligently.

With the assistance of a reputable property lawyer and careful adherence to legal procedures, you can break the complexities of the real estate market in Ibadan and secure a valuable asset in the heart of Nigeria.

Would you like to come for land inspection so as to buy land or house in Epe, Ajah, Lekki, Ibeju-Lekki, Lagos, Ibadan or anywhere in Nigeria? Reach out to us on +234 806 400 3456 or send an email to support@godslandempire.com. We are ever ready to assist you on your property ownership journey in Nigeria