Knowing the right time to involve a lawyer when buying a property in Nigeria will save you from land scams.
Contracts of sale, title deeds, and deeds of assignment are technical documents that often arise in the course of a property purchase.
It’s true that sometimes, property buyers may already be familiar with these real estate technicalities, but what if you happen to be a first-time buyer?
You definitely need a lawyer to navigate these complex documents and ensure your interests are protected. Even if you are a multiple-time buyer, you still need legal counsel.
In the present dispensation where scams and shady dealings are rampant, almost everyone agrees that having a trained eye to review your documents and oversee the transaction is invaluable.
The overarching question, however, is at what point should you hire these lawyers when buying a property? Is it as soon as you find a desirable property you would love to buy, midway into talks with the seller, or at another stage entirely?
For the benefit of clarity, we will explain why having a lawyer is important and then discuss the ideal timing for involving one.
Why Do I Need a Lawyer in the First Place?
So, why do I need to have a lawyer in the first place? Can I not make do with the seller’s lawyer if they have one?
The short answer is no. You should not depend on the seller’s lawyer. In fact, it’s technically not right for a seller and buyer to share the same lawyer. (Although you can both hire lawyers from the same firm.)
You need someone who will be with you to protect your interests in the transaction. And this is what a real estate lawyer does for you. Oftentimes, such lawyers are experts at real estate law and can help to ensure that you get a fair bargain in the deal.
It may be tempting to assume that the property purchase process is straightforward. However, it is important to remember that real estate transactions are riddled with several technicalities.
In that case, a lawyer lends his/her expertise in the areas of:
Contract Review and Negotiation
Lawyers ensure the terms of the contract of sale are fair and favorable to you. Most of the time, they can spot unfavorable clauses immediately and work to negotiate better terms for you.
Title Search and Verification
Lawyers conduct thorough title searches to confirm that the seller has a clear title to the property, free of liens or encumbrances.
Deed Preparation and Review
The lawyer prepares and reviews the deed of assignment, ensuring it is legally sound and properly executed.
Navigating Legal Requirements
Real estate transactions often involve compliance with local, state, and federal regulations. A lawyer ensures that you meet all legal requirements.
Dispute Resolution
In case of disputes, having a lawyer means you have a professional advocate on your side to resolve issues efficiently.
Given these points, it is evident that a lawyer’s role is indispensable in safeguarding your investment. That said, let’s go into the part where we discuss when you need a lawyer.
Also Read: Basic Guide To Buying Land In Lagos And Nigeria
At What Point Should I Involve a Lawyer When Buying a Property?
To get straight into the question, the answer is: as early as possible. However, here’s a breakdown of the stages where involving a lawyer is beneficial:
1. Before the Property Hunt Begins
Even before you start looking at properties, having a lawyer can be beneficial. They can help you understand the legal implications of different types of properties (e.g., leasehold vs. freehold) and what to look out for.
2. Property Search and Evaluation
While you are searching for a property, a lawyer can conduct preliminary due diligence: They can help in verifying the legitimacy of the property listings and the sellers. They can also help ensure the property complies with local zoning laws and any other restrictions.
3. At the Point of Making an Offer
Once you have found a property you like, involving a lawyer at this stage is important. They can guide you on how to structure your offer, including any conditions or contingencies that should be included. This ensures that you are legally protected if things do not go as planned.
4. Contract Stage
As soon as an agreement is reached, a lawyer is indispensable in reviewing the sales contract. It’s also at this stage that they conduct a thorough title search. They do this to confirm that the seller has the legal right to sell the property and that there are no legal issues with the property.
5. During the Contract Negotiation
After your offer is accepted, the next step usually involves signing a contract of sale. This is a critical stage where your lawyer will review the contract, negotiate terms, and ensure that all necessary conditions are included.
6. Finalizing the Sale
At the closing stage, your lawyer will prepare and review all closing documents, ensure that the deed is properly executed, and confirm that all financial transactions are accurately completed. They will also handle the recording of the deed and any other necessary filings.
7. Post-Purchase Issues
Even after the purchase is complete, a lawyer can be valuable in addressing any issues that arise, such as disputes with neighbors over property boundaries or challenges related to property defects discovered after the purchase.
Also Read: The Risk Of Investing In Real Estate In Nigeria And How To Minimize It
Common Misconceptions About Involving a Lawyer in Property Transactions
1. “I only need a lawyer for complicated transactions”
Wrong. Even seemingly straightforward transactions can have hidden complexities. Issues like easements, zoning laws, or unrecorded liens can turn a simple transaction into a legal nightmare.
2. “The real estate agent will handle everything”
Real estate agents are valuable, yes. But their expertise lies in marketing and negotiating the sale, not in legal matters. Only a licensed lawyer can provide the legal advice you need.
3. “Hiring a lawyer is expensive”
While hiring a lawyer might seem like an added expense, it’s an investment that can save you from costly mistakes. Besides, legal fees for a property transaction typically depend on complexity and location. This is a small price to pay compared to the potential losses from a poorly handled transaction.
Also Read: 5 Important Features to Make Your Contract Legal and Valid
Involve a Property Lawyer Like Us at the Right Time
When buying a property, involving a lawyer as early as possible is not just a wise decision—it is a necessary one.
From before you even start looking at properties to the final closing and beyond, a lawyer’s expertise ensures that your interests are protected and that you avoid potential legal pitfalls.
As you manage property transactions, having a lawyer by your side is invaluable. The peace of mind and legal protection they provide are worth the investment, making your property purchase experience positive and secure.
So, before you begin your next property purchase journey, make sure you have a trusted real estate lawyer on your team. It is a decision you will not regret.
Would you like to purchase, register or sell a property in any part of Nigeria and you need our legal support? Are you searching for the services of a genuine legal team that can assist you in documentation and contract drafting? Would you like to hire a legal team to conduct due diligence and property verification for you? Or you need a clarity before investing in real estate? If your answer is yes, click here to book a session now and we will attend to you immediately.