5 People Who Are Involved in Property Sale/Purchase in Nigeria

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Sales/Purchase of properties has been in existence in Nigeria since pre-colonial era. In order to make a successful transaction in buying and selling of landed properties, there exist four main parties, which are; the property owner(s), prospective buyer(s), agent(s) and the Government. Historically, before the current age of enlightenment, those who we regard as agents are always the “witness” from each party (buyer and seller). For the fact that the transaction is not bound by the rule of law, it is always being regarded as “gentleman agreement”. However, this form of transaction has gradually gone into extinction as people become more conscious of wealth.

The various parties involved before land ownership can be changed made its acquisition a little more complicated than regular buying of items. Clearly structured steps are required and the services of some specific professional are equally needed in making the transaction a seamless and legitimate one.

In order to purchase/sell of landed properties, you are required to hire some professionals which are; Real Estate agents, Real Estate Attorney, Closing Agent/ Settlement Agent, Inspectors, and Appraisers.

We will shed more light on the significance of the aforementioned professionals sequentially;

Real Estate Agents: A real estate agent act as an intermediary in negotiations between buyers and sellers, generally representing one or the other. A professional real estate agent rents, buy or sell property for clients. He also performs duties, such as study property listings, interview prospective clients, accompanies clients to property site, discusses conditions of sale, and draw up real estate contracts.

Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.

Real Estate Attorney: A Real estate attorney, or lawyer, is a legal professional who specializes in the legal aspects of buying and selling real estate properties. He assists in many transactions associated with the transfer of property. Acquiring the services of a professional Real Estate Attorney is beneficial for a variety of reasons. He helps in the simplification of legal jargons of purchasing and selling documents and makes the process much less stressful. Any Attorney that specializes in real estate can also help to ensure that the client, whether buying or selling a property, is legally covered during the entire

transaction.

Closing Agent / Settlement Agent: Closing Agent or Settlement Agent is vested with the responsibility of completing a real estate transaction, such as a home sale or mortgage refinance. He is an independent and impartial agent who is required to make sure that all necessary transaction details are complete. To become a title closing agent, one must be acquainted with the real estate industry in the practicing state as there is no uniformity in settlement style. In general, one must acquire work experience in real estate transactions, complete certain education requirements and, in some states, obtain a license to act as a title closing agent.

Inspectors: Real Estate Inspectors play a crucial role in examining the environmental condition of the proposed landed property. Buyers are selective when it comes to choices and tastes. In order to acquire a worthwhile property, it is advisable for you to seek the service of a property inspector as they are well vast in the assessment of the environmental, social, physical and natural condition of properties. Their outcome can now be used to make the final decision.

Appraiser: Real Estate Appraiser job is similar to that of a real estate agent, however, there are just little differences between the two. Basically, the work of an Appraiser is to evaluate the property to be bought, sold, mortgaged, insured, taxed or developed. Appraisers don’t work for sellers or buyers alone, they may work for insurance companies, mortgage companies, government agencies, tax establishments and other establishments. They give advice to their client about the value of the proposed property and how they can be managed.

Conclusively, you may wish to purchase or sell a landed property. As explained above, you will require the services of all the aforementioned agents mentioned so as to ensure proper documentation and acquisition of the relevant documents. Instead of having to deal with these people individually it is best to hire the services of a professional real estate agency like Rural Homes who has all these set of people in its team. Rural Homes Limited is an incorporated property development firm specialized in private, public and commercial projects. They particularly focus on property improvements and development of private residences, housing estates, commercial structures, and infrastructures. Our office is located at Second Floor, Left Wing, Ojimadu Nwaeze House, P.O.W Mafemi Crescent, Utako, Abuja, Nigeria.

 

1 Comment

  1. SAMUEL EZEMA says:

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