WHY YOU NEED A LAWYER IN REAL ESTATE? [PART1]

                              

So many go into real estate relying solely on there own knowledge of the business without proper advice of a lawyer,which could be dangerous as they tend to come out of it losing money or even going bankrupt. In this part of the world this logic isn't fully  or completely understood or applied duo to lack of communication between the people and its government. Our people could use more knowledge in terms of understanding there rights as citizens of this nation,which is why i took the time to do some research and with the help of my very good friend {Barrister Abdullahi Dahiru} we've answers some of the common questions asked and sometimes not asked as well as the dos and don't you need to know before purchasing any form of property. Now i didn't answer every question possible so feel free ask me anything you might like to know on the comment section below and i will reply YOU as fast as i can. Below are common question asked.

Q. What are the rules behind buying a house & land?

The rules in buying property revolves around buyer, seller, agents and legal practitioner (lawyer). Agents could be the buyer's agent and the seller's agent as the case may be. And some times same agent can be for both the buyer and seller. There is usually a prescribed fee, usually 5% agency fee and 5% legal fee. But in Abuja legal fee is never ever 5%, and the agency fee of 5% is also negotiable. It is advisable to have a one page agreement to receive agency fee from either the buyer or seller or both as the case may be and, if possible deduct from source of payment.

Q. What are the laws in selling of houses & lands? 

A} You must conduct legal search at lands department AGIS

B} The person selling must be the lawful owner or duly authorized to sell by the lawful owner, a document must         be produced to that effect.

C} The seller must make available his original and then clear photocopy of his or her valid means of identity,             International Passport, Driver's License, National ID by NIMC.

D} Copies of Deed of Assignment, Power of Attorney, Sales Agreement and Letters of Authority to Register               Deed of Assignment and Power of Attorney and then letter of Authority to collect Certificate of Occupancy if         not yet collected.

Q. What are the laws in renting & letting of a property?

A} There must be a willing tenant

B} You must give the tenant a data (know your tenant) form to fill attaching his valid ID.

C} There should be a tenancy agreement spelling out in clear terms the covenants between the landlord and the       tenant.

D} The agreement should contain the word "CERTAIN" after the number of years agreed. This makes it definite, 

     and the law as regards 6 months notice will not be applicable after expiration of the tenancy.

E} In the issue of rent, agency and legal fee of 5% each is fixed and always payable by tenants.

Q. What are the common mistake home owners make when buying a home?

A} They do not involve experienced lawyers

B} They are always in a rush to pay for the property may be to avoid them using the money for other things.             This rush often leads to mistakes arising from not conducting a proper search and, not taking time to know           the real owner or duly authorized person to sell.

C} They sometimes pay money to persons who are just in possession of the original title documents not                   minding the fact that title documents without the proper chain is mere paper.

Q. How important is the need of lawyers when dealing in real estate?

 The need of lawyers is very important. It is only a lawyer, especially an experienced lawyer on properties that       guide a buyer or seller through transactions that will not be counter productive. 

Q. Where are the most profitable place to own a property in Abuja?     

The most profitable place to own properties in Abuja depends on what type of property investment you want to    do and as well the amount of capital you have. (types include estate, commercial, private, parks and garden        etc) It is however advisable to buy properties from persons who want sell on distress bases because you will        get them below market value and still sell below market value and make your profit. There are areas where          properties have not reached their peek, you can buy and then resell after it goes up. Properties that are                commercial in nature are also very good. This aspect of THIS question can not be exhausted via this                    message, it involves a lot of calculations and speculating.

Q. Are there prison sentences regarding lands & real estate?

 Yes,once a property transaction is tainted with fraud then you go to jail if found guilty.

When next you plan on purchasing a few properties before SURE to look out for this little details because they go a long way to ensure your doing the right thing and not throwing your money away,i hope you found this post useful.stay blessed. 

yours truly

property gurl