AVOID BUYING GOVERNMENT ACQUIRED LAND: DO DUE DILIGENCE

AVOID BUYING GOVERNMENT ACQUIRED LAND: DO DUE DILIGENCE

Buying land in Nigeria can be a rewarding investment, but it comes with risks one of which is unknowingly buying land that has been acquired by the Government. In many cases, buyers who fail to engage a Property and Real Estate Lawyer to conduct due diligence find themselves entangled in legal battles, losing their investment and facing losses.

The Government has the authority to acquire land for public purposes such as infrastructure development, education, health and other public services. When land is designated for government projects, it is marked as acquired land, making it unavailable for private purchase or development.

Government acquisitions are most times not publicly disclosed, adding to the confusion. A buyer unaware of an acquisition might purchase land that appears legitimate but is legally unavailable for private ownership.

Due diligence is a thorough investigation carried out to verify the legal status and ownership of a property. Property and Real Estate Lawyers are trained to conduct due diligence which typically involves:

1. Ownership Verification: Property Lawyers examine documents like Certificates of Occupancy (C of O), Governor’s Consent, Deed of Conveyance, Deed of Assignment, etc to verify the ownership status of the land. They check for inconsistencies or issues indicating government acquisition.

2. Land Registry Search: Property Lawyers visit the State’s land registry to search for records related to the property. This step reveals if the land is under government acquisition, has pending disputes or any existing hindrances.

3. Survey Plan and Site Inspection: A proper survey plan ensures the land is accurately represented in official records. A physical site inspection may also reveal information about the land’s current use, restrictions or its status as government-acquired.

Failing to consult a Property Lawyer to conduct due diligence, you risk:

~ Confiscation: If the government identifies a structure on government-acquired land, it can confiscate the property without compensation. Buyers who unknowingly purchase such land will lose their investment with no compensation.

~ Financial Losses: A buyer is more vulnerable to purchasing disputed/fraudulently acquired land. Loses will follow.

~ Legal Disputes: Land ownership disputes can be lengthy and costly. Attempting to defend ownership of government-acquired land is a waste of time and resources.

Numerous cases have shown how unsuspecting buyers suffered losses due to buying government-acquired land. In cities including Port Harcourt, government acquisition has been a common issue, especially in areas marked for future development. Many individuals lost properties worth millions after realizing their land was marked for acquisition long before they purchased it.

In several instances, buyers skipped legal assistance to save on costs, but the result was costly litigation or losing the land altogether.

Apex Chambers, Property/Real Estate and Business/Commercial Lawyers and Attorneys, Port Harcourt, Nigeria.