PAY STAMP DUTY FOR THAT LAND YOU ARE BUYING

PAY STAMP DUTY FOR THAT LAND YOU ARE BUYING

When buying land in Nigeria, Stamp Duty is a mandatory tax imposed on legal documents to make them legally recognized.

It is a one-time fee paid to the government, calculated as 3% percent of the property’s value or the transaction amount. The stamped document serves as proof that the transaction is legitimate and enforceable in court.

Without Stamp Duty, your land agreement or deed of Conveyance/Assignment is not legally recognized. This means you cannot use it as evidence in court if a dispute arises.

Also, a stamp dutied land document facilitates smooth transactions especially when dealing with corporate bodies, banks, government agencies or buyers.

CONSEQUENCES OF OF NOT PAYING STAMP DUTY ON LAND

× Invalid Documents: An unstamped land document is not acceptable in court, leaving you vulnerable in case of dispute.

× Penalties and Fines: Late payments attracts serious penalties.

× Difficulty Selling or Using Property: Banks and potential buyers often require stamped documents for loans or resale.

Handling the stamp duty process can be complex, especially with varying rates and documentation requirements across States.

Get a Property Lawyer to ensure you don’t end up getting forged stamp duty; for accurate calculation of amount; proper documentation and legal compliance.

Buy smart.
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APEX CHAMBERS, award-winning Law Firm of Property and Business Lawyers, Attorneys, Barristers & Solicitors in Port Harcourt, Nigeria

Phone: +234(0)7030868694
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com