Selling Your Home in Nigeria

Selling property in Nigeria involves navigating legal, financial, and market steps. Whether your property is in Lagos, Abuja, or Port Harcourt, this quick guide outlines the end-to-end process:

Step 1: Organize and Verify Title Documents

Before advertising, ensure all legal ownership papers are completely intact. Serious buyers and their legal representatives will conduct due diligence at the state Land Registry.

• Key Papers Needed: Certificate of Occupancy (C of O), Governor’s Consent, Deed of Assignment, Registered Survey Plan, and Building Plan Approval.

• Clear Outstanding Fees: Clear local land charges, estate service charges, or ground rents (e.g., AGIS in Abuja or Land Use Charge in Lagos). Arrears can delay or cancel deals.

Step 2: Establish an Accurate Market Value

Overpricing often leaves properties stagnant for months, while underpricing leaves money on the table.

• Hire a certified Estate Surveyor and Valuer (registered under NIESV) to conduct a formal appraisal.

• Compare recent completed sales (not just online asking prices) of similar properties in your street or immediate neighborhood.

Step 3: Hire Professionals

• Real Estate Agent: Engaging a reputable, local agent speeds up finding qualified buyers. Standard agency commission in Nigeria typically ranges from 5% to 10% of the final sale price.

• Property Lawyer/Solicitor: Retain a real estate lawyer to draft contracts, handle conveyancing, and verify buyer funds. Legal fees are generally 5% of the transaction price.

Step 4: Prep and Market the Property

• First Impressions Matter: Perform minor repairs (leaks, cracks) and apply a fresh coat of neutral paint. A well-maintained property sells significantly faster.

• Multi-Channel Listing: Market online via property platforms (like Nigeria Property Centre, Private Property, or Jiji) alongside high-quality photos/videos, and leverage your agent’s network.

Step 5: Screen Buyers & Negotiate

• Qualify Buyers: Ask for proof of funds or pre-approval from a mortgage bank before committing to deep negotiations.

• Agree on Payment Structure: Decide whether it will be a lump-sum payment or structured installments documented in a Contract of Sale prepared by your lawyer.

Step 6: Execute Documents and Handover

1. Contract of Sale: Signed upon payment of a deposit (typically 10%–20%).

2. Deed of Assignment: Drafted by the buyer’s lawyer and reviewed by yours; this officially transfers ownership rights.

3. Full Payment & Receipt: Transfer the original documents only after your bank confirms the receipt of the total balance.

4. Governor’s Consent: The buyer typically leads and finances the application for official Governor’s Consent to perfect their title with the government.

Key Advice: Never hand over original title papers or grant keys/possession until the transaction funds have cleared in full into your account.