HIDDEN CHARGES/STATUTORY FEES WHEN BUYING LAND IN NIGERIA

Statutory fees are one of the fundamental payments required of a client who shows interest in purchasing any real estate property in Nigeria. They are customary and mandatory. This is a way of registering an interest in a property.

These statutory documents are always required when a property has been transferred from the buyer to the seller.

Therefore, whenever a property has been transferred from any individual, family, or company to another, it must be backed up with legal documentation which must be processed by the direct owner or seller of the land.

Note: A receipt is a proof that the buyer has paid for the property but does not mean that the seller has transferred his right on the property to the buyer.

THE 3 MAJOR STATUTORY FEES YOU NEED TO KNOW BEFORE BUYING A LAND

DOCUMENTATION FEE

DEVELOPMENT FEE

SURVEY FEE

1. DOCUMENTATION FEE:

The documentation fee shows the legal agreement between the Seller of a Land or Property and the Buyer of that Land or property.

It is proof to show that the owner has transferred all his intent, interest, and ownership rights to the buyer of the land.

One of the most commonly used land title documents is the Deed of Sales/Assignment which is a legal document that shows the seller of land has transferred ownership of that land to the new buyer.

A deed of assignment is a legal document that transfers the legal power of the original owner to the new buyer (assignee).

The deed of assignment contains the date when the property was transferred from one owner to the buyer and also gives a detailed description of the property that is included in the transfer of ownership.

It is very compulsory and mandatory for a Deed of Assignment document to be recorded at the appropriate land registry to show legal evidence as to the exchange of ownership in any land/landed property transaction to make the general public and government aware of such exchange or transaction. It must be handled and issued to the buyer by the seller. The seller should not create it by him or herself. I was in a hurry will not save the situation in a law court.

2. DEVELOPMENT FEE:

The development levy is the amount charged or levied by the estate developer or company to its estate or land subscribers for the provision of infrastructural facilities or basic amenities in the estate.

You will also notice that there is always a difference in the amount charged. This amount varies from developer companies due to the location and quality of infrastructures and amenities the developer wants to provide for the estate.

3. SURVEY FEE:

The survey fee is usually required to be paid by the land buyer to show that there is an accurate measurement in the portion or parcel of land allotted to the land buyer in an estate.

There are most times wrong information provided by land sellers in Nigeria. This is usually caused by the selling of lands that cuts beyond your boundary or land size or the selling of incomplete land sizes.

Imagine if you buy land with little or no setbacks or let’s say you buy 2 plots of land and half of it belongs to the person who owns a plot of land beside yours.

Now your 1200sqm has turned to probably 800sqm.

That is why you need a proper survey plan. A Survey plan is a document that delineates the form, extent, position, and record of a parcel of land by taking angular measurements to give an accurate measurement and general description of that land.

This is usually handled by Surveyors and they are regulated by the office of the Surveyor-General of that state. A Survey Plan helps you to detect if the land you are buying is under acquisition or not.

It is important to request the Survey Plan from the original owner and present it to your Surveyor to conduct a land search to know if the land is free from Government acquisition or has zoning restrictions

(i.e. the survey plan help detect the land use classification on the land e.g. Agricultural, Residential, Industrial or Commercial Purpose.)

Post Script

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