Why do I need a lawyer before buying a property?, what is the job of a real estate lawyer and what are the legal fees for buying a house in Nigeria?. These are questions first time home buyers or seasoned investor often ask. In this article, I will be answering all this questions and more. But before then, let’s look at what a legal fee is in real estate?
Legal fee is the money a legal practitioner get when he offers legal services to a client. These fees are prescribed in the scale of charges for legal practitioners.
Though some real estate investors and first time home owners frown at the cost of hiring a legal practitioner and also question if there services are really needed; Because they believe they can find a property owner who wants to sell his/her property themselves. So what is the need of hiring one?
You see, Acquiring a property is not like every other form of business transaction where you pay for an item, then you are issued a receipt therefore making you the owner of the item. In real estate, things work differently. Paying for a property doesn’t automatically make you the legal occupant/owner of the property till you pay for some documents and to do this, the service of a legal practitioner/real estate professional is needed.
So you see, you cannot do without them as a real estate investor that is why some real estate investors see Real estate attorneys a necessary evil in the property purchase process. You cannot do without employing them.
In all honesty, if you want to buy a property and have a trouble-free transaction you definitely need a real estate attorneys. Here is why…
Real estate attorneys specialize in legal matters related to property, from sale transactions to disputes between parties. So in any legal transaction in real estate in Nigeria, you need the service of a legal practitioner. And …
Here are services they provide buying/selling process of a property.
When you are buying a home/land, the first step is usually to sign an Agreement of Purchase and Sale. This Agreement outlines each person’s rights and obligations and sets out what must happen before final closing.
To prevent you from agreeing to something that is not in your interests, it is a good practice to have the Agreement reviewed by your lawyer before signing the Agreement to avoid conflict at the end of the deal.
Once the agreement is finalized, your lawyer’s job is to make sure that you obtain what you are entitled to in the agreement. This means making sure that you obtain good title to the property. That is, that title is free of liens, debts, mortgages, title defects and…
In the case of a real estate dispute, such as chain of title(sequence of historical transfers of title to a property), lot line problems, or other issues involving contracts, the attorney will resolve the problem.
The benefits of a real estate lawyer when purchasing a property cannot be overemphasized. But they come at a cost and this cost is often not cheap, but they are negotiable.
Some lawyers may bill their client on an agreed percentage by both parties for property’s transaction.
Real estate attorneys in Lagos Nigeria often charge . . .
5 percent of the property sale price (for sale transaction) and
10 percent of 2 years rent for rental property transaction
Though Lawyers are professional legal practitioners who are hired to work for their clients. I would advice that If your lawyer gives you an advise, weigh the advise, discuss it with your real estate agent before making your final decision, because not all lawyers are Not all lawyers are into Real Estate..
If you want to own a property with peace of mind in Lagos state, contact us @Bethel realtors & management limited 09024554979. You can also visit us at Suite 201 & 202 Akord shopping mall Bogije, Ibeju Lekki, Lagos state.