January 22, 2024
When working with an estate agent in Nigeria, it is critical to obtain as much information as possible in order to make informed decisions regarding purchasing or renting property.
Here are some important questions to ask your estate agent in Nigeria:
Property Details:
- What is the exact location of the property?
- What type of property is it (flat, duplex, land, etc.)?
- What is the size of the property?
Documentation:
- Can you provide details about the property’s title and ownership documents?
- Are there any outstanding legal issues or disputes related to the property?
Price and Payment:
- What is the asking price for the property?
- Are there any additional costs or fees associated with the purchase (e.g., legal fees, agency fees, taxes)?
- What are the payment terms and options?
Negotiation
- Is the price negotiable?
- Have there been any recent price reductions?
Property Condition:
- What is the condition of the property?
- Are there any repairs or renovations needed?
- What is the age of the property?
Infrastructure and Amenities:
- What amenities and infrastructure are available in the surrounding area (schools, hospitals, markets, transportation)?
- Are there any planned developments in the area that may affect property value?
Security:
- How is the security in the neighbourhood?
- Are there any security measures in place for the property itself?
Utilities:
- What utilities are available (water supply, electricity, internet)?
- Are there any ongoing issues with utilities in the area?
Community and Neighborhood:
- Can you provide information about the community and neighborhood?
- Are there any community rules or restrictions?
Market Trends:
- What are the current market trends in the area?
- Have property values been appreciating or depreciating?
Transportation:
- How accessible is the property by public transportation?
- Are there any upcoming transportation projects that may affect the area?
Future Plans:
- Are there any upcoming developments or projects in the vicinity that might impact property value?
- What is the potential for future growth in the area?
Rental Potential (if applicable):
- If you are buying for investment purposes, what is the potential rental income?
- What is the demand for rental properties in the area?
Agency Policies:
- What are the terms and conditions of your agency agreement?
- What is the commission structure, and when is it payable?
Remember to conduct due diligence and, if necessary, seek legal advice to ensure that your property transaction is secure and compliant with local regulations.
