Sourcing for a suitable property be it commercial, residential, industrial, or agricultural can be a tiresome and stressful experience especially where a reliable estate agent to offer professional guidance is not involved.
After identifying a property from a friend, relative, estate agent, or several multi-listing online sites, the next step is contacting the 'agent' to arrange for viewing. This is where the rain might start beating you, challenges from being asked to pay for 'viewing fees', failure to keep time, agents who are not direct with property owners, being shown a different property, and clueless agents among other issues.
At Taji Estates we advise prospective buyers to consider the following steps:
- Contact a registered estate agent and schedule a formal meeting to discuss all the attributes you are looking for in a property e.g. budget, location, type of property, amenities nearby, regulations, etc.
All registered estate agents' details can be confirmed vide the Gazette Notice issued by the government or the Estate Agents Registration Board's website. - Schedule for viewing to identify a suitable property that suits your preference. Visit as many properties till you identify the right one.
- Engage a registered property valuer like the ones from Taji Estates to conduct due diligence on the authenticity of the title, subject property disputes both historical and present, user/zoning regulations, search details, and market value of the property among other items.
- Invite the vendor for price negotiation and task a registered and licensed lawyer to draft the sale agreement with keen attention to clauses on payment terms and timelines. Spousal consent should also be obtained if the vendor is married or the property is matrimonial.
- The government valuer will assess the value for stamp duty which is normally 2% for rural properties and 4% for properties within an urban area. Once the stamp duty is paid, the buyer through their lawyer should present the receipt to the lands office to legitimize the transfer from the vendor's name to the buyer's.