Victor Oyefeso stresses importance of due diligence for property buyers

Buying land may seem straightforward—just pay the seller, and the land is yours. However, securing true ownership in the eyes of the law is critical, and many buyers fail to consider the necessary steps beyond payment, according to Rotarian Victor Oyefeso.

Oyefeso, a real estate expert, emphasises the importance of due diligence before and after purchasing land. “It’s not enough to just pay for the land; you must ensure that you truly own it, and that ownership is legally recognized,” he says. He advises property investors to take specific actions to avoid potential pitfalls, including land demolition by the government or court orders.

Before making any payment, Oyefeso recommends conducting a land information chart to verify the land’s history and legal status. This process helps buyers determine if the land is under government acquisition or if there are other legal encumbrances.

Another critical step is obtaining a land receipt, which serves as proof of payment. The receipt confirms that the seller has acknowledged receipt of payment and that the transaction has been completed. Additionally, a Deed of Assignment is essential, as it outlines the terms of the transaction, whether it’s a lease, purchase, or other arrangement. Oyefeso advises that the deed be prepared by a lawyer to ensure all terms are clear and legally binding.

A registered survey is another important document that establishes the boundaries and perimeters of the land. Oyefeso stresses the importance of ensuring the survey is correctly registered and included in the Deed of Assignment. In states that have moved to digital systems, it is also essential to verify that the survey is updated and properly reflected in the state database.

Before starting any construction, Oyefeso advises buyers to perfect their land documentation. This includes obtaining a Certificate of Occupancy (CofO) to protect against future legal challenges.

Once the land is purchased, it’s crucial to take physical possession. Many buyers neglect this important step, but Oyefeso highlights it as one of the most effective ways to secure an investment. Physical possession can be achieved by fencing the land, installing a gate, or renting it out for minimal use, such as farming. If fencing is not immediately possible, buyers should consider having a nearby contact monitor the land.

To further deter trespassers and land grabbers, Oyefeso suggests placing signage on the land, such as “THIS LAND IS NOT FOR SALE. TRESPASSERS BEWARE.” He emphasizes that leaving land unfenced or unoccupied increases the risk of encroachment.

Oyefeso’s mission is to ensure that more Nigerians can access secure and affordable land in Lagos and Ogun by 2026. His team is committed to redefining real estate as a means of economic empowerment, community development, and environmental responsibility.

Through his efforts, Oyefeso continues to make significant strides in helping property investors and landowners safeguard their investments and avoid costly mistakes.