Selling real estate means transferring ownership of a property—land, house, or commercial building—to a buyer in exchange for an agreed price. Sellers must ensure legal ownership and clear documentation before the sale.
Commonly required documents include:
- Certificate of Occupancy (C of O) or Governor’s Consent
- Deed of Assignment or Conveyance
- Survey Plan of the property
- Tax Clearance Certificate
- Proof of Identity (e.g., passport, national ID)
Having these documents ready speeds up the sale and builds buyer confidence.
- Research current market rates in your area.
- Consider property size, location, and condition.
- Consult a licensed real estate agent or valuer for professional valuation.
- Avoid overpricing; it can delay the sale.
- Through an agent: Offers market exposure, legal guidance, and access to buyers, but involves a commission (usually 2–5%).
- Privately: Saves commission fees, but you handle marketing, negotiations, and paperwork yourself.
Yes, sellers may be liable for:
- Capital Gains Tax (CGT): 10% of net gains on the sale
- Withholding Tax (WHT): Usually deducted at source for certain transactions
- Stamp Duty: On the property documents
It’s important to consult a tax professional to avoid legal issues.
- Be open to negotiation, but know your minimum acceptable price.
- Request proof of funds from serious buyers.
- Consider having a real estate lawyer draft or review agreements.
A lawyer ensures:
- Proper title verification
- Drafting and reviewing sale agreements
- Handling transfer of ownership legally
- Protecting you from fraudulent buyers
- Depends on location, demand, and price.
- Prime locations (like Lagos, Abuja) may sell within weeks to a few months.
- Less urban areas may take 6–12 months or more.
A real estate agent is more than just a sales person. A real estate agent may act on your behalf, providing you with advice and guidance when buying or selling a home. Due to the constant changing of the market, the information available on listings is not always 100% accurate. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with a real estate agent.
You don’t need to use a commissioned real estate agent to sell your home, but you may want to consider the benefits of having a real estate agent versus not using a real estate agent.
In addition, many people would rather use an Agent due to the complexities of modern Real Estate transactions since they usually incorporate legal and financial attributes, which takes them well beyond more simple transactions, such as the sale of an automobile.
There are several advantages when using a real estate agent to sell your home, such as: your listing will be added to the Multiple Listing Service (MLS) so that large numbers of buyers will have access to the seller’s property. In addition, your real estate agent absorbs all of the cost of advertising and marketing, and the screening that will be done of potential buyers by Agents. The Agent will also handle the details of negotiation.
Deciding whether to use an Agent or not depends on if you feel fully confident that you can handle all of the details, then you may well want to attempt selling your house on your own. If not, you most likely will want to use a real estate agent and leave the details to them.
- Always verify buyer credentials.
- Never hand over property documents before payment.
- Use escrow services or trusted banks for transaction safety.
- Engage a licensed real estate agent or lawyer.