How to be Successful in Property Negotiation

You Negotiate Everyday – Anytime You Want Something From Someone And Anytime Someone Wants Something From You. In A Successful Negotiation, Everyone Wins. So how do property buyers tip the scales in their favour? The simple answer is by understanding how to negotiate. Yes, even in today’s property markets, buyers who know how to apply these five critical negotiating pressure points can get the upper hand.

These approaches are at work in every negotiation; either you are applying them to the other party or they are using them on you. Hence it’s important you know them and practise them.

Now let’s look at them…

1. Options

Since the power in negotiations goes to the person with the most options, when you’re buying a property it is important to convince the seller that you have more options than they do. Look at it this way… If a seller has two buyers lined up waiting to offer him N5, 000,000 for his property, he has options. You probably have little chance of getting him to accept your offer of N4, 800,000. However it’s important to realise that in negotiation you often deal with perception rather than reality.

Agents will sometimes tell you they have other buyers interested or they have better offers than yours, but they’re simply applying tProperty Negotiationhis pressure tactic on you. To gain power in negotiation you must convince the vendor through his agent that you have more options than they do. Currently this isn’t too difficult because in most markets there’s an abundance of properties on sale. Let the agent know that there are also other properties you are interested in. You could say something like: “We like this property but there are two others we have in mind in a better location and at a lower price”. Remember the person with the most options has the upper hand in the negotiation.

2. Time pressures

If you find a seller who is highly motivated because they are under time pressures you could find yourself a terrific buy. While it may be hard to work out what type of pressure the vendor is under, the selling agent will sometimes tell you that they have already purchased another property and must settle at a particular time or the owner is selling because he/ she needs money to sort out so and so. Other time motivated sellers include people moving out of town, lost job, pay medical bills, school fees etc.

To help find out how motivated the vendor is you could ask the selling agent why is the vendor selling, where are they moving to and would they consider a lower offer for a quick settlement? Eighty Percent of Concessions Will Be Made In the Last Twenty Percent of the Time Available (80/20 Rule)

Other sensible questions to ask are:

How long has the property been on sale?
Have they received any offers on the property?
How did the vendor come to his selling price?

Time Pressure Is One Of The Strongest Forces In Getting Concessions In Negotiation. In Negotiation Time Is Money.

3. Knowledge

In negotiation the side with the most knowledge will do better. Fact is, if you’ve done the proper research you should know more about the property market in which you are buying than the seller. However apart from researching the local property market it’s also good to find out what you can about the vendor. The problem is that most of what you know comes from the agent.....read more>>>https://www.propertymatters.com.ng/property-negotiation/

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DO YOU KNOW THAT

1. Buying a Land that is deemed to be “free” but it has no Certificate of Occupancy or Governors Consent or Gazette / Excision is a gamble?

2. Buying a Land with “Gazette in Process” and “Excision in View” or “File Numbers” is an unsecured investment? This is a commonly used scam / trick by real estate development companies in Lagos, Nigeria.

3. There are cases where fraudulent Sellers present cloned Certificate of Occupancy or Registered Titles, alongside fake or forged means of identification?

4. In a situation where a Property is owned by a Corporate Body incorporated or registered under the Companies and Allied Matters Act, Search at the Companies Registry is paramount?

5. Without a grant of probate and /or letters of administration, no Vendor or Seller [whether family members or otherwise] possesses the requisite authority to sell the estate or property of a deceased person? Hence Search at the Probate Registry is vital.

6. The consent of the principal members and head of the family or community to the sales transaction needs to be obtained so as not to make the sales transaction void or voidable?

7. If the Title of a Land is defective, whoever buys a House built on such a Land is merely a tenant at the mercy of the true Owner with a valid legal Title to the Land? The Legal Maxim: “quicquid plantatur solo, solo cedit” in very instructive. It simply means that whatever is affixed or planted to a land belongs to the land.

8. It is the duty of the Lawyer of the Buyer or Purchaser to prepare the Documents which includes: Contract of Sale; and Deed of Assignment; or Deed of Sub-Lease; or Deed of Conveyance; or Deed of Transfer; or Power of Attorney; as the case may be? The rationale for which the duty of preparation of the Documents is on the Lawyer of the Buyer or Purchaser flows from the right of the Buyer or Purchase to the non - reversionary interest of the property.

9. If there is litigation on a property, the Court may order that status quo be maintained and the person in possession would remain in possession? After making payments and executing Title Documents, a Buyer can take possession by: erecting a small fence, farming on the property, putting tenants on the property, putting a security person on the property, putting construction materials on the property, etc.

10. The Land Use Act prohibits alienation of Land without the consent of the Governor?

11. Failure to pay stamp duty renders a title document unacceptable for registration and inadmissible in evidence in a court of law?

12. Registration does not cure defects neither does it confer validity on the Instrument which it would not have otherwise had but for its registration?


You need to know how to go about the process of buying and owning a Property in Nigeria. There are several Laws which govern and regulate the process. Hence, usually, it is time and capital intensive. On Property transactions, the legal maxim is apt: “Caveat Emptor” - Buyers Beware. It is not for a Seller to beware. A Buyer needs to exercise full caution and due diligence when buying a property.


READ MORE https://www.nairaland.com/4136950/guide-how-buy-property-land

A very nice advice, lawyer.........

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ken1982:
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ken1982:
hello...i need to know how to buy land property from government

Good evening, you may pls contact me. 08068088866, thank you. Am Barr Ayo.

Nice 1.. Every point listed by Op is a fact, believe it or not.
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