Property_Hub

  ESTATE PLANNING FOR REAL ESTATE ASSETS: TRUSTS, PROBATE, AND INHERITANCE Estate planning is the planning and distributing of property after someone dies or becomes incapacitated, estate planning for real estate assets is important to ensure that property is passed on smoothly to heirs and loved ones with minimum possibility of legal complications and potential disputes. Real estate is mostly a large part of an estate, so it's important to have an understanding of trusts, probate, and inheritance. Below, some of the essential legal systems of Estate Planning are discussed.   1.  Trusts in Estate Planning Trust is a legal arrangement where an individual holds and manages assets on behalf of another.  The relationship between both parties is called trustee and beneficiary. Trusts are often used in estate planning to manage the distribution of assets like real estate and the various types of trust for real estate are revocable living trusts, irrevocable trusts, and qua...

  THE LEGALITIES OF LAND OWNERSHIP AND REAL ESTATE TRANSACTIONS IN NIGERIA Understanding land ownership laws, property rights, and real estate transactions in Nigeria can be quite stressful and difficult, given the diversity and differences in the Nigerian legal systems, historical factors, and modern developments. Below are some guides to understanding the key elements of real estate transactions in Nigeria. 1. Some Types of Land Ownership in Nigeria In Nigeria, land ownership is divided into systems: Customary Law : Land ownership is governed by traditional beliefs and family inheritance. Customary law applies in rural areas, where the local communities or villages own land, families and individuals acquire such ownership rights either through inheritance from ancestors, gift, or allocation by family head or community leaders. Statutory Law : Land ownership is governed by Nigerian statutory law applied in urban areas and follows a formal process. The law governing the allocation ...

UNDERSTANDING PROPERTY TAXES: ASSESSMENT, APPEALS AND EXEMPTIONS Property taxes are a form of tax levied on real estate by local governments, state government or federal government. They are a source of generating revenue for the government.  Types of Property Taxes in Nigeria Capital Gains Tax: Tax to be paid from the profit from selling a property. Stamp Duty: Tax expected to be paid for transferring property ownership. Development Levy: Tax for local infrastructure development and it is paid annually in most locality    Factors that are Considered for Property Tax Location : Taxes vary based on the property's location. Property Type : Residential, commercial, or industrial properties have different rates. Property Age : Some older properties may have lower tax rates. Property Improvements : Renovations or additions can increase taxes.   Assessment Property assessment is the process of determining the value of a property for tax purposes. This is usually done by go...