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On a Payment Plan, you pay closing costs to the seller, the bank, the lawyers and the state. Costs are higher when you buy from a developer than from an individual seller. The total changes with the house price. See the table for the cost at each price.
Typical structure: 30% deposit, no interest over 1 year. Closing costs are paid upfront on top of your deposit.
Closing costs on a Payment Plan transaction fall into three groups: what you pay the seller (developer or individual), what you pay the bank, and what you pay the brokerage, lawyers and state. The table below shows the estimated total at each price point. Open a price for the full fee-by-fee closing breakdown.
₦10.10M - ₦24.15M
10.1% - 24.2% of the house price · 3 fees
₦10.10M - ₦24.15M
10.1% - 24.2% of the house price · 10 fees
20% – 30%
of the house price, paid upfront
0% · 1 yr
Interest-free instalments
Fees last checked: .
Estimated closing cost ranges for a Payment Plan transaction from ₦50M to ₦500M. Ranges show where a fee varies by bank, lawyer, state or estate.
| House Price | From a developer | From an individual seller | Actions |
|---|---|---|---|
| ₦50M Home₦50,000,000 | ₦5,100,000 - ₦12,150,00010.2% - 24.3% of house price | ₦5,100,000 - ₦12,150,00010.2% - 24.3% of house price | Full breakdown |
| ₦75M Home₦75,000,000 | ₦7,600,000 - ₦18,150,00010.1% - 24.2% of house price | ₦7,600,000 - ₦18,150,00010.1% - 24.2% of house price | Full breakdown |
| ₦100M Home₦100,000,000 | ₦10,100,000 - ₦24,150,00010.1% - 24.2% of house price | ₦10,100,000 - ₦24,150,00010.1% - 24.2% of house price | Full breakdown |
| ₦150M Home₦150,000,000 | ₦15,100,000 - ₦36,150,00010.1% - 24.1% of house price | ₦15,100,000 - ₦36,150,00010.1% - 24.1% of house price | Full breakdown |
| ₦200M Home₦200,000,000 | ₦20,100,000 - ₦48,150,00010.1% - 24.1% of house price | ₦20,100,000 - ₦48,150,00010.1% - 24.1% of house price | Full breakdown |
| ₦300M Home₦300,000,000 | ₦30,100,000 - ₦72,150,00010.0% - 24.1% of house price | ₦30,100,000 - ₦72,150,00010.0% - 24.1% of house price | Full breakdown |
| ₦400M Home₦400,000,000 | ₦40,100,000 - ₦96,150,00010.0% - 24.0% of house price | ₦40,100,000 - ₦96,150,00010.0% - 24.0% of house price | Full breakdown |
| ₦500M Home₦500,000,000 | ₦50,100,000 - ₦120,150,00010.0% - 24.0% of house price | ₦50,100,000 - ₦120,150,00010.0% - 24.0% of house price | Full breakdown |
Every closing cost you can expect, and how each one is calculated.
3 closing costs in the transaction.
Legal Fee
RequiredLegal fee is paid to the legal department
5% - 12% of house price
Brokerage Fee
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Fixed
Legal Fee
RequiredLegal fee is paid to the legal department
5% - 12% of house price
10 closing costs in the transaction.
Deed of Assignment & Handover Papers
RequiredPreparation of your deed of assignment and release of the seller's original title documents.
Fixed · Varies by lawyer
Survey Plan Re-certification
RequiredA fresh survey plan in your name, checked against the state survey records.
Fixed · Varies by surveyor
Outstanding Estate & Utility Dues
OptionalUnpaid service charge, land-use charge or utility balances the seller passes on at handover.
Fixed · Varies by estate
Processing / Origination Fee
RequiredOne-time setup of your instalment schedule and direct-debit mandate.
0.5% of House price
Account Maintenance
RequiredEscrow account that holds each instalment until the developer is paid in full.
Fixed
Property Insurance (Year 1)
RequiredFire and special-perils cover on the house for the duration of the plan.
0.3% of House price
Brokerage Fee
RequiredGiddaa's fee for sourcing the home, negotiating the price and managing the closing.
1% of House price
Legal Search & Verification
RequiredTitle search at the land registry and due diligence on the seller's title, survey and chain of ownership.
Fixed · Varies by lawyer
Valuation & Inspection
OptionalIndependent valuation report and a pre-handover snag inspection of the house.
Fixed · Varies by valuer
Title Perfection
RequiredGovernor's consent, stamp duty and registration of the title in your name at the state lands registry.
1.5% – 3% of House price · Varies by state
Listings on Giddaa that support a Payment Plan transaction.
Compare the same price points under every way to buy on Giddaa.
₦10,100,000 - ₦24,150,000
closing costs on a ₦100M developer home
₦10,100,000 - ₦24,150,000
closing costs on a ₦100M developer home
₦17,630,000 - ₦19,010,000
closing costs on a ₦100M developer home
₦9,750,000 - ₦10,150,000
closing costs on a ₦100M developer home
₦4,450,000 - ₦4,850,000
closing costs on a ₦100M developer home
Common questions about closing costs for this kind of transaction.
Enter your house price and seller type in the interactive Cost Estimator to get a personalised closing cost breakdown for a Payment Plan.
