The Most Important Question First Time Land Investors Should Be Asking.must Read - Properties - Nairaland
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| The Most Important Question First Time Land Investors Should Be Asking.must Read by tonyflez(m): 3:56pm On Sep 20, 2017 |
*THE MOST IMPORTANT QUESTION FIRST TIME LAND INVESTORS SHOULD BE ASKING* Many people, especially those who are about to make their first land transaction get confused when it comes to asking the right questions. In some cases, intending investors ask questions like “where is the place?”, “Is it far?” and lots of other questions. I’ve even had an encounter with someone who asked for the longitude and latitude of the land. While these questions are not out of place and arise as a result of people trying to be careful so that they don’t make a financial commitment they would later regret, wouldn’t it be better if they knew the right questions to ask? That brings us to the first question anyone intending to buy land should ask which is *“what is the status of the land?”* See, before you buy land in Nigeria, it is very important that you know the status of the land! Knowing the status of the land you are about to buy can save you a lot of money and unnecessary hassles. Imagine buying a piece of land and erecting a building on it, just for the government to come some years after, and tell you to move out, with claims that your building is illegal because it is sitting on government property. All these can be prevented if you know the status of the land you are investing in before sealing the transaction. This brings us to *Land Classification* Land can be classified as either free or acquired. A parcel of land is considered free if the government has not indicated any interest whatsoever in that land. Such land is safe to buy because the title on the land can be perfected without issues. In most cases, such lands will either have a gazette, a C of O or a governor’s consent. Now that you understand what it means for land to be free, you should also know that all lands that fall within areas that are designated as urban areas are under government acquisition until deemed committed or free. There are two types of acquisition; *1. committed acquisition* and *2.general acquisition* *Committed acquisition* A parcel of land is said to be under committed acquisition when the government has indicated an intention to use that land for a specific purpose such as provision of amenities. Such lands belong to the government and can never be available for use by individuals. If you purchase land that is under committed acquisition, it will be impossible for you to perfect your land title and you’ll only be occupying the land until the government comes to kick you out. *General acquisition* Lands that are under “general acquisition or “global acquisition can later be confirmed ‘free’ or ‘committed’. A land under general acquisition can become free by a process called *excision*. “Excision is a process whereby the government releases a portion of an expanse of land that is not committed" If a parcel of land that was formerly under acquisition becomes excised, it is then considered free and becomes gazetted. The gazette then becomes the title on the land and such land is safe to buy because a proper title can be processed on the land. A second case where lands under general acquisition can be released is if an individual purchased a land that was under acquisition without going through an excision process. Such lands can go through another process called “ratification” or “regularization” in which the land owner pays for the land to be ratified or regularized. The only conditions in this case are that the land in question must not fall within a committed area and that the purpose for which the land was bought does not disrupt the original plan of the state. Conditions for ratification may differ from state to state. I hope by now you understand the most important question to ask when buying land in Nigeria and the kind of lands you should avoid. If you got value from this article, please share it with others, you might just be saving someone from possible demolition in future. ****. Thank you. 25 Likes 11 Shares |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by tonyflez(m): 5:08am On Oct 18, 2017 |
You need to read and share |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by adeniyi3971(m): 7:34am On Oct 20, 2017 |
OP.... How can you post and the same time be FTC  Happy birthday to me Sha.. |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by COFOLAND(m): 7:35am On Oct 20, 2017 |
This is a simple explanation and I hope all our investors understand and comprehend, we deal with c of o land in Lagos state, all fenced in an estates at Ajah, Sangotedo Abijo GRA, golf course road in Lakowe and ibeju lekki. Check my profile or signature for contact |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by asawanathegreat(m): 7:35am On Oct 20, 2017 |
Lovely Message |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by affable4(m): 7:37am On Oct 20, 2017 |
Way too many problems trying to get a land in congested cities like Lagos. Our mates in other states, that are earning relatively less, have all finished their personal houses. Nice one though @op 3 Likes |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by PissedOffWeed(m): 7:38am On Oct 20, 2017 |
Nice info! My dream is to be at the peak of Estate Agency business realm one day! |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by ustavo(m): 7:38am On Oct 20, 2017 |
Nice write-up and information 1 Like |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by Damdeyz(m): 8:08am On Oct 20, 2017 |
Really Informative, Op Thanks And Keep Up The Good Work. |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by Nobody: 8:27am On Oct 20, 2017 |
Following |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by Propertydealng: 8:29am On Oct 20, 2017 |
Smil |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by INTEGRITYA1(m): 8:31am On Oct 20, 2017 |
PissedOffWeed:Are you currently consulting for any real estate companies? If not and since you intend to do, Let roll. |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by PissedOffWeed(m): 8:47am On Oct 20, 2017 |
INTEGRITYA1: I am not consulting for a Firm... I intend to thread the path of my Dad but in a broader scope. |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by donqx: 8:56am On Oct 20, 2017 |
hmmm |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by naijabetboy: 8:58am On Oct 20, 2017 |
Hello, Please I have a question I was introduced to buy a land that is free of acquisition. I enquired about the title on the land but was told that there's not title except for receipt from the land owners. Omo onile. And I would need to process the C of O after I'm given the deed of assignment. But I can verify from the ministry of lamd s to confirm which family own it and if I'm dealing with the right family Please advise on this |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by donqx: 9:03am On Oct 20, 2017 |
ok |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by tonyflez(m): 9:08am On Oct 20, 2017 |
My bro...it is not about the family that owns the property, the truth is you can't find any relevant information at alausa as regards to the family...Alausa deals with titles already issued on the family name...not a branch family.. You cannot process a c of o now...that is the truth. Speak to a professional for help. |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by Geomartinsurvey(m): 9:09am On Oct 20, 2017 |
Hello, Please I have a question I was introduced to buy a land that is free of acquisition. I enquired about the title on the land but was told that there's not title except for receipt from the land owners. Omo onile. And I would need to process the C of O after I'm given the deed of assignment. But I can verify from the ministry of lamd s to confirm which family own it and if I'm dealing with the right family Please advise on this Kindly contact GEOMARTINS & ASSOCIATE (We are team of Registered Surveyors and Planners) For genuine land registration, land search,land documentations,layout designs and EIA report writing. 07031848986 |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by naijabetboy: 9:25am On Oct 20, 2017 |
tonyflez: Thank you for you response So, what is the least title any land must have to be conformed okay. Also, the land is in Ogun state |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by Nobody: 10:15am On Oct 20, 2017 |
We consult for reputable real estate company in Nigeria |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by ruggedlaw(m): 10:31am On Oct 20, 2017 |
Nice write up, another question is , HOW DO YOU KNOW OR VERIFY THE STATUS OF THE LAND YOU WANT TO PURCHASE? Answer is simple: take a QUALIFIED OR CERTIFIED surveyor to the site, let him pick the co-ordinates and chat it at the land registry for status confirmation. DO NOT EVER rely on the information in the survey plan given to you BY THE OWNER of the land. My experience in Lagos after practicing as a property Lawyer in Lagos for over a decade exposed me to the risks buyers face by relying solely on the survey plan provided by the owner. I discovered that some families and owners collude with surveyors to doctor the co-ordinates. The final results is that what is on the survey plan will be different from what is on the actual location. I have also encountered a situation whereby the owner of the land had acquired a C of O that even checked out in the land registry, and yet the land was under acquisition, I saved 3 clients from losing their money by getting a Surveyor to pick the co-ordinates of the land from the SITE. Bottom line: ALWAYS TAKE A QUALIFIED surveyor to the site, regardless of whether a survey has been done previously by whoever. FOR FURTHER HELP, contact me. 1 Like |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by Newboss(m): 11:36am On Oct 20, 2017 |
Lapeywilliams:What is the title on the land? |
| Re: The Most Important Question First Time Land Investors Should Be Asking.must Read by INTEGRITYA1(m): 11:37am On Oct 20, 2017 |
PissedOffWeed:As that, let team up in consulting for some notable and reputable firms in the field, doing that will broaden your knowledge through which you will earn and learn more in the process of achieving your ultimate goals. Check my signature for my contact, call & whatsapp. |
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