I have gone through most of the request of intending nairalanders regarding the lease of certain accomodation spaces and property to let and i have found out that most intending tenants or future property owners are not being adequately adviced on what to do next.

RENTING A PROPERTY DOS AND DONTS:

1. Whenever you say "i am looking for a property to rent around lekki, ikeja, v.i etc, you must know that these areas are choice areas that attract high tenancy rates because they are low density areas and have more amenities and it is baffling to hear that someone is saying "his budget is between #150,000 to #200,000 per annum".

What you are going to get for that price is not more than a one bedroom boys quarters with toilet and bathroom together (if any) and the size of the room will not be more than 8 by 12 at most.

Also, whenever an agent tells you that the rent is #200,000 per annum, you must always factor in the prevailing fees that follows it. That is 10% legal fees and 10% agency. It simply means that a flat going for #200,000 simply means its going for #480,000 in all honesty because Nigerian landlords collect 2 years in advance rent (Which although is contrary to the rent tribunal act which stipulates the prescribed rent per area and the prohibition of landlords from taking rent beyond 1 year)

So whenever you tell an agent that your budget is #400,000, make sure you either factor the agency fees and legal fees for 2 years before you state your budget unless, you will only be fooling yourself and you would be taken for a joy ride.

2. Also, do your utmost best to reject caution fees from unsuspecting agents. Caution fees are almost never refunded and the rent act forbids it.

3. Always demand for a fully drafted tenancy agreement drafted by a lawyer which spells out your right and covenants and more especially the option of renewal of the tenancy after the 2 years expires if need be and if the rent is to be increased, you should be given at least 6 months notice unless it is a valid ground for terminating the tenancy. This agreement is your bread and butter of the tenancy and not the rent you paid.

4. Due to economic reasons, always try to scout for areas that offer low rents. If you stay on the mainland and you work on the island, there is no point trying to pretend that your a big man by demanding a property for rent on the island which is tripple your salary and out of pocket expenses. You could always get a place close to the third mainland bridge such as gbagada, oworo, ikeja, ogba and its environs. Its cheaper and more cost effective in the long run especially when you see immediate amenities you need such as bukas, markets, kiosks, bars etc that are cheaper than those in choice areas.

5. Finally, if a quit notice is not given 6 months to the expiration of tenancy, the rent act provides for you to continue to stay in that property and the landlord can not do sh***t as long as your lawyer is aware of it. A 6 months quit notice is only applicable if your tenancy is a yearly tenancy e.g January 1st 2008 and expires December 31st 2008.

A 6 month quit notice legal calendar is different from a regular calendar calculation. E.g if the tenancy is from January 1st 2008 and expires December 31st 2008, the quit notice must be issued to you latest June 30th 2008. If the quit notice is being issued on July 4th 2008, the quit notice begins to run from August 1st 2008. The law states that there must be one clear full month before the quit notice is valid. If your landlord attempts to bamboozle you, buzz your nearest lawyer and intimate him. The landlord or Agent at this stage will be totally helpless. Its the law and you shouldnt be ignorant about this anymore.


SALE OF PROPERTIES:

1. Never negotiate with an Omo-onile (Area boy of lands). You have just thrown money into the bush.

2. Always require for properties that are measured in square metres not in plots because you could end up having a quarter plot, half plot or if your luck shines a corner piece (which is very rare)

3. Always get to know about the area you intend to purchase a land. This is very important because that land being advertised so sweetly to you could either be a govt acquired land that needs to be developed in 20 years time and you have no idea about it, or it is under a pipe line or power line, restricted area or generally not approved for sale to private individuals or worst still, the property or land is a subject of litigation. If you fail to heed this advice, and not consult an attorney to do a search on the place before you even negotiate about the prices, be rest assured, that property will be demolished or possession will be unilaterally taken away from you. If you dont believe me, ask the people of Alimosho local government who failed to heed this advice 15 years ago and are now burning their fingers.

4. Always confirm the existence of the proposed c/o or certificate of occupancy that has been advertised to you. To tell you the truth, c/o's are mostly in the possession of the true owner or the authorized agency or lawfirm who has the power of attorney to sell on the owners behalf. Most of the advertised properties dont have a c/o and if they do, they are not in the possession of those advertising it and if they do have one, it is a photocopy of the c/o which is not legally valid because they do not possess the power of attorney to accompany such possession of that c/o.

This is a very delicate issue that a prospective buyer must be wary about because a lot of third or fourth party agents all claim to be agents of properties and sell all sorts of properties with c/o. Without a proper search in the lands registry in alausa by a legal practitioner which costs less than #20,000 including legal fees, your future could be doomed. It costs you nothing to do this very vital investigation before negotiating with a sweet tooth agent promising heaven. All he is interested in is your money and after you pay, you on your own.

5. Always ask for the accompanying survey plan and good root of title. A good root of title is one which traces the history of the property for the last 30 to 40 years so as to know whether the property or land is under a mortgage or there is some form of problem or that the property is squeaky clean free from defect and can be sold. If your agent cannot provide you with the links to this good root of title, please ignore such a property.

6. If you intend to purchase a land that doesnt have a c/o, you should make sure that the seller gives you a proper deed of assignment of that property, a purchase reciept agreement and deed of release which states that the seller will be held liable if the property is defective. This agreement must be stamped by the land registry unless it is invalid.

7. Most properties being sold as family property or properties with family title shouldnt be treated with kids gloves because of the attendant and potential booby traps involved. You must investigate thoroughly before you attempt to purchase one. Most of them come with cheap price tags attached to them but the cheaper the more worrisome especially if a land dispute occurs and the property in question belongs to a third party instead. You might be forced to pay additional millions to the true owner in future.

8. If your a skilled negotiator, you can achieve a 5% reduction in the commission the agent is going to take and 5% in the legal fees from the total amount to be derived from the sale. When ever you hear a property is going for #3 million or #60 million, dont be naive to believe that is the only amount you are going to pay. What you should always ask the agent is the total package for the land or property in question. Dont be fooled by the sweet mouth original offer.

A #3million offer for a land could spiral into this immediately:

10% of #3million =#300,000 (Agency)

10% of #3million =#300,000 (legal)

Search,Perfection of title and governors consent, ground rent and other fees payable to the government
= approximately #500,000 to #1million.

So without even building a block on that land, you could be shelling out almost #4.6 million for a property advertised as #3million for one plot in isheri, talkless of lekki or V.i.


For more on this and how to make sure you get the best deals, search, sale, renting and marketing what so ever in any tenancy or sales of property wherever in lagos except Badagry (because its too damn far, lol), call 08077943514 or 07036681104. Under 72 hours, you will get your specs with valid confirmation. If no valid documents, i immediately advise you to look some where else. My body will not be the temple of insults and swears!!

I don't do shady property deals without valid confirmation and documents no matter how much its worth in millions or billions because that greed today making the agent or lawyer smile today will defiantely come back to haunt him in 3-5 years time when the police, the people defrauded and the government chases them around the 4 corners of hell to vomit that money. Am a straight shooter and extremely good at this. Only extremely serious prospects should call and please when proposing a budget, think of the total package you intend to spend and not just a round figure that might throw you off balance later, Cheers!

Great post

Great explanation Lawyer,
Do you know about getting a C of O, How much does it cost and how long does it take.
A 4 flat is already built on it .

spot-on

Hey Mr. Lawyer Kudos to you, i'm really impressed with your write up be expecting a call from me, you know the name here,

applause ,applause, without a doubt you have educated most of us in this short piece even those of us who felt we knew already, thanx man , you definetly are goin on my list to call.

To all of you that replied and commended me, i am eternally grateful and i hope you all become sucessful landlords too! I'll always do my best to help you out to know your rights and help you not make the same mistakes that have led to thousands of land law suits. Every body needs to sleep easy at night once they know the right thing to do as it relates to owning, leasing or buying a property.

luckyme9:

Great explanation Lawyer,
Do you know about getting a C of O, How much does it cost and how long does it take.
A 4 flat is already built on it .

@Luckyme

Yes i know about getting a C/O and i'll break it down for you in a very simple way: (Although it might be a lil bit lenghty but i think its worth the while)


Essential points of obtaining the C-of-O


Private property/ land:


An applicant must present:

1. The land information and payment receipt
2. Provide 4 survey plans ( 3 in cloth form and the other one in paper form)
3. Current tax clearance certificate
4. levy receipt
5. 5 passport photographs
6. Building approval ( if the property is already developed)
7. Obtain the Form 1 ( C-of-O form)
8. Duly stamped purchase receipt
9. Evidence of payment of tenement rate if the property was already developed
10. Capital contribution fee is paid together with the newspaper publication fee


State Government Allocation:

An applicant must present:

1. the letter of allocation
2. the survey plan from the survey department
3. current tax clearance certificate
4. all payment receipts pertaining to the allocation
5. the vital information form
6. 4 passport photographs

All payments are already included in the allocation fees


C-of-O should be normally delivered within 6 months (At the earliest possible date)



Full Explanation + Required Fees:

1 Conduct search on property files at Lands Registry (1 day to get it done) = N20,000 (Minimum depending on the lawyer and his professional fees included)

2 Obtain Application Land Form 1C (1 day to get it done)= N 1,500 (Form 1C) + N100 (Economic development levy)


3 Execution of Deed of Assignment/Conveyance and Land Form 1C (1 day to get it done) Free


4 Assessment of the Deed of Assignment at the Land Registry (1 day to get it done) Free


5 Obtain Certified True Copy (CTC) of title document (2 days to get it done) N3,750


6 Obtain a copy of the building plan (1 day to get it done) Free


7 Submit application for Governor’s Consent to the Assignment (1 day to get it done) Free

8 Payment of the Charting Fee, Administrative Fees, Endorsement fee, Consent Fee and Registration fee at a designated bank (1 day to get it done) N 7,500 (Charting fee) + N3,000 (administrative fees) + 8% Consent Fee + N1,500 (Endorsement fee) + 3% of property value (registration fee)


9 Submit the receipt of payment of Charting Fee, Administrative fees, Endorsement fee and Consent fee to the Lands Registry (1 day to get it done) Free


10 Submit the Receipts of the Charting fee, Endorsement fee, and Economic Development Levy to the office of the Director for Land Services 1 day (submission) + 60 days (to obtain final Governor’s consent) No additional cost


11 Assessment of the Deed of Assignment at the Stamp Duty Office (1 day to get it done) Free

12 Payment of stamp duty fees at a bank 5-7 days 3% property value


13 Stamping of the deed of assignment (1 day to get it done) Free

14 Registration of Certificate of Occupancy or Deed and Title conferred 2-3 days No extra cost






Procedure 1.

Conduct search on property files at Lands Registry Time to complete: 1 day

Cost to complete: N 2,500 (search at Registry) + Legal fees as follows: N7,500–10,000 + 7.5% of values above N20,000 if acting for the buyer (5% of values above N 20,000 if acting for the seller)

Comment: The application letter to conduct the search is accompanied by a sworn declaration of the status of the party and purpose of search. A lawyer is required to perform the registration of property. Legal fees are charged based on the Scale of Fees for Conveyancing Matters [Legal Practitioners (Remuneration for Legal Documentation and Other Land Matters) Order 1991]. This is a sliding scale , and averages out at about 7.5% of the consideration. The fees include all the steps required until the new title is registered under the buyer’s name.

Procedure2.

Obtain Application Land Form 1C

Time to complete: 1 day

Cost to complete: N1,500 (Form 1C) + N100 (Economic development levy)

Comment: One can obtain the application from the consent section of Lands Services Department. Form 1C is the application form to request later the Governor’s Consent to the transaction ). It can be paid either at a designated branch or to the bank’s Officer at the Lands Department.



Procedure 3.

Execution of Deed of Assignment/Conveyance and Land Form 1C

Time to complete:1 day

Cost to complete: No extra cost

Comment: The assignor and assignee complete and sign Land Form 1C and five (5) copies of the Deed of Assignment.


Procedure 4.

Assessment of the Deed of Assignment at the Land Registry

Time to complete:1 day

Cost to complete: No extra cost

Comment: The deeds presented by the assignee’s lawyer to the Land Registry for assessment of property value to determine stamp duties, Capital Gains tax, registration fees, and consent fees at the Land Registry or Stamp Duties Office (agency of Inland Revenue Services).

Procedure 5.

Obtain Certified True Copy (CTC) of title document

Time to complete:2 days

Cost to complete: N3,750

Comment: The assignor/assignee issues a Letter of Authority to the Director of Land Services of the Lands Registry, authorizing the lawyer to apply for and obtain CTC of title document, required for Governor’s Consent. It takes a minimum of 2 days to obtain certified copies of title documents because the Land Registry recently requested, as an additional requirement, that the lawyer applying for a CTC should be present an affidavit to that effect. This is very very important for the prospective buyer because a CTC (Certified True Copy) of the search report actually gives you an idea of whether the property is free from defect or not and whether you should proceed with the transaction.




Procedure 6.

Obtain a copy of the building plan

Time to complete:1 day

Cost to complete: No extra cost

Comment: Parties obtain a copy of the Building Plan, as approved by the Town Planning Authority, required for Governor’s Consent.

Procedure 7.

Submit application for Governor’s Consent to the Assignment

Time to complete:1 day

Cost to complete: no cost

Comment: procedures and documentation requirements include: • Covering letter with Address and Telephone Nos.

• Completed Form 1C

•Certified True Copy (CTC) of Title Document of Assignor

• Current Tax Clearance Certificates of the Assignor and Assignee

• For Limited Liability Companies, the Internal Revenue Certificate of PAYE for its Staff and Current Tax Clearance Certificate for the Directors

• Four (4) copies of the Deed of which Consent is sought should be attached.

• Copy of the Building Plan, as approved by the Town Planning Authority

• Evidence of payment for Charting fee, Endorsement fee, Form 1C (admin fees), Consent fee, Stamp Duty, Capital Gains Tax and Registration fee • Evidence of payment of Land Use Charge

• Where the Property is covered by a State Leasehold or Certificate of Occupancy, evidence of payment of Ground Rent, up to date.

Procedure 8.

Payment of the Charting Fee, Administrative Fees, Endorsement fee, Consent Fee and Registration fee at a designated bank

Time to complete:1 day

Cost to complete: N7,500 (Charting fee) + N 3,000 (administrative fees) + 8% Consent Fee + N 1,500 (Endorsement fee) + 3% of property value (registration fee)

Comment: A Charting Fee of N 7,500 and administrative fees of N 3,000 are to be paid to any of the designated banks. A receipt is issued, together with the paying-in slip to the designated bank. A bank draft made payable to Lagos state for an amount equal to 8% of the transfer the consideration as deposit for Consent Fee. In Lagos consent fees are assessed at 8% of the value of the property, as deterimined by the State Government. If land directly allocated to the seller by the government is resold within 10 years of its initial allocation, then a penalty consent fee of 15% of the value is charged (supposedly to deter land speculators). This procedure is required for Governor’s Consent.

Procedure 9.

Submit the receipt of payment of Charting Fee, Administrative fees, Endorsement fee and Consent fee to the Lands Registry

Time to complete:1 day

Cost to complete: no cost

Comment: The receipts obtained, together with the paying-in slip to the designated bank, are to be submitted to the cashier at the Lands Registry who issues another receipt.

Procedure 10.

Submit the Receipts of the Charting fee, Endorsement fee, and Economic Development Levy to the office of the Director for Land ServicesTime to complete:1 day (submission) + 60 days (to obtain final Governor’s consent)

Cost to complete: No additional cost

Comment: The receipts obtained previously are to be submitted to the office of the Director for Land Services. The Land Services department then continues with several internal procedures to finalize Governor’s Consent. The practice is for the assignee’s lawyer to follow up on the application to ensure that it receives the required attention. The file is forwarded for charting either to: • The surveyor attached to the Lands Department if the property is “State Land”; or • To the Surveyor-General’s office if the property is on “private” land. The objective of “charting” is to ascertain that the survey plan attached to the title document is the correct one. After Charting the file is sent back to the Director of Land Services who then sends it to a Land Officer to verify that all the documents are in order. Approval and endorsement of documents is done by the Honourable Attorney-General and Commissioner for Justice.

Procedure 11.

Assessment of the Deed of Assignment at the Stamp Duty Office

Time to complete:1 day

Cost to complete: no cost
Comment: The Stamp Duty Office typically uses the figure as indicated by the Lands in their assessment, so basically this is a formality and one picks up the demand notice for payment at the same time.

Procedure 12.

Payment of stamp duty fees at a bank

Time to complete:5-7 days

Cost to complete: 3% property value

Comment: Your lawyer must go to a designated bank to pay the stamp duties. Payment is by bank draft payable to any of the designated receiving banks. It takes some days (between 5-7 days) for the Registry to receive the confirmation of payment. Ad valorem stamp duties for transfers between companies are 3% in Lagos State, subject to adjudication by Commissioner for Stamp Duties. Every state may have a different rate.

Procedure 13.

Stamping of the deed of assignment

Time to complete:1 day

Cost to complete:no cost

Comment: Deeds are presented by assignee’s lawyer for stamping at the Stamp Duties Registry (agency of Inland Revenue Services). Stamping takes place only after Registry receives confirmation of receipt of payment. The documentation shall include: receipts confirming payment of stamp duty.

Procedure 14.

Registration of Certificate of Occupancy or Deed and Title conferred

Time to complete:2-3 days

Cost to complete: No extra cost

Comment: After paying the registration fee, the assignee’s lawyer then follows up for the certificate of occupancy or deed to be filed to the Lands Registry. The receipt and paying-in slips evidencing payment are given to the cashier at the Lands Registry, who in turn issues a receipt. With proof of payment, a lands officer is assigned to enter the Certificate of Occupancy/Deed into the Registry records.


GUIDELINES/REQUIREMENTS FOR OBTAINING GOVERNORS CONSENT

The following documents are required for the purpose of processing Governor’s Consent:

A duly completed application made on Land Form 1C. The form 1C can be obtained at the Directorate of Land Services. The form must be dated and signed by the parties to the transaction and sworn to before a magistrate or notary public


A cover letter by the agent or person filing the application for Governor’s Consent. This covering letter must contain the following contact details; address, telephone numbers, mobile phone numbers and where possible, e-mail address


A certified true copy of the Assignor’s/Donor’s title. Where the title is a Certificate of Occupancy or Conveyance, the Certified True Copy can be obtained from the Land registry


A bank certified cheque made payable to Lagos State Government for an amount equal to 5% (this applies to deed of gifts and special transaction only); or 16% (where Right Occupancy covering a State land is less than 10 years of the capital value of the property/land). Please note that where the application relates to a private Certificate of Occupancy, the fees payable shall be 8% regardless of its date of issue.


Where the application is in respect of a mortgage, the fee payable is 0.20% of the mortgage transaction, (ie =N=20,000.00 in every =N=1,000,000.00) and this shall be a bank certified cheque made payable to the Lagos State Government. It is now mandatory that the Mortgage Deeds are stamped for the monetary value stated on the Form 1C


A bank certified cheque for =N=1,500.00 (Ten Thousand Five Hundred Naira) made payable to Lagos State Government representing Charting fee, Endorsement fee and Form 1C. Also, receipt of payment of =N=100.00 (One Hundred Naira) as development levy for the parties


Current Tax Clearance Certificate of the parties. As regards Mortgages, only the Mortgagor’s Tax Clearance Certificate is required


Where one of the parties is a Limited Liability Company, the Internal Revenue Certificate of Pay As You Earn for its staff and current Tax Clearance Certificate of two Directors are required


If the subject matter of the application is a State Land or covered by a Certificate of Occupancy, evidence of up-to-date payment of Ground Rent and Land Charges must be submitted


In case of an underdeveloped land, an affidavit in lieu of Tenement Rate is necessary


Only 4 (four) copies of the Deed of Assignment/Power of Attorney/Sublease/Deed of Mortgage are required to be submitted instead of six copies

Please note that acceptance of applications for the processing of Governor’s Consent is at the request of the applicant and does not cure any defect in the title. It is the responsibility of the applicant to ensure that title to the land that is the subject matter of the application is confirmed to be in order prior to submitting their application at the Directorate of Land Services. Purchasers or Applicants are strongly advised to make proper inquiries at the Office of the Surveyor General as well as Land Registry prior to purchasing any property or land. unless such an application will not be accepted for processing.


I hope i have been able to give you a brief idea on how to get a C/O. Its looks a lil bit complicated but it isnt. Once the bureacracy is out of the way, your good to go if you start the process in earnest.

One more thing, a C/O has been held in court not to be a total guide or defense when there is a dispute in property or land between 2 or more people. It simply means you own an equitable right to the property, whereas a person who has a C/O coupled with the Governor's Consent has a legal right to that property and has a better right to that person in dispute over the person who has a C/O.

But once you get your C/O, you can sleep peacefully at night but only with one eye sha! Your better than someone who has nothing or just a simple deed of assignment.

Cheers Y'all and thanks for the compliment, Always at your service!

Oga Mr. Lawyer more grease to your elbow / pen. Abeg I need you to help out with offloading a property in Ikorodu. My email is ajameh@gmail.com. Get across make we yarn. Remain bless & keep up the good work.

Good information lawyer

I will add a little to information given by lawyer

1. Evidence of Ground Rent/Land Use Charge. What LASG does is to assess your property and put a tag to it.
2. There must be a photograph of the property
3. As for the 8% of assessment, there are different rates for different areas. E.G if your property is in Ikotun/Ijegun, you will be assessed at 350naira per m2, if your property is in Gbagada Phase 2, you will be assessed at 10,000 per M2 and if your property is in Victoria Island, it is 50,000 Per M2.

In Theory, Governor's consent is to be obtained within 30 days, However, practically, it takes about 6- 22 months to conclude a transaction requiring Governor's consent.

You can call me on 08037178687 or send me an e-mail on mibisnow@yahoo.co.uk.

I dont do Governor's Consent for people.

Hello lawyer,

For once clarity has been brought to a process that has been in my experience deliberately shrouded in bureaucratic hurdles and secrecy, thank you.

Because we have so many inconsistencies in our processes it’s very difficult to know if there are genuine mishaps or delays as opposed to outright intended misinformation and deception. Considering that not all lawyers will be transparent and honest, when dealing with a lawyer in this context, when should alarm bells should start ringing.

Basically a few warning tips.

@lawyer Very Good work.

megastu:

I will add a little to information given by lawyer

1. Evidence of Ground Rent/Land Use Charge. What LASG does is to assess your property and put a tag to it.
2. There must be a photograph of the property
3. As for the 8% of assessment, there are different rates for different areas. E.G if your property is in Ikotun/Ijegun, you will be assessed at 350naira per m2, if your property is in Gbagada Phase 2, you will be assessed at 10,000 per M2 and if your property is in Victoria Island, it is 50,000 Per M2.

In Theory, Governor's consent is to be obtained within 30 days, However, practically, it takes about 6- 22 months to conclude a transaction requiring Governor's consent.



You can call me on 08037178687 or send me an e-mail on mibisnow@yahoo.co.uk.

I don't do Governor's Consent for people.

@megastu

Thanks too for the additional tips. Everybody needs to be educated and thanks for filling in the blanks i forgot. Although i hear there is a new law to abolish the state land use charge. I'll probably get that fact tomorrow hopefully.

As it relates to governors consent, i know why you are running away from it, lol, it is a cumbersome process filled with bureaucracies but it has to be done eventually. Most banks are getting bolder to ask for a property with governors consent before they can give you a mortagage. Too many fake C/O's flying around that puts potential buyers in distress without adequate search at the land registry. Like today, i was intimated about a property in Banana Island and i had to go and look for the direct owner of the property. It came as a rude shock when almost every agent i met had a photocopy of the C/O of the same property that was being advertised and nobody could trace the original owner. After an agressive investigation by me at the lands registry, i found out that the property in question is actually a subject of dispute and is in court and potential buyers were already lining up, paying fees to agents to secure an inspection and probable sale of a disputed property.

I can imagine the poor chap that would eventually fall for the sweet toothed agent that ends up selling the property to him and handing over a fake C/O to him and after 6 months, a court order would chase him out of that property and his millions would have disappeared into thin air.

Moral of this story, it is not everything that is being advertised as a property that is a good property. Always check, cross check and counter check unless your going to throw away a huge check in future to the wind!

komekn:

Hello lawyer,

For once clarity has been brought to a process that has been in my experience deliberately shrouded in bureaucratic hurdles and secrecy, thank you.

Because we have so many inconsistencies in our processes it’s very difficult to know if there are genuine mishaps or delays as opposed to outright intended misinformation and deception. Considering that not all lawyers will be transparent and honest, when dealing with a lawyer in this context, when should alarm bells should start ringing.

Basically a few warning tips.

@komekn

lol at your post and thanks all the same. Yes i wont deny that lawyers have also played a huge role in destroying the confidence reposed on them by potential sellers and buyers due to sharp practices and i would give you tips on how to avoid them when engaging in a property matter with them.

1. A lawyer who tells you about a property for sale without having a proper power of attorney from the direct owner should be avoided like a plague. It is your duty to ask him to show you the power of attorney to sell that property and if he refuses and concotes a cock and bull story, zap asap.

2. A lawyer who says he is affilated to the direct agent (Not direct owner ) of the property and does not have any letter of offer in writing from the direct agent in person or through his company is just trying to play tricks with you because he is after his commission for "finder fee". Ask him if he has the letter of offer signed by the direct agent. If he refuses, know what his game plan is.

3. A lawyer that takes you for inspection to a property and he is just as puzzled as you when you discover either the land is defective in some way or some amenities in such property is not as advertised to you, really isnt the kind of lawyer you should deal with. He ought to know everything about the property he intends to sell.

4. Always ask the lawyer at first before inspection whether the property is free from defect and if he says yes, ask him for the search report. If he tells you to go and confirm it yourself, then know he is probably telling you the truth and you should still go and do the search personally through your own lawyer but if he continues to beat around the bush and tells you that he is giving you an assured gurantee that the property is free from defect, abeg run fast. The lawyer is not the land registry and in the absence of a search report, he cannot unilaterally give a guarantee about a property he doesnt own.

5.When a lawyer introduces you to a family land without the requisite C/O or minimum basic like a survey plan or allocation letter, ask him to trace the title of the property through traditional family evidence. this is very important because family lands like the ones in Epe, Ajah, Badore or Deep Badagry have been partitioned by the family a long time ago. Sometimes the partioning agreement could state that property cannot be sold until the head of the family and other members of the family have given their consent, while others might just give it to the head of the family.

If the lawyer is content with dealing with either a local native of the area claiming to be either the head of the family or a member of the family, the lawyer is not doing his job properly because that local native is just interested in selling the property quickly so as to see ogogoro money and later on put you in trouble with the family and authorities. Being a serious buyer, you should always demand to see the head of the family to clarify things or direct your lawyer to do so. If not your own your own when Fashola's bull dozers come running.

6. the rule of conveyancing states that it is the sellers lawyer who drafts the deed of assignment. He is only entitled to 10% and nothing more. If he ends up charging you above that scale of fees, abeg run fast. The 10% covers his professional fees, the drafting of the conveyance and little inspections here and there minus the search fees at the registery. If he demands for extra fees, abeg tell him to behave himself. 10% only nothing more!

7. The buyers lawyer can also draft the deed of conveyance as long as the seller gives him a go ahead. He is only entitled to the above 10% only. If he doesnt draft it himself, his 10% could be negotiated to below 10% because he is only doing the search and negotiation to drop down the price of the property thats all.

8. As a buyer, always be wary about a lawyer who advises you to buy a property at exactly the same amount of the asking price. E.g if the property is going for N100 million asking and he says it is a good deal without attempting to beat the price lower through a counter offer, know that he is thinking of the 10% of the N100 million only and not your interest.

9. If you tell your lawyer to help you perfect your title of the property through a C/O or Governor's consent, he must always periodically send you a statement of activities including the photocopy of the reciepts paid to the government for what ever he has paid on your behalf. This is important because it is your money and your property and at anytime, this statements and proof of reciepts, bank drafts or documents could actually come in handy tomorrow e.g a fire out break or loss or theft of the C/O. These reciepts could actually help you validate the existence of such a previous C/O.

If he just brings the C/O, challenge him. It is your right to have everything with you and for you to know the price of the reciepts paid. It is better for him to say that " The C/O costs N100 and his professional fees is N500 than for him to collect N800 at a go and just hand you the C/0 after 7 months. Thats pure theft and unethical practices.

Anyway if i remember more, i'll post it. Once again abeg make una shine una eye o! property sweet to advertise but know what your buying into. I no know no de o!

Cheers y'all

dnative:

@Lawyer

Once again very thorough and detailed information.

On the sellers (or buyers) lawyers 10%, isn't this negotiable? Is it an unwritten law that it must always be 10%. I'm not saying that this is too much for a lawyer to charge. My perspective is this. Assuming you are an estate agent with some degree of assurance in business continuity, let's say you are sure of about 5-10 properties per month to sell or let based on your considerate investment in infrastructure, branding and advertistment. You want a lawyer to work with you on a long term basis to sort out conveyance of each of your property portfolio, can't you have a lawyer agree on like 5% on the basis of continuous business rather than sticking to his guns on 10% business as usual?

Pardon my naivety, but if for instance I'm an estate agent putting substantial amount into advertisment soliciting for properties from landlords and at the same time building a steady potential tenants database and also with overheads such as staff salaries, office, etc, I would ideally want to work out an arrangement with a lawyer that mutually understands that the process of conveyancing is somehow fixed (as you've outlined in your posts) up to an extent and would want to lower his fees on the basis of prospects of continuous and steady business from a specific agent. Would this arrangement be workable for a lawyer with an estate agent who is not necessarily based in lagos where the process of property conveyance and all the peculiarities that comes with it would be less complex. Personally would you. Say for instance an agency like Jide Taiwo & Co or Diya Fatimilehin & Co wants to work with you and you know there is a potential of say 10 to 30 properties to handle per month, would you agree to a lower % charged for conveyance fees?

Thanks for your insight once again.

@dnative

Well said. There is always a need to negotiate the terms of agreement with any body and its not a standard fee per se. The 10% just grew over the years according to custom and usuage in Nigeria due to the high inflationary market in Nigeria. The key word in your post is business continuity. If you have an accord with a lawyer to help you out with the large volume of market you have, there is no need paying him 10% for each one. You could negotiate between 5-7% with him and it can be done. Most lawyers that charge above 10% do that because they are afraid of their confidence in their job and low cliente base. There is no reason why i shouldnt bring down my fees if i have an accord with you based on personal friendship and terms.

So your very right with your analysis and a very good observation. One more thing. You are not naive and dont ever say so. If you have questions about anything, continue to ask and ask till you get it right. We all learn everyday and from your questions, i see your going to be a very successful Realtor in future. Keep it up

Cheers!

So if I am buying a land of 400K yr legal fee will be 40,000 naira right or is the legal for the another lawyer?

elderly1:

So if I am buying a land of 400K yr legal fee will be 40,000 naira right or is the legal for the another lawyer?

Yes its N40,000 FOR THE LEGAL FEES if the property is being sold and conveyed by the sellers lawyer. Sometimes the buyers lawyer is also entitled to roughly 5% for procuring the sale by looking out for a good property for the buyer and doing the required legal search of the property.

mr lawyer more ori and adiagbon to your elbow. i deal in properties and i will like to know if you can help me register c of o in ogun state or if you know someone who can do it. pls send reply to my e-mail at kingfemi@yahoo.com

@Lawyer,

What is the difference between a Legal Mortgage and Equitable Mortgage and when is a Mortgage necessary?

Great article here on how to be a successful young lawyer - http://www.naijapress.com.ng/nigerian-lawyers-association-tips-successful-independent-

Informative

lawyer:
I have gone through most of the request of intending nairalanders regarding the lease of certain accomodation spaces and property to let and i have found out that most intending tenants or future property owners are not being adequately adviced on what to do next.

RENTING A PROPERTY DOS AND DONTS:

1. Whenever you say "i am looking for a property to rent around lekki, ikeja, v.i etc, you must know that these areas are choice areas that attract high tenancy rates because they are low density areas and have more amenities and it is baffling to hear that someone is saying "his budget is between #150,000 to #200,000 per annum".

What you are going to get for that price is not more than a one bedroom boys quarters with toilet and bathroom together (if any) and the size of the room will not be more than 8 by 12 at most.

Also, whenever an agent tells you that the rent is #200,000 per annum, you must always factor in the prevailing fees that follows it. That is 10% legal fees and 10% agency. It simply means that a flat going for #200,000 simply means its going for #480,000 in all honesty because Nigerian landlords collect 2 years in advance rent (Which although is contrary to the rent tribunal act which stipulates the prescribed rent per area and the prohibition of landlords from taking rent beyond 1 year)

So whenever you tell an agent that your budget is #400,000, make sure you either factor the agency fees and legal fees for 2 years before you state your budget unless, you will only be fooling yourself and you would be taken for a joy ride.

2. Also, do your utmost best to reject caution fees from unsuspecting agents. Caution fees are almost never refunded and the rent act forbids it.

3. Always demand for a fully drafted tenancy agreement drafted by a lawyer which spells out your right and covenants and more especially the option of renewal of the tenancy after the 2 years expires if need be and if the rent is to be increased, you should be given at least 6 months notice unless it is a valid ground for terminating the tenancy. This agreement is your bread and butter of the tenancy and not the rent you paid.

4. Due to economic reasons, always try to scout for areas that offer low rents. If you stay on the mainland and you work on the island, there is no point trying to pretend that your a big man by demanding a property for rent on the island which is tripple your salary and out of pocket expenses. You could always get a place close to the third mainland bridge such as gbagada, oworo, ikeja, ogba and its environs. Its cheaper and more cost effective in the long run especially when you see immediate amenities you need such as bukas, markets, kiosks, bars etc that are cheaper than those in choice areas.

5. Finally, if a quit notice is not given 6 months to the expiration of tenancy, the rent act provides for you to continue to stay in that property and the landlord can not do sh***t as long as your lawyer is aware of it. A 6 months quit notice is only applicable if your tenancy is a yearly tenancy e.g January 1st 2008 and expires December 31st 2008.

A 6 month quit notice legal calendar is different from a regular calendar calculation. E.g if the tenancy is from January 1st 2008 and expires December 31st 2008, the quit notice must be issued to you latest June 30th 2008. If the quit notice is being issued on July 4th 2008, the quit notice begins to run from August 1st 2008. The law states that there must be one clear full month before the quit notice is valid. If your landlord attempts to bamboozle you, buzz your nearest lawyer and intimate him. The landlord or Agent at this stage will be totally helpless. Its the law and you shouldnt be ignorant about this anymore.


SALE OF PROPERTIES:

1. Never negotiate with an Omo-onile (Area boy of lands). You have just thrown money into the bush.

2. Always require for properties that are measured in square metres not in plots because you could end up having a quarter plot, half plot or if your luck shines a corner piece (which is very rare)

3. Always get to know about the area you intend to purchase a land. This is very important because that land being advertised so sweetly to you could either be a govt acquired land that needs to be developed in 20 years time and you have no idea about it, or it is under a pipe line or power line, restricted area or generally not approved for sale to private individuals or worst still, the property or land is a subject of litigation. If you fail to heed this advice, and not consult an attorney to do a search on the place before you even negotiate about the prices, be rest assured, that property will be demolished or possession will be unilaterally taken away from you. If you dont believe me, ask the people of Alimosho local government who failed to heed this advice 15 years ago and are now burning their fingers.

4. Always confirm the existence of the proposed c/o or certificate of occupancy that has been advertised to you. To tell you the truth, c/o's are mostly in the possession of the true owner or the authorized agency or lawfirm who has the power of attorney to sell on the owners behalf. Most of the advertised properties dont have a c/o and if they do, they are not in the possession of those advertising it and if they do have one, it is a photocopy of the c/o which is not legally valid because they do not possess the power of attorney to accompany such possession of that c/o.

This is a very delicate issue that a prospective buyer must be wary about because a lot of third or fourth party agents all claim to be agents of properties and sell all sorts of properties with c/o. Without a proper search in the lands registry in alausa by a legal practitioner which costs less than #20,000 including legal fees, your future could be doomed. It costs you nothing to do this very vital investigation before negotiating with a sweet tooth agent promising heaven. All he is interested in is your money and after you pay, you on your own.

5. Always ask for the accompanying survey plan and good root of title. A good root of title is one which traces the history of the property for the last 30 to 40 years so as to know whether the property or land is under a mortgage or there is some form of problem or that the property is squeaky clean free from defect and can be sold. If your agent cannot provide you with the links to this good root of title, please ignore such a property.

6. If you intend to purchase a land that doesnt have a c/o, you should make sure that the seller gives you a proper deed of assignment of that property, a purchase reciept agreement and deed of release which states that the seller will be held liable if the property is defective. This agreement must be stamped by the land registry unless it is invalid.

7. Most properties being sold as family property or properties with family title shouldnt be treated with kids gloves because of the attendant and potential booby traps involved. You must investigate thoroughly before you attempt to purchase one. Most of them come with cheap price tags attached to them but the cheaper the more worrisome especially if a land dispute occurs and the property in question belongs to a third party instead. You might be forced to pay additional millions to the true owner in future.

8. If your a skilled negotiator, you can achieve a 5% reduction in the commission the agent is going to take and 5% in the legal fees from the total amount to be derived from the sale. When ever you hear a property is going for #3 million or #60 million, dont be naive to believe that is the only amount you are going to pay. What you should always ask the agent is the total package for the land or property in question. Dont be fooled by the sweet mouth original offer.

A #3million offer for a land could spiral into this immediately:

10% of #3million =#300,000 (Agency)

10% of #3million =#300,000 (legal)

Search,Perfection of title and governors consent, ground rent and other fees payable to the government
= approximately #500,000 to #1million.

So without even building a block on that land, you could be shelling out almost #4.6 million for a property advertised as #3million for one plot in isheri, talkless of lekki or V.i.


For more on this and how to make sure you get the best deals, search, sale, renting and marketing what so ever in any tenancy or sales of property wherever in lagos except Badagry (because its too damn far, lol), call 08077943514 or 07036681104. Under 72 hours, you will get your specs with valid confirmation. If no valid documents, i immediately advise you to look some where else. My body will not be the temple of insults and swears!!

I don't do shady property deals without valid confirmation and documents no matter how much its worth in millions or billions because that greed today making the agent or lawyer smile today will defiantely come back to haunt him in 3-5 years time when the police, the people defrauded and the government chases them around the 4 corners of hell to vomit that money. Am a straight shooter and extremely good at this. Only extremely serious prospects should call and please when proposing a budget, think of the total package you intend to spend and not just a round figure that might throw you off balance later, Cheers!

Tips from a property legal counselor to any legitimate security attention enlisted in favor of those advantages on the individual property securities apprentice before you acquired. Such an attention can identify with the benefit particularly, or it can be done all the former proprietor's compensations. http://businesslawfirmblog..com/2017/08/what-is-role-of-real-estate-lawyer.html

Law Offices of Richard Sepler have years of experience in dealing cases with real estate planning. With accurate planning one distribute their property after death according to their state rules and Richard's law firm are there to guide well how to go through the whole legal process.

po()*

Estate agent acting for the seller or buyer in the property market

https://www.propertyibejulekki.com.ng/estate-agent-acting-seller-buyer-property-market/