opius:


So y do u still need people's advise .. ?

coolsalm:
Good day Nairalanders,

Please i need the help of experienced people and lawyers in the house for purchasing a property in Lagos.
So recently i decided to purchase a property in Lagos at Agbara area, after negotiating the price with the seller i asked for the land documents, the documents which were handed over to me were the Receipt from Original family owner of the land, Survey plan and the deed of assignment,
what i am worried about now is that in the deed of assignment, there is a clause that states that the original family leased the land for 70 years to the person who wants to sell the property to me now, though currently there are flats with tenants on the said land. attached is the image of the deed of assignment.

So please experienced Nairalanders, i need to know if that 70 years clause will affect me in the future before i can decide to proceed with the purchase.

Thanks

beesammy:
According to land use act of 1978, there is no freehold interest in land, which means all land belongs to the Government, buyers only have leasehold interest for 99 years. That's one of the reasons you pay ground rent annually. In essence, WE ARE ALL LESSEES, some third parties are SUB-LESSES. Government is the actual LESSOR/ OUTRIGHT OWNER.

Satioshi:
If you did, then why seek Nairalanders' opinion?

coolsalm:
Good day Nairalanders,

Please i need the help of experienced people and lawyers in the house for purchasing a property in Lagos.
So recently i decided to purchase a property in Lagos at Agbara area, after negotiating the price with the seller i asked for the land documents, the documents which were handed over to me were the Receipt from Original family owner of the land, Survey plan and the deed of assignment,
what i am worried about now is that in the deed of assignment, there is a clause that states that the original family leased the land for 70 years to the person who wants to sell the property to me now, though currently there are flats with tenants on the said land. attached is the image of the deed of assignment.

So please experienced Nairalanders, i need to know if that 70 years clause will affect me in the future before i can decide to proceed with the purchase.

Thanks

coolsalm:
Good day Nairalanders,

Please i need the help of experienced people and lawyers in the house for purchasing a property in Lagos.
So recently i decided to purchase a property in Lagos at Agbara area, after negotiating the price with the seller i asked for the land documents, the documents which were handed over to me were the Receipt from Original family owner of the land, Survey plan and the deed of assignment,
what i am worried about now is that in the deed of assignment, there is a clause that states that the original family leased the land for 70 years to the person who wants to sell the property to me now, though currently there are flats with tenants on the said land. attached is the image of the deed of assignment.

So please experienced Nairalanders, i need to know if that 70 years clause will affect me in the future before i can decide to proceed with the purchase.

Thanks

whirlwind7:



There comes another one. Seem like everyone has a problem distinguishing between his phone and his dick today.
Go to the first page and check who asked for you guys opinion. Haba!

Uchihaitaci:

Hey relax bruv he was just offering you advise..

coolsalm:
Good day Nairalanders,

Please i need the help of experienced people and lawyers in the house for purchasing a property in Lagos.
So recently i decided to purchase a property in Lagos at Agbara area, after negotiating the price with the seller i asked for the land documents, the documents which were handed over to me were the Receipt from Original family owner of the land, Survey plan and the deed of assignment,
what i am worried about now is that in the deed of assignment, there is a clause that states that the original family leased the land for 70 years to the person who wants to sell the property to me now, though currently there are flats with tenants on the said land. attached is the image of the deed of assignment.

So please experienced Nairalanders, i need to know if that 70 years clause will affect me in the future before i can decide to proceed with the purchase.

Thanks

19naia:
It cleary says its a Leased property. You do not need a lawyer to know the seller is actually only a lessee of the property and therefore has no right to sell the property. You may be able to buy out his balance in the lease but not to buy the property outright.
A judge in court will have to pass judgement in honor of the orginal 70 year lease and dismiss any claims to purchase that came in later without written consent of the actual owner.

If you want that property, go and look for the original owner that leased it to the person trying to sell it.

Save yourself the lawyer costs and cease all transactions with the person who is obviously identified as no better than a simple renter on long term lease. It doesnt take a lawyer to know this.
Even if you find the original owner, he may not be able to sell it sef because it is bound by the balance of the 70 year lease.
You may be able to buy out the lessees remaining interests ,but you would still have to settle an additional purchase price with the original owner.
Basically you would need two contracts. One that buys out the lessees lease interests and another that buys out the original owner's title holder interests.
The property may end up being more costly than you imagined if you go the correct route.

If you are still interested in the property despite the potential added costs, save yourself from lawyer costs for now and go find the original owner and discuss sale with him and then discuss with the person it is leased to for a price to release his lease interests.
More importantly, now that you see the property is being handled dubiously, go and do a title search on it to be certain it has no other questionable issues going on with it.
If you reach a deal with the original owner and are willing prepared to pay more than you expected for the property, Your best bet is to first pay to research the property history via the title history and any legal records concerning the property in prior disputes.

Also this can get very complicated if the original owner died and left behind family members who were not bequeathed the property nor made aware it exists under a long term lease agreement. This person trying to sell it to you ,may know that the original owner is nowhere to be found and has no family or trusts aware of the lease drawn up in 1977. The property could end up in legal freeze for quite some time if the legal owner or his inheritors cannot be found.

coolsalm:
Good day Nairalanders,

Please i need the help of experienced people and lawyers in the house for purchasing a property in Lagos.
So recently i decided to purchase a property in Lagos at Agbara area, after negotiating the price with the seller i asked for the land documents, the documents which were handed over to me were the Receipt from Original family owner of the land, Survey plan and the deed of assignment,
what i am worried about now is that in the deed of assignment, there is a clause that states that the original family leased the land for 70 years to the person who wants to sell the property to me now, though currently there are flats with tenants on the said land. attached is the image of the deed of assignment.

So please experienced Nairalanders, i need to know if that 70 years clause will affect me in the future before i can decide to proceed with the purchase.

Thanks

dammytosh:
U are not buying.

U are renting.GBAAM.!!!


To make it very clear to u.

whirlwind7:


And what makes you think I don't?

dammytosh:
U are not buying.

U are renting.


To make it very clear to u.

ADUBA1:
He is just advising you. However, if you think you did why come to nairaland to seek advise or you what to tell us that you have money to buy land?

whirlwind7:
Go with caution.
I see from the document the words "lessor" and "lesee" used to address both parties. This clearly shows that the land is under a lease title, and not outright purchase.
Get a good property lawyer to handle this for you, to see if these terms can be amended. Otherwise, avoid it and look elsewhere.
My deeds of assignments usually have the words "donor" and "donee" to refer to the seller and buyer respectively.

FredN:


Correctly n succinctly explained

whirlwind7:


Another one who just drove into the gutter. This isn't funny anymore. Can't you guys read, or see?
I AM NOT THE OP!!!