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THINGS TO KNOW WHEN BUYING ROOFING SHEETS FOR YOUR BUILDINGS OR ROOFING PROJECTS / Preventive Measures When Buying Land In Nigeria. / Great Offer: You Need Rest of Mind When Buying Land. Avoid OmoOnile -08027390046 (2) (3) (4)
|Things You Must Check When Buying A Land In Nigeria by Nobody: 6:20am On Nov 21, 2017|
In real estate, doing due diligence (investigation), probing the validity and authenticity of a property is essential thing before paying money. It allows to avoid falling into a scam or acquiring series of liabilities with the asset in question. Many had fallen victim of fake lands or land with fake papers. There are cases of lands sold by scam estate agents which were discovered later to be someone else’s land.
The target of this article is to help you avoid such common mistakes which lead to loosing your money.
Serious Reasons to Make Investigation Before Buying Property
Investigation is essential thing as it can disclose a lot of problems and secrets behind a land or other property for sale. Here are just a few examples:
It reveals hidden costs or unpaid fees like accumulated land use charge, tax and so on.
It allows to get trusted info about actual size and topography of the land in question.
It helps verify the real owner of the property. You do not want to give your money to someone who has nothing to do with property you are buying, right?
It reveals the exact location of the property and the neighbourhood it is located (current one and future one), the social amenities surrounding it and potential problems which can appear in near future. For example reveals the possibility of acquiring land close to or under powerline route, oil or gas pipeline route, filling station, gas station.
How to Do a Due Diligence (Investigation) for a Land in Nigeria
You need follow 5 basic steps:
1. CHECK CAREFULLY OWNER’S DOCUMENTS
To be more specific, you need to request from seller following documents (or good quality photo copies of documents):
– Certificate of Occupancy (C of O)
– Power of Attorney (if you are buying not from the owner)
– Tax Clearance Certificate
– Survey Plan
– Deed of Assignment. A deed of conveyance or assignment traces the history of how the property or land has reached the present owner till date.
It is very important that you have a good property lawyer before embarking on land/property purchase. Reason being that your lawyer is the one who ensures that you don’t run into legal trouble with land/property documents after purchase. It’s your lawyer’s job to verify the authenticity of any title document backing the land/property.
2. INVESTIGATE TAXES AND OTHER FEES
Check for the payment of land use charge by the owner on the land. Any land with C of O attracts this charge on an annual basis. If the owner refused to pay this charge it will accumulate and would be inherited by the buyer. You might want to check this out before making payment. Finally find out any other charge or fee on the land. Only when having full info you can decide how to proceed.
3. MAKE A PHYSICAL INSPECTION
After verifying the authenticity of the documents request to be taken to the location of the land or any other property – house, apartment etc.. Confirm the size and condition of the property to find out if it is the same with what is in the documents. Also pay attention to following things:
– Filling station: be sure your neighbor is not a filling station or someone who wants to build a filling station after purchase.
– Proximity to the highway: There is government regulation as to the distance from the road to properties. Confirm to discover these because sometimes in the future road enlargement could mess up your property.
– Power-line route: Check the distance between the land and power-line route because there are specific guidelines as to the how close a property should be to power-lines. Apart from regulations it is dangerous to build under a power line route.
– Oil and gas route: Check the proximity of the land to an oil and gas pipeline so as not to contravene the law against closeness to one of these.
– Waterways: ensure the land is not located on or dangerously close to a waterway or major drainage because of governmental regulation and flooding.
– Infrastructure and other advantages listed by seller – condition of the roads, neighbours etc.
4. VALUE ASSESSMENT AND INVESTIGATION
Assess the land further to discover its price in relation to others in the surrounding. Ask the owner of a similar land near you to discover if it is within the same price range or outrageously above. In real estate location of a property or land is a determining factor in the price. For example the value of a land in Lekki is different from value of the same size of land in Ikorodu. It is common place for lands in the same zone/neighbourhood to be on the same price range. Furthermore, inquire about the supposed owner of the land from neighbours in that area to be sure they own the property.
5. ZONING / LAND USE CONTROL
Confirm that the land is not located in an area assigned to be used as business district or industrial estate if your intention is a residential building. If you contravene this law your property is doomed for demolition.
And finally, if everything is ok – make sure you collect the genuine receipt after paying for your property fully.
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|Re: Things You Must Check When Buying A Land In Nigeria by Nobody: 6:24am On Nov 21, 2017|
|Re: Things You Must Check When Buying A Land In Nigeria by Flirtyjane(f): 6:29am On Nov 21, 2017|
How we find genuine real estate company to buy from?
|Re: Things You Must Check When Buying A Land In Nigeria by Nobody: 6:33am On Nov 21, 2017|
I dont want to advertise for any else I would have mentioned them here but never the less you can use a trusted real estate consultant to help you deal with genuine real estate companies in Nigeria.
|Re: Things You Must Check When Buying A Land In Nigeria by Nobody: 7:31am On Nov 21, 2017|
|Re: Things You Must Check When Buying A Land In Nigeria by Pennywise(m): 7:47am On Nov 21, 2017|
|Re: Things You Must Check When Buying A Land In Nigeria by SIMPLYHAMPERS: 7:59am On Nov 21, 2017|
|Re: Things You Must Check When Buying A Land In Nigeria by gotousa2013: 7:59am On Nov 21, 2017|
havillaplus:Pleas I need to know the genuine ones.
|Re: Things You Must Check When Buying A Land In Nigeria by ArmadillopgpA: 8:08am On Nov 21, 2017|
Good one at op
|Re: Things You Must Check When Buying A Land In Nigeria by BecomeALandLord(m): 8:12am On Nov 21, 2017|
Nice piece by the op.
I always advise my prospective customers to always do their due diligence before parting with their money.
I also do my own due diligence before I buy the property from the omonile people.
So it's a win-win situation.
Contact us for genuine lands
|Re: Things You Must Check When Buying A Land In Nigeria by money121(m): 8:25am On Nov 21, 2017|
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|Re: Things You Must Check When Buying A Land In Nigeria by Nobody: 8:26am On Nov 21, 2017|
The op contact details (number) is on the signature. .
|Re: Things You Must Check When Buying A Land In Nigeria by Nobody: 8:32am On Nov 21, 2017|
gotousa2013:Call or whatsapp... Contact details below...
|Re: Things You Must Check When Buying A Land In Nigeria by obidevine(m): 8:44am On Nov 21, 2017|
Nice write up. I've come to realize that some Nigerians don't honor Power of Attorney. I'm speaking from an ongoing experience. I have a plot of land I'm selling in Royal Gardens Estate, Ajah, the owner lives and works in the US. He's given the power of attorney to his good friend here in Nigeria ( the said power of attorney even contains the owner's phone number in America and his house address, he even scanned his international passport) . We've even done the notarization of the POWER of Attorney in court. You won't believe that with all this all the buyers we've met have been insisting that the owner must come to Nigeria.
|Re: Things You Must Check When Buying A Land In Nigeria by Mboi2: 8:49am On Nov 21, 2017|
I have a half plot of land for sale at Abekoko Ogun state after Crawford University. There's a 3bedroom bungalow foundation on it already.
Land is 30/120.
People are living in the community and has my motorable roads, PHCN, not all those lands inside bush.
Let's hook up if interested.
|Re: Things You Must Check When Buying A Land In Nigeria by Nobody: 8:57am On Nov 21, 2017|
Lawyers and agents are greedy, go for a consultant..
|Re: Things You Must Check When Buying A Land In Nigeria by manmidtexy(m): 10:25am On Nov 21, 2017|
Op. You too sure die for these helpful additional been wanting to share all these years.
You just offload some stress outta ma neck.
Will surely beep you soonest for some important biz i wanna on land and affiliate properties.
|Re: Things You Must Check When Buying A Land In Nigeria by oyepaulkay(m): 3:32pm On Nov 21, 2017|
Don't go and buy land in a place you don't know people.....
That's why I only deal with Lands in Abuja and Ibadan.
I have Plots to sell in developed areas Ibadan and Kuje (FCT).
Invest in Real Estate, don't save to ball or waste on drinks, girls or liabilities in December.
|Re: Things You Must Check When Buying A Land In Nigeria by Favoured35: 4:07pm On Nov 21, 2017|
Thanks for this
1 quick question - I want to purchase a plot with a reputable real estate firm at Lakowe. They claim to have a global c of o on the property.
On investigation here on nairaland, I discovered that they do not have an approved layout on the said property...pls confirm whether this is possible?
I confronted the sales pple and they told me the approved layout is still under processing. What do u think?
Thanks for the anticipated reply
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