In this article, I will be pouring out from my 3 years working experience about the real estate business in Nigeria and how you benefit immensely from it.
Grab your seat,relax with cup of popcorn and flow with me.


Now to the business of the day.



What is Real Estate?

Real is simply defined as property consisting of land,the buildings on it and the natural resources embedded in it such as crops,minerals and water.

It can also be referred to as immovable property such as buildings or houses in general.

Real Estate can be divided into four categories namely; Land,Residential, Commercial and Industrial.

Let's take a look at the four categories one after the other.


Land

Land include vacant land,farms and ranches. Vacant land can be further divided into underdeveloped, early development and site assembly.



Commercial

Commercial includes shopping malls,medical and Educational buildings,Hotels and offices, apartment buildings (for renting).
That is why you will be required to fill a form indicating either residential or commercial when buying land from Estate developers.

Residential

Residential includes newly constructed and resale homes.
Under these we have flats,bungalows,terrace building,high value homes.

Industrial

Industrial includes manufacturing buildings and property, Warehouses. These buildings can be used for storage, production, research and distribution of goods.


What you need to know before buying/selling Lands.


Land can be classified as either free or acquired.

A parcel of land is considered free if the government has not indicated any interest in the Land. Such land is safe to buy because the title on the land can be perfected without issues.

In most cases,such land will either have a gazette ,a certificate of Occupancy or a Governor's consent.

Lands that falls under within areas designated as as urban areas are under government acquisition until deemed free.

There are two types of acquisition namely "COMMITTED ACQUISITION" and "GLOBAL/GENERAL ACQUISITION".

Now let's take them one after the other.

Committed acquisition occurs when Government has indicated an intention to use that Land for a specific purpose such as provision of amenities.

Such lands can never be available for use by individuals as it belongs solely to the government.
If you purchase land under committed acquisition,it becomes impossible to protect your land title and your occupation of the land is only temporal until the government comes to kick you out.


Global/General acquisition: lands that are under general acquisition or global acquisition can later be confirmed "free" or "committed" as the case may be.

A land under acquisition can become free by a process called "EXCISION."

Excision is a process where the government releases a portion of an expanse of land that is not committed.

If a parcel of land that was under acquisition becomes excised,it is then considered free and becomes gazzeted.

The gazzete 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 a land can go through another process called "Ratification" or "Regularization" in which the land owner pays for the land to ratified or regularized.

But such lands must not fall within a "COMMITTED" area.


Knowing Land Documents and Sizes.


The following documents are usually involved when a purchase is made.

1. The purchase receipt.

2. The contract of sale.

3. The deed of assignment.

4. The survey document.

5. The building plan for housing investment.

6. Any other title document that may apply.

So let's quickly take a look at some the above documents.


Deed of Assignment.

A deed of assignments is one of the transactional document drawn up by a real estate attorney between current title holder for a particular property and the new buyer.

In real estate transaction, a deed of assignment is a legal document that transfers the interest of the owner of that interest to the person whom it is assigned, the assignee.
When ownership is transferred,the deed of assignment shows the new legal owner of the property.


Survey Plan

A survey plan is a document that measures the boundary of a parcel of land to give accurate measurement and description of that land.
The people that handle survey issues are surveyors and are regulated by office of surveyor general of a state.

A survey plan must contain:

1. Name of the owner of the land surveyed.

2. Address or description of the land.

3. Size of the land surveyed.

4. The drawn out portion of land survey and mapped out on survey plan document.

5. The beacon numbers.

6. The surveyor who drew up the survey plan and date it was drawn up.

7. A stamp showing the land is either free from government acquisition or not.


Certificate of Occupancy.

Certificate of occupancy (C of O) is issued by the State government.
e.g The Lagos state government officially lease Lagos land to you the applicant for 99 years.
All lands belongs to the government.

Having known that,let's take a look at land sizes and how it is measured.

Click the link below to continue.


https://realestatemoneyafrica..com/2019/07/understanding-real-estate-business.html?m=1

Nice write up. Thanks for sharing.

chenkov:
In this article, I will be pouring out from my 3 years working experience about the real estate business in Nigeria and how you benefit immensely from it.
Grab your seat,relax with cup of popcorn and flow with me.


Now to the business of the day.



What is Real Estate?

Real is simply defined as property consisting of land,the buildings on it and the natural resources embedded in it such as crops,minerals and water.

It can also be referred to as immovable property such as buildings or houses in general.

Real Estate can be divided into four categories namely; Land,Residential, Commercial and Industrial.

Let's take a look at the four categories one after the other.


Land

Land include vacant land,farms and ranches. Vacant land can be further divided into underdeveloped, early development and site assembly.



Commercial

Commercial includes shopping malls,medical and Educational buildings,Hotels and offices, apartment buildings (for renting).
That is why you will be required to fill a form indicating either residential or commercial when buying land from Estate developers.

Residential

Residential includes newly constructed and resale homes.
Under these we have flats,bungalows,terrace building,high value homes.

Industrial

Industrial includes manufacturing buildings and property, Warehouses. These buildings can be used for storage, production, research and distribution of goods.


What you need to know before buying/selling Lands.


Land can be classified as either free or acquired.

A parcel of land is considered free if the government has not indicated any interest in the Land. Such land is safe to buy because the title on the land can be perfected without issues.

In most cases,such land will either have a gazette ,a certificate of Occupancy or a Governor's consent.

Lands that falls under within areas designated as as urban areas are under government acquisition until deemed free.

There are two types of acquisition namely "COMMITTED ACQUISITION" and "GLOBAL/GENERAL ACQUISITION".

Now let's take them one after the other.

Committed acquisition occurs when Government has indicated an intention to use that Land for a specific purpose such as provision of amenities.

Such lands can never be available for use by individuals as it belongs solely to the government.
If you purchase land under committed acquisition,it becomes impossible to protect your land title and your occupation of the land is only temporal until the government comes to kick you out.


Global/General acquisition: lands that are under general acquisition or global acquisition can later be confirmed "free" or "committed" as the case may be.

A land under acquisition can become free by a process called "EXCISION."

Excision is a process where the government releases a portion of an expanse of land that is not committed.

If a parcel of land that was under acquisition becomes excised,it is then considered free and becomes gazzeted.

The gazzete 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 a land can go through another process called "Ratification" or "Regularization" in which the land owner pays for the land to ratified or regularized.

But such lands must not fall within a "COMMITTED" area.


Knowing Land Documents and Sizes.


The following documents are usually involved when a purchase is made.

1. The purchase receipt.

2. The contract of sale.

3. The deed of assignment.

4. The survey document.

5. The building plan for housing investment.

6. Any other title document that may apply.

So let's quickly take a look at some the above documents.


Deed of Assignment.

A deed of assignments is one of the transactional document drawn up by a real estate attorney between current title holder for a particular property and the new buyer.

In real estate transaction, a deed of assignment is a legal document that transfers the interest of the owner of that interest to the person whom it is assigned, the assignee.
When ownership is transferred,the deed of assignment shows the new legal owner of the property.


Survey Plan

A survey plan is a document that measures the boundary of a parcel of land to give accurate measurement and description of that land.
The people that handle survey issues are surveyors and are regulated by office of surveyor general of a state.

A survey plan must contain:

1. Name of the owner of the land surveyed.

2. Address or description of the land.

3. Size of the land surveyed.

4. The drawn out portion of land survey and mapped out on survey plan document.

5. The beacon numbers.

6. The surveyor who drew up the survey plan and date it was drawn up.

7. A stamp showing the land is either free from government acquisition or not.


Certificate of Occupancy.

Certificate of occupancy (C of O) is issued by the State government.
e.g The Lagos state government officially lease Lagos land to you the applicant for 99 years.
All lands belongs to the government.

Having known that,let's take a look at land sizes and how it is measured.

Click the link below to continue.


https://realestatemoneyafrica..com/2019/07/understanding-real-estate-business.html?m=1