Hello Lawyer,

I rarely come to the property section, but have had cause to do so now. It was painstaking reading most of the post and what you had to say to prospective buyers on the forum or else where,   Must confess it was worth the read. More grease to your elbow.

I see that you haven't brushed the issue of those who would like to sell their property (s)
My scenerio goes thus, the patriach of the family passed away 2 years ago, he had a property in Lagos, Iju to be precise. After the loss, we all relocated to our places of business/school and place of abode. Now, maintaining the property is costing so much, considering we are getting nothing from it. Its a bungalow situated on over a plot of land with a telecommunication mast on it.
We are seriously considering selling since its far away from our places of business, while some of us dont live in the Country. Will the property sell with the mast on it? We will not relinquish the portion of where the mast is because we have a lease agreement with the telecommunication company. It doesnt have a C of O. There is a survey plan and a receipt of payment. How long will it take to dispose of it? What do we look out for when trying to sell the property? We tried getting letter of adminstration from the probate, but the hassle involved is so much and the fees the Governemnet want from the property is bodering on ridiculous. Will this be a problem while trying to sell it? Do we need an agent? What sort of agent should we contact? what percentage do agents charge? how reliable are the big real estate firms? Do their prices on properties make sale slow?
Can we sell without an agent?

Do you have a ball park price of property at iju?
I anticipate your response. Thank you.

I hope you get to respond the post soon.

shuo, i didnt know this property section was hot like this, had to look for my post on the 3rd page. pls lawyer answer me o.

still waiting lawyer

Good day Wax Vixen, sorry for not responding in time. Being down with a little flu. Let me attempt to answer your questions to the best of my ability.

I see that you haven't brushed the issue of those who would like to sell their property (s)
My scenerio goes thus, the patriach of the family passed away 2 years ago, he had a property in Lagos, Iju to be precise. After the loss, we all relocated to our places of business/school and place of abode. Now, maintaining the property is costing so much, considering we are getting nothing from it. I[b]ts a bungalow situated on over a plot of land with a telecommunication mast on it.
We are seriously considering selling since its far away from our places of business, while some of us dont live in the Country. Will the property sell with the mast on it? We will not relinquish the portion of where the mast is because we have a lease agreement with the telecommunication company[/b].

The mast seems to be the attraction there but you have to go through the terms of the lease agreement for the communication company that leased that portion of the property whether they are not averse to the property being transferred without their consent. Also the terms of the lease will definitely provide for the clauses whereby the workmen of the communications company will have the right to enter back and forth into the portion of the land that has being leased to them to perform their duties whenever. Such issues must be disclosed to the new purchaser for him or her to decide whether they can cope with it because they will stand to gain if the property with the mast has been passed to them so that the lease agreement will be transferred to them.

Now if you don't want to sell the part of the property with the lease on it, then you have to carve it out of the portion of the land you intend to sell and fence it around to maintain solo ownership. Its your land and you have the right to sell or not. The law does'nt compel you to sell a land compulsorily that belongs to you. It could be full plot, half plot or quarter plot etc your selling. The burden is on the buyer is to be careful and watchful to know what he intends to buy or not.

It doesnt have a C of O. There is a survey plan and a receipt of payment. How long will it take to dispose of it?

No body knows how long it will be on the market. Various things determine the quick sales of properties i.e

1. Price

2. Location

3. Description and Documents

4. Likability of the Agent marketing it

5. Desire of the purchaser to buy immediately

In respect of the documents the property has i.e no C/O, a survey plan and reciept, it depends on the buyer. The Seller has no duty to upgrade his documents until the buyer demands it as part of the trade off and if the seller is willing to do so, then it becomes an issue. You don't have to worry about that. That is why it is called 'Caveat Emptor' Buyers beware.

We tried getting letter of adminstration from the probate, but the hassle involved is so much and the fees the Governemnet want from the property is bodering on ridiculous.

Why do you need a letter of Administration? Is there a problem amongst the family members in respect of the ownership of the property? The only time the letter of Administration will be important is if the ownership amongst the parties has not being settled, because you cannot sell what you don't own and once the buyer is ready to purchase the property, he needs to know who the real and legal seller is to help transfer the property to him and sign his documents so that they can  be legally binding.

Do we need an agent?

Yes you might need an Agent because most agents work with a chain of buyers and sellers that might be interested due to their expansive network. So its advisable you get one to make your job easier in selling it.

What sort of agent should we contact?

A reliable and honest one that is ready to market the property for you aggressively. It could either be a firm or an Individual or group of individuals

what percentage do agents charge?

It varies ranging from 1% to 10% of the sale of the property  fees depending on the agent, class, stature and negotiating power of the Agent. In most situations in Nigeria, the buyer ends up paying the agents fees but there are some Agents that collect only from the seller. And there are Agents that collect from both the seller and the buyer. So you have to know which one is which and know how to negotiate properly in your favour.

how reliable are the big real estate firms? Do their prices on properties make sale slow?

Big firms have their advantages of having a wider network and reach of prospective clients of buyers because they spend a lot on advertising and marketing but they also have to recoup that amount back from the sale of the property and unfortunately it has to be added to the cost of the value of the property. So either way, it is either you want it sold faster but at a higher premium that the agents need to recoup which could slow down the sale or you reduce the price and hope someone is interested but you don't make much profit.

Can we sell without an agent?

Of course! Its your property. If you see a buyer today you can sell to him tomorrow on your own but once you have contracted an agent is gets a little complicated whereby he has to be compensated depending on the payment plans you have with him.

Do you have a ball park price of property at iju?

Depending on the area in Iju, i will not be able to set a price tag, so its advisable to get an Estate Valuer to do it for you. Am just a property lawyer and not an Estate Valuer. They are the professionals in that department not me and i don't claim to be knowledgeable in something am not.

Cheers


Hope others can assist you too in getting answers to your questions!

THE LAW, OUR COMPANY IS TRYING TO PACKAGE AN ESTATE. HOW DO LAWYER CHARGE FOR DEED OF CONTRACT, HAVING 1200 PLOT OF LAND IN THE ESTATE. headlightnigeria@gmail.com

^^^^^ I think that your question will do better to address it to him in "private" so he can properly discuss it with you.
I am sure he would be a "magician" if he can just spew the answer out, like that.
Give him a PM.
Cheers.

Lawyers should fine a way to bring foreign investors to Nigeria for them to establish a multinational companies, schools, etc for the development of our great nation. like in Benue State we need people who want to develop our community by establishing a corporate organization.in my family, we have over seven hundred (700) Acres of Land available for sale.Anybody who interested in buying Land for companies,churches,schools etc should contact me by sending a message to my email address.

I thought you had abandoned your section, lawyer. Glad you were able to respond to my post. Thank you so much for the in-depth analysis of information needed in wanting to sell property. It was indeed an eye opener, thank you so much. Your good work will take you before kings.
What are the pit falls to avoid when trying to sell property in Lagos? Do omonile still claim anything when wanting to sell? What are the tricks agents use in blind siding people?
Your response is anticipated, thank you.