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Advise Needed Before I Buy This Property - Properties - Nairaland

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Advise Needed Before I Buy This Property by Ibk2020: 12:53pm On Aug 23, 2020
I have been in this new single tenancy shop for the last 2 years, the shop is an extention of my landlord residents building. so recently my landlord approach me he needed some money to money to build a house in his home town before he died.
He offer to sell only my office space to me. I currently pay 200k per year for the shop rent, so he said if I can give him 4M, he will sell off the property to me (only my shop).
Pls I need advice on proper steps to take to avoid future problems with he's children. Thanks


Modified: I called a surveyor, he told me he can't survey only my space and there is no way I can get my own C of O without survey...
Re: Advise Needed Before I Buy This Property by Stevyne: 12:57pm On Aug 23, 2020
Ibk2020:
I have been in this new single tenancy shop for the last 2 years, the shop is an extention of my landlord residents building. so recently my landlord approach me he needed some money to money to build a house in his home town before he died.
He offer to sell only my office space to me. I currently pay 200k per year for the shop rent, so he said if I can give him 4M, he will sell off the property to me (only my shop).
Pls I need advice on proper steps to take to avoid future problems with he's children. Thanks
You need a property lawyer.
Better still call 08023348544 the man fit advice you sha
Re: Advise Needed Before I Buy This Property by ThreeSquirrels: 1:02pm On Aug 23, 2020
Ibk2020:
I have been in this new single tenancy shop for the last 2 years, the shop is an extention of my landlord residents building. so recently my landlord approach me he needed some money to money to build a house in his home town before he died.
He offer to sell only my office space to me. I currently pay 200k per year for the shop rent, so he said if I can give him 4M, he will sell off the property to me (only my shop).
Pls I need advice on proper steps to take to avoid future problems with he's children. Thanks




Seek a property lawyer. But bid it down to 3Million so you can pay like 400k as legal fees because he needs money urgently, he will agree to your offer.



It's a good business o. Be careful so skeptics don't turn you away. You only need a lawyer to prepare necessary documents and agreements
Re: Advise Needed Before I Buy This Property by emmanuelewumi(m): 1:43pm On Aug 23, 2020
Ibk2020:
I have been in this new single tenancy shop for the last 2 years, the shop is an extention of my landlord residents building. so recently my landlord approach me he needed some money to money to build a house in his home town before he died.
He offer to sell only my office space to me. I currently pay 200k per year for the shop rent, so he said if I can give him 4M, he will sell off the property to me (only my shop).
Pls I need advice on proper steps to take to avoid future problems with he's children. Thanks


Modified: I called a surveyor, he told me he can't survey only my space and there is no way I can get my own C of O without survey...



It doesn't work that way, you can't get a certificate of occupancy for your shop. You can talk to a lawyer
Re: Advise Needed Before I Buy This Property by Ibk2020: 1:52pm On Aug 23, 2020
emmanuelewumi:




It doesn't work that way, you can't get a certificate of occupancy for your shop. You can talk to a lawyer

Yea I understand, I should want to have an idea so no lawyer will take advantage of me.

Please how realistic will it be even with proper lawyer documentation and papers, that there won't be future issues
Re: Advise Needed Before I Buy This Property by emmanuelewumi(m): 2:00pm On Aug 23, 2020
Ibk2020:


Yea I understand, I should want to have an idea so no lawyer will take advantage of me.

Please how realistic will it be even with proper lawyer documentation and papers, that there won't be future issues


There will be serious issue, the person who owns the land owns the property on it

1 Like

Re: Advise Needed Before I Buy This Property by Ibk2020: 4:04pm On Aug 23, 2020
Pls drop your advice if you have experience in similar case
Re: Advise Needed Before I Buy This Property by SurveyorGeo: 4:37pm On Aug 23, 2020
Ask the man if has a title document on the land,
ask a lawyer to prepare a deed of assignment and contract of sale between you and the man, then let one or two of the man's children sign as a witness, or witnesses.

4 Likes

Re: Advise Needed Before I Buy This Property by SurveyorGeo: 4:44pm On Aug 23, 2020
Ideally, legal fee should be 10% but you can still negotiate. I have seen a transaction worth 7m and the lawyer collected 200k
Re: Advise Needed Before I Buy This Property by MrMcJay(m): 5:18pm On Aug 23, 2020
Ibk2020:
I have been in this new single tenancy shop for the last 2 years, the shop is an extention of my landlord residents building. so recently my landlord approach me he needed some money to money to build a house in his home town before he died.
He offer to sell only my office space to me. I currently pay 200k per year for the shop rent, so he said if I can give him 4M, he will sell off the property to me (only my shop).
Pls I need advice on proper steps to take to avoid future problems with he's children. Thanks

Modified: I called a surveyor, he told me he can't survey only my space and there is no way I can get my own C of O without survey...

Get an experienced property lawyer to advise you. It doesn't come cheap though. You either spend money now to protect yourself or spend much more when trouble comes.

What I'll advise you to do is to get the man to assign that small portion of land and the shop on it to you. Additionally, you may need a Deed of Indemnity duly executed by his wife and kids In the Deed of Assignment and Deed of Transfer, there are certain clauses which would be inserted to protect you. Let me give you 2 examples out of many.

Right of first refusal.
Indemnity clause.

From a professional angle, that property would give you serious issues in the future if you don't get it right at this stage.
Re: Advise Needed Before I Buy This Property by MrMcJay(m): 5:19pm On Aug 23, 2020
SurveyorGeo:
Ideally, legal fee should be 10% but you can still negotiate. I have seen a transaction worth 7m and the lawyer collected 200k

There are 3 types of lawyers:
The able,
The unable,
The lamentable.

Their fees are not the same just as their skills are miles apart. Even their clients are not the same.

1 Like

Re: Advise Needed Before I Buy This Property by LiquidMerc: 5:35pm On Aug 23, 2020
Ibk2020:
I have been in this new single tenancy shop for the last 2 years, the shop is an extention of my landlord residents building. so recently my landlord approach me he needed some money to money to build a house in his home town before he died.
He offer to sell only my office space to me. I currently pay 200k per year for the shop rent, so he said if I can give him 4M, he will sell off the property to me (only my shop).
Pls I need advice on proper steps to take to avoid future problems with he's children. Thanks


Modified: I called a surveyor, he told me he can't survey only my space and there is no way I can get my own C of O without survey...
let me advise if you buy it, you will definitely have problems in the future not now... Don't waste your money pls...
Re: Advise Needed Before I Buy This Property by frozen70(f): 7:00pm On Aug 23, 2020
Ibk2020:
I have been in this new single tenancy shop for the last 2 years, the shop is an extention of my landlord residents building. so recently my landlord approach me he needed some money to money to build a house in his home town before he died.
He offer to sell only my office space to me. I currently pay 200k per year for the shop rent, so he said if I can give him 4M, he will sell off the property to me (only my shop).
Pls I need advice on proper steps to take to avoid future problems with he's children. Thanks


Modified: I called a surveyor, he told me he can't survey only my space and there is no way I can get my own C of O without survey...

What a risky venture

How possible is he going to sell only your shop out of a building

Us the shop standing alone on a land meaning no building around it

That your landlord is working on your brain

If he dies anytime soon that shop you think you bought has no prove of ownership for you

The best way to shift his attention is to tell him to sell the entire property to you and as long as he is alive, he will continue living there

What you are about to do is as risky as dealing with a gambler
Re: Advise Needed Before I Buy This Property by somehow: 1:56pm On Nov 08, 2020
The op did not return

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