Congratulations!

So you're about to buy your first land and "chill with the big boys"? Again, congratulations!

But hold it there! Don't you dare buy any land without seeing what I have to show you. You see, most people have come to dread the very thoughts of buying lands, especially in a place like Lagos because of fear of either getting scammed or have their lands seize by the government. But you need not fear. All you need is the knowledge I'd be sharing with you and you can go from here and start buying lands like a pro.

But first, "baby calm down..." and follow me.

As a start, desist and flee from that offer of land from baale, the Otunba & co family or omonile. No try am o! The reason is simple. Almost all the time, buying lands from these people always end in premium tears because they don't always have relevant documents to show ownership, with only a few exceptions. As a result, it is advisable to buy only from reputable real estate firms who have their businesses registered with the appropriate agencies of government.

Now that you have the right company, let's start with classification.

Land Classification

Land can either be free or acquired. Land is said to be free if the government has not indicated interest on that piece of land. One can safely buy such lands and the title perfected without stress. Such lands will most likely have a gazette, governor's consent, C of O etc.

There are also lands that are designated as 'urban areas'. Such lands are under government acquisition until deemed committed or free.

There are 2 types of acquisition:

1. Committed Acquisition

2. Global/General Acquisition

Committed Acquisition

Land is under committed acquisition when the government has earmarked it for example, provision of amenities. Such lands belong to the government and is a no go area for individuals. If you buy such a land, be assured that you wouldn't be able to perfect the land title. In fact, you're only a temporary caretaker until the government comes with their caterpillar.

Global or General Acquisition

Under this category, lands can later be confirmed 'free' or 'committed' as the case may be. A land under general acquisition can become free by a process called excision. This is a process whereby the government releases a portion of an expanse of land that is not committed. If a parcel of land that was formerly under acquisition becomes excised, it is then considered free and becomes gazetted.

Next...

The different types of land documents. Stay tuned!

Thanks

olaks4real:
Thanks

You're welcome. Stay tuned for more information.