But why reward bad behaviour with free rent since her legal tenancy is expiring tomorrow. Yes, while I will advise that the requested two months is granted to the difficult lady tenant for the sake of peace, she should pay for those two months as well. She is not entitled to any free lunch from her landlord now. Tenants should be made aware in very clear terms that extention of tenancy in whatever disguise should not equate to free rent.

MrMcJay:


You can grant her request. But to ensure no games, you can ask her to write something like.

I ______ hereby undertake that in consideration of the landlord forfeiting 2 months rent for the aforedescribed property, I hereby undertake to to vacate the __bedroom apartment located at ___.

In further consideration of the ___, I further undertake to forfeit and forgo all legal and equitable rights to tenancy and possession held by me over the property and covenant that I be be be held liable for fraudulent misrepresentation and criminal proceedings upon my failure to vacate and give up my possession of the aforedescribed property on the covenanted date.

Dated this _______ day of ____ 2020.

It's a random writing from my head but it would suffice. If she refuses to sign, she's not ready to leave.

I am very sorry your lordship. It will never happen again

Theconglomerate:
Don't tell me what to do or how to react.
That authority is meant for people in your care or subordinates.
Maybe you will ignore,I wouldn't.

ozymes:
I am very sorry your lordship. It will never happen again

I appreciate it,thank you.

dejiotus:
But why reward bad behaviour with free rent since her legal tenancy is expiring tomorrow. Yes, while I will advise that the requested two months is granted to the difficult lady tenant for the sake of peace, she should pay for those two months as well. She is not entitled to any free lunch from her landlord now. Tenants should be made aware in very clear terms that extention of tenancy in whatever disguise should not equate to free rent.

I'm advising that he cuts his losses and moves on. If you decide to bring an action to recover unpaid rent and recover possession, how much would you spend on legal fees and for how long are you ready to drag it?
Now, calculate her unpaid rent for 2 months and decide which is easier to forgo.

Bad tenants can ruin an otherwise profitable investment. I have a client who is selling his 13 units of terraced duplexes at Magodo just because of tenants wahala. Prospective tenants are willing to pay 4M per year per duplex but he has refused, he's stuck to selling.

Sholapey:
God bless you for saying it as it is. A lot of us with useful information have decided to keep to ourselves because of people like him who only come not contribute meaningful information to this wonderful thread but to attack and make ahead of noise.

Pls madam, feel free to post and let us all learn. The knowledge you share is not for a few negligible empty barrels who are impervious to knowledge, it is for hundreds of thousands of people who would see it and learn from you. We are all learning and while schooling may end, learning never ends.

MrMcJay:


I'm advising that he cuts his losses and moves on. If you decide to bring an action to recover unpaid rent and recover possession, how much would you spend on legal fees and for how long are you ready to drag it?
Now, calculate her unpaid rent for 2 months and decide which is easier to forgo.

Bad tenants can ruin an otherwise profitable investment. I have a client who is selling his 13 units of terraced duplexes at Magodo just because of tenants wahala. Prospective tenants are willing to pay 4M per year per duplex but he has refused, he's stuck to selling.

What will he now invest in. A man sold his houses about 12 years to build hotels and event centres. For the past 3 months he has been complaining of no income because of the Covid 19 pandemic in the country.

It is always better to diversify our Investments, so that the Investments can compliment each other.

emmanuelewumi:



To make your property move in time make sure the property is vacant, a friend bought a property and waited another 2 years before he could take physical possession because 4 tenants were living in the property when he bought

Spot on . I for one will not buy any property with tenants going forward . My lawyer said I should always insist on vacant possession ,Learnt this the hard way ,the guy even took me and the seller to court to delay things , but godly wisdom prevailed . Took possession after one year this feb .

emmanuelewumi:

What will he now invest in. A man sold his houses about 12 years to build hotels and event centres. For the past 3 months he has been complaining of no income because of the Covid 19 pandemic in the country.

It is always better to diversify our Investments, so that the Investments can compliment each other.

He has a well diversified portfolio. At least, I know he has heavy stakes in several quoted companies and he is on the boards of a couple of companies. According to him, from now on, he's only building houses to sell.

rmx:


Spot on . I for one will not buy any property with tenants going forward . My lawyer said I should always insist on vacant possession ,Learnt this the hard way ,the guy even took me and the seller to court to delay things , but godly wisdom prevailed . Took possession after one year this feb .

See, let me tell you, in all the properties my clients bought with sitting tenants, none of the tenant has left as at the time promised, not a single one. Even a property where the seller was living with his family, he extended his stay. It was when we withheld his balance payment that he moved out. There was another tenant that reported the seller to the police. This was a tenant that was owing 3 years rent.

What I usually advise is that if one wants to buy a property with sitting tenants, what to do is to ask the seller to eject all tenants and deliver up completely vacant possession. Meanwhile, pay about 60% of the purchase price and prepare a Contract of Sale signed by the seller. The remaining 40% would be paid whenever all the tenants are out.

MrMcJay:


See, let me tell you, in all the properties my clients bought with sitting tenants, none of the tenant has left as at the time promised, not a single one. Even a property where the seller was living with his family, he extended his stay. It was when we withheld his balance payment that he moved out. There was another tenant that reported the seller to the police. This was a tenant that was owing 3 years rent.

What I usually advise is that if one wants to buy a property with sitting tenants, what to do is to ask the seller to eject all tenants and deliver up completely vacant possession. Meanwhile, pay about 60% of the purchase price and prepare a Contract of Sale signed by the seller. The remaining 40% would be paid whenever all the tenants are out.

We learn everyday is what I always say

This your suggestion was what the new lawyer I now used said I should have done if not vacant possession

I paid 100% , was a commercial property used by a franchisee of mr Biggs , was also interested in purchasing the property

Anyway it ended well , started construction there . Wiser now

MrMcJay:


Pls madam, feel free to post and let us all learn. The knowledge you share is not for a few negligible empty barrels who are impervious to knowledge, it is for hundreds of thousands of people who would see it and learn from you. We are all learning and while schooling may end, learning never ends.

Okay sir, I will continue to do my best.

@House, good evening.

I have been reading on the differences between a Sukuk bond and a regular bond.

One of the things that jumped at me was the possibility that if you hold till term, you may not necessarily have your full face value investment back due to the valuation of the asset at that future time e.g. 2027 in this case.

This is very different from the regular FGN bonds where my full face value is repaid on expiration of the Bond. I've read the propectus for the first FGN Sukuk which I could find online and it seems to lend credence to this thesis.

Can anyone pls help correborate this? Or I am mis interpreting the information?

Thank you.

battleaxe:
@House, good evening.

I have been reading on the differences between a Sukuk bond and a regular bond.

One of the things that jumped at me was the possibility that if you hold till term, you may not necessarily have your full face value investment back due to the valuation of the asset at that future time e.g. 2027 in this case.

This is very different from the regular FGN bonds where my full face value is repaid on expiration of the Bond. I've read the propectus for the first FGN Sukuk which I could find online and it seems to lend credence to this thesis.

Can anyone pls help correborate this? Or I am mis interpreting the information?

Thank you.

That's not correct. A sukuk is the non-interest version of a bond (with a few other differences). Maybe you should quote your source text for clarity

Theconglomerate:
Don't tell me what to do or how to react.
That authority is meant for people in your care or subordinates.
Maybe you will ignore,I wouldn't.

Your wife dey try!

IyawoToBe:
Your wife dey try!

Too young to be married honestly.
Probably a decade more might suffice.

I tell u madam.

IyawoToBe:
Your wife dey try!

Guy relax . no fight i like u but relax .

Theconglomerate:
Too young to be married honestly.
Probably a decade more might suffice.

Godbpraised:
Guy relax . no fight i like u but relax .

I think you are telling the wrong person to relax honestly.
If you are a peace broker,I think identifying who is at fault is paramount so you don't lay accusations unconsciously.
Telling me to relax is the same as telling me to stop throwing punches whereas I was only defending.
Hope you get what I mean,no offense...

Theconglomerate:
Don't tell me what to do or how to react.
That authority is meant for people in your care or subordinates.
Maybe you will ignore,I wouldn't.

Nwaneni, You still brought this your ashewo sexuality thread gangster character to a thread meant for the creme de la creme of d society
Dude, you need to stop being belligerent. This is not Aba or Onitsha main market where u and your fellow alcohol dealers come to exchange insults.
Peace, kid bro

Akpaamunsi Agwu

Akpaamunsi:


Nwaneni, You still brought this your ashewo sexuality thread gangster character to a thread meant for the creme de la creme of d society
Dude, you need to stop being belligerent. This is not Aba or Onitsha main market where u and your fellow alcohol dealers come to exchange insults.
Peace, kid bro

Akpaamunsi Agwu

���

XiaoLi:
Guys please i need your advise, i have this troublesome tenant that her rent will expire tomorrow, she is asking to give her 2months to move out, the agent managing the house advised we grant her request since issuing her a quick notice will not favour us,do you think i should grant this request or find other means to throw her out?
Location of the house is Lagos.
cc: everybody

After the 2 months grace expire, she may ask you for a proper quit notice , she cld say give me quit notice if you can't be patient with me to move out. Commit her by signing an undertaking letter to move out in or before 2 months time. I was in a police station earlier today for a case similar to this, the tenant begged for 3 months grace to settle rent, after 3 months elapsed, she said pls give me quit notice of 6 months, I was like gosh, you played me. I had to use my police connection to turn things around. With my previous worst experience, I can't take tenants to court ever again

Theconglomerate:
Save this baseless talk for who cares to listen.
Go and hold all the people renting out their mini duplexes in lekki with this emptiness you just spew here.
I am talking money and capitalism,someone is talking english language and what's written on C of O.
How does that stop a person from renting out a property?
Do tenants now ask for C of O?
Please don't quote me again with irrelevance I beg you.

Your argue forcefully and with a lot of vile. Calm down, learn, share and grow.

Akin3891:


After the 2 months grace expire, she may ask you for a proper quit notice , she cld say give me quit notice if you can't be patient with me to move out. Commit her by signing an undertaking letter to move out in or before 2 months time. I was in a police station earlier today for a case similar to this, the tenant begged for 3 months grace to settle rent, after 3 months elapsed, she said pls give me quit notice of 6 months, I was like gosh, you played me. I had to use my police connection to turn things around. With my previous worst experience, I can't take tenants to court ever again

what happened in court? And why can't you take tenants to court ever? Can you please share.

MrMcJay:


Not a problem sir. Knowledge is like water. We all don't stop learning. What I have learnt on this thread are what people pay heavily to learn and I'm very grateful. Ahib, Emma and others say some things sometimes and I just smile cos they constitute transactional advice that lawyers bill clients millions for.

very valid. I was speaking to a group of senior people and they thought I had a MSc in fiance because of what I have learnt here.

Bro, dont bother arguing with him further..some people are not open to taking corrections when they are wrong, they would rather result to insults when they notice their ignorance is been exposed..

MrMcJay:


The purpose of a property is written on the CofO. Then you are issued with a C of O, the purpose is written on it. You have Residential, Mixed-Use, Commercial, Industrial, Agricultural, Utility, etc written on it. There is a reason why it is written on it.

Registered Titles particularly C of Os determine the use of a property.

Thank you for this, this is a lady moving out because other tenants are not in good term with her do to her bad behaviours, instead of her to jejely move out now she is requesting for an extra two months, when the agent tried to persuade her to pay for the two months she started using foul language that she will never do that instead we should serve her a quit notice. Some people are just very wicked and troublesome in Nigeria that will make you to think if they are really human!

MrMcJay:


You can grant her request. But to ensure no games, you can ask her to write something like.

I ______ hereby undertake that in consideration of the landlord forfeiting 2 months rent for the aforedescribed property, I hereby undertake to to vacate the __bedroom apartment located at ___.

In further consideration of the ___, I further undertake to forfeit and forgo all legal and equitable rights to tenancy and possession held by me over the property and covenant that I be be be held liable for fraudulent misrepresentation and criminal proceedings upon my failure to vacate and give up my possession of the aforedescribed property on the covenanted date.

Dated this _______ day of ____ 2020.

It's a random writing from my head but it would suffice. If she refuses to sign, she's not ready to leave.

Hello Sir, please I have a question with regards to the "CONTRACT OF SALE" mentioned in your comment below. Could you pls explain abit further what its about.

Also, I intend buying some plots of lands about 10 from a real estate firm, would you advise I ask a lawyer to draft this; "Contract of sale" and get the seller to duly sign it?

Thanks

MrMcJay:


See, let me tell you, in all the properties my clients bought with sitting tenants, none of the tenant has left as at the time promised, not a single one. Even a property where the seller was living with his family, he extended his stay. It was when we withheld his balance payment that he moved out. There was another tenant that reported the seller to the police. This was a tenant that was owing 3 years rent.

What I usually advise is that if one wants to buy a property with sitting tenants, what to do is to ask the seller to eject all tenants and deliver up completely vacant possession. Meanwhile, pay about 60% of the purchase price and prepare a Contract of Sale signed by the seller. The remaining 40% would be paid whenever all the tenants are out.

Hmmm, at the bolded i am worried about this too but im keeping her 50k as damage fee but 50k is nothing compared to the equipments in the apartment, she might just decide to vandalize alot of things before moving out, na very wicked lady she be and have intimidated her husband to the extent that her husband have no say!

hollerbaby:



We just had same situation in our house in ibadan, although we gave a quick notice planned towards the expiration of their rent i.e rent expiration same as the date as quite notice expiration . They ask for 2 month , we honoured their request and put it down in writing document. It worked they moved out peacefully. Although condition of the apartment was something else .

According to the agent that manages the house, he said that Nigerian law favours the tenanats, now that she is not ready to move out..assuming we give her a quit notice the quit notice will elapse in the next 3 months according to the Nigerian law, so if we give her quit notice now it means we are offering her 3 months free rent (extra 1 month from her initial request).
I think this is the reason she didn't accept to pay for the extra 2 months but rather yelling we should give her quit notice if we cannot accept her request, you see how troublesome she is?

dejiotus:
But why reward bad behaviour with free rent since her legal tenancy is expiring tomorrow. Yes, while I will advise that the requested two months is granted to the difficult lady tenant for the sake of peace, she should pay for those two months as well. She is not entitled to any free lunch from her landlord now. Tenants should be made aware in very clear terms that extention of tenancy in whatever disguise should not equate to free rent.

Why does it seem like tenancy laws are made to protect tenants. I heard 2 landlords sharing notes and one thing they said that struck me was that having a tenant is like getting married, they are very gentle and humble when begging for the house, but once inside you see their true color.

I also think I have read somewhere that the quit notice law has two parts, but most people only know the part that favors the tenant, that it also protects the landlord but people just stop at the first part.
I'd have to search for it

XiaoLi:
Hmmm, at the bolded i am worried about this too but im keeping her 50k as damage fee but 50k is nothing compared to the equipments in the apartment, she might just decide to vandalize alot of things before moving out, na very wicked lady she be and have intimidated her husband to the extent that her husband have no say!

The whole thing is just tiring when somebody living in a house built with your hard earned money is dictating to you, please search and share at the bolded.

ojesymsym:
Why does it seem like tenancy laws are made to protect tenants. I heard 2 landlords sharing notes and one thing they said that struck me was that having a tenant is like getting married, they are very gentle and humble when begging for the house, but once inside you see their true color.

I also think I have read somewhere that the quit notice law has two parts, but most people only know the part that favors the tenant, that it also protects the landlord but people just stop at the first part.
I'd have to search for it

Hello house! I just heard about treasury bill investment but I have some questions bothering me...

(1) Is 2M a good amout to start with? Because I would like to invest for just a year...

(2)How much interest should I expect on 2M?

I need advice on what to invest in that will yield higher interest in a year apart from fixed deposit..

Thanks!