20 TYPES OF LAND DOCUMENTS THAT CAN PERFECT YOUR LAND DEALS

12th | December | 2024

• Title Documents

- 1. A Land Excision is a title document issued by state governments to effect the release of a portion of land to indigenous people or settlers who originally owned the lands before the enactment of the Land Use Act 1978 which vests all compromised lands excluding Federal Government occupied lands in the custody of the Executive State Governor.

- 2. A Gazetted Land is land that has been officially announced by the government as having been excised from its possession and given to an individual, community, or entity. A gazette is the official document that announces this, and it includes details about the land, such as the name of the community and the number of hectares cleared.

- 3. A Right of Occupancy (R-of-O) is a title document issued by the federal government upon a land allocation that gives someone the right to occupy and utilize a land especially in Abuja FCT in Nigeria. The government can revoke a R-of-O for overriding public interest if need be. This is called compulsory acquisition.

- 4. A Certificate of Occupancy (C-of-O) is a land title document with a great significance, endorsed by the Executive State Governor and affirms that the holder has the legal right of ownership over the land for 99 years renewable. Revocation for overriding public interest attracts compensation from the government.

- 5. A Governor's Consent is a land title document that gives the state government's approval when transferring land ownership, especially when the land already has a Certificate of Occupancy (C-of-O), a since C-of-O cannot be processed twice on the same parcel of land. Without a Governor's Consent or C-of-O, any land transfer of ownership, lease, mortgage, or other real estate dealings are considered invalid.

• Legal Documents

- 6. A Land Contract of Sale is a legal document (agreement) that outlines the terms and conditions for purchasing an estate property from a real estate company. It allows real estate buyers to purchase land and housing units outrightly or instalmentlly (with a payment plan) directly from a real estate firm without getting a loan from a bank or other financial institutions.

- 7. A Deed of Assignment is a legal document that shows that the buyer is now the new owner of the real estate pending the release of his C-of-O or Governor's Consent to perfect his ownership of the property.

- 8. A Deed of Trust, also known as a trust deed, is a legal document (agreement) between a lender/mortgage bank or mortgagor and a borrower/mortgagee where the lender holds the legal title to a real estate purchased by the borrower until he pays off the loan or forfeit ownership to the lender to set off the loan in case he defaults in repaying the loan.

- 9. A Deed of Conveyance is a legal document that transfers the ownership of a real estate from one party to another before the enactment of the Land Use Act in 1978 which replaced it with the issuance of Certificate of Occupancy. Up till today, some real estates still maintain a Deed of Conveyance as their major title document.

- 10. A Survey Plan (Red Copy) is a document has been recorded at the Surveyor-General's office and it can also help to verify if the land is under government (committed/restricted) acquisition or not including the exact measurements, map and description of the land.

- 11. A Land Information Certificate is a document that provides information about a land acquisition status whether it is free from government acquisition, and its zoning restrictions whether it is for residential, commercial, industrial or agricultural development. It can be obtained by a registered Surveyor through the office of the Surveyor-General of the state and required for the processing of a C-of-O.

- 12. A Land Allocation Letter, also known as a letter of allotment, is a legal document that confirms a person or company's provisional allocation of a government land scheme applied and paid for. It is issued by a state government authority, preceding the issuance of a C-of-O and is an important step in the process of becoming a real estate owner.

- 13. An Approved Building Plan means the final construction plans/documents that have been approved in accordance with safety and modern standard by the appropriate government agency, that will be utilized for the construction of the building project.

- 14. A Land Court Judgment is a documented legal decision of an apex court (supreme court) that settles a land dispute in favour of a party and explains why the court made a particular order against the other party. It is a reliable land document in the case of buying a once disputed land.

- 15. A Will is a legal document that describes how you would like your properties including real estate and other assets to be distributed after your death.

- 16. A Letter of Administration is a legal document obtained from a probate court that grants someone the authority to manage or own the estate of a deceased person who died without a valid will.

• Transactional Documents

- 17. A Property Family Receipt is a document that acknowledges payment for a land/house but it is not considered a valid proof of ownership until payments for all statutory documents and infrastructural/allocation fees have been completed, and obtained.

- 18. A Site Layout of an estate is a plan that shows the location of plots, roads, open spaces, parking, map, boundary and other features of a site. A site layout plan may also show the relationship of the real property to nearby roads and buildings. It is a transactional document that interested buyers request to view in order to choose their choice of plot(s) or housing unit(s) before payment.

- 19. A Survey Plan (Blue Copy) is a transactional document not yet recorded at the Surveyor General's office but details the exact measurements, map and description of the land.

- 20. A Demand Notice in real estate is a state government issued land document or letter which communicates a financial requirements upon a successful application of a government land scheme to the applicant and gives notice of the timeframe in which the required payments, and statutory fees must be made in order to avoid forfeiture of slots applied for.

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ESTATE GUIDE SERIES
- EGS: 63

Your No.1 Guide In Real Estate Investment, Simplifying Land & Housing Matters In Nigeria! 🇳🇬

(Weekly Publication On Saturdays)
- 28th September 2024

- Theme:
HOW SURVEY PLAN VERIFICATION PREVENTS LAND INVESTMENT LOSS

- Introduction:

A survey plan confirms the true ownership, purpose of zoning, acquisition status, size and location of a parcel of land after charting the land at the Surveyor-General's office. It is important that the survey plan or land coordinates are physically picked by a credible and registered Surveyor using his GPRS on the land site, and take them to the Surveyor-General's office for charting in order to reveal, and verify the true information about the land whether it is accurate with the same information the seller presents to the buyer in support of his due diligence before payment.

- What is a survey plan?

A land survey plan is a specialized map of a parcel of land, created by thoroughly examining and measuring the property. It determines and delineates boundary locations, building locations, physical features and other items of spatial importance.

- Is survey plan a title?:

The first point to note is that, a survey plan is not a title document. It is a legal document that delineates the boundary locations, the position of the building, and other physical features of interest. The land survey plan displays the precise legal boundaries of the property and other relevant registration information.

- What components does a valid survey plan display?:

It displays the name of previous/current land-owner, the exact location and size of the land, its boundaries, and a description of the land, the name of the registered Surveyor who drawn it, date, and phone number, the coordinates, and beacon numbers including information on physical features or landmarks of importance.

- What is the difference between provisional survey and registered survey plan in Nigeria?:

• Legal Recognition: Provisional surveys (blue copies) detail the size, coordinates and boundary map of a parcel of land but are not legally recognized for ownership purposes, while registered surveys (record or red copies) in addition are legally binding, and are required for obtaining a Certificate of Occupancy.

- How can a buyer confirm Government approval on a land before payment?:

Before a land survey plan can be considered valid, it must be approved and endorsed by the relevant government authorities, such as the Surveyor General's Office or the Land Registry. If there is a government approval on a land, then it must have been endorsed with a verifiable government issued land documents such as a registered survey plan which authenticity can be verified at the Land Registry before payment by an interested would be buyer.

- Why is a survey plan important?:

A survey plan serves as the foundational document for land ownership. It precisely defines the boundaries of a land property and identifies the landowner, offering clear legal proof of ownership. This is essential for preventing disputes between neighbors and ensuring that land is used, and developed within legal limits. Accurate boundary delineation helps in avoiding potential conflicts over land ownership, and usage.

• In conclusion, one of the most common risks associated with not having a land survey is legal disputes. If you purchase or develop land without a proper survey, your neighbor may take issue with your boundary lines or other aspects of your property—which can lead to costly legal disputes.

• Caveat Emptor
• Let Buyers Beware

- Copyright © 2024 By
Olusegun Michael Adeniyi

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ESTATE GUIDE SERIES: 62
Weekly On Saturdays

21-09-2024

- Theme:

LAND TRANSACTION RECORDING AND ZONING RESTRICTIONS

- Introduction:

The Chairman of the Police Service Commission, DIG Hashimu Argungu rtd has warned that serving Police Officers who are found involved in civil matters such as land, rent, and marital disputations will henceforth be sanctioned and their promotions suspended. The Land Use Act also does not empower traditional rulers with the responsibility to resolve land disputes except through investigations at the Land Registry and the Surveyor General's office where Government issued land documents were confered upon the real owner of a land but without a Government issued documents in the name of the acclaimed bearer, the land could either be a Government Committed Acquisition or someone else land who must have registered it, and obtained Government approval for a residential purpose.

- Why Land Recording?

Land records must be systematised in order to provide landowners with a user-friendly service. Most importantly, proper titling of land records prevents the use of bogus and fraudulent land papers.

- Why land recording is important?

One of the primary reasons why land documents are important is that they serve as evidence of ownership. Without proper documentation, disputes and conflicts over land ownership can arise, leading to legal battles and financial losses.

- How does a deed of assignment record land transaction?

A Deed of Assignment is made up of a cover page that shows the identities of the buyer and seller as well as a description of the land; a second page that shows the date of the transfer, names, and location of buyer, and seller, and a history of how the seller came into possession of the land, a third page detailing the intention of the buyer to buy, and his financial commitments,
a fourth page transferring the right, interest, title and ownership to the buyer pending the C-of-O approval, and finally the fifth page for all the transacting parties signatures sealing the offer, and acceptance of the deal.

- Why land zoning?

Zoning regulations can be used to separate business from commercial, industrial and residential areas in order to distinguish purpose of land usage for urban developments. Owners obtain approval base on the designated purpose of land zoning.

- What are the objectives of zoning?

The purpose of zoning is to indicate the land use objectives for all the lands within the country. Zoning aspires to promote the orderly development of the country by eliminating potential conflicts between incompatible land uses and to establish an efficient basis for investment in public infrastructure and facilities.

- How does a survey reveal land zoning restrictions?

A survey plan reveals the true ownership and zoning restriction or purpose of a land usage, prevents overlapping incompatible uses of land, like having a home next door to a factory. It also details information about the land, and only Registered Surveyors possess the technical, and legal qualifications to prepare a valid survey plan.

• In a nutshell, verifying a seller's Deed and survey plan will support a buyer's due diligence, and subsequently obtaining land legal documents in the name of the buyer is a right decision to journey towards perfecting the land ownership with a Certificate of Occupancy (C-of-O).

• Ask Realtor Michael

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Our goal is to provide legal advice through our Estate Guide Series to answer your real estate questions by simplifying your complex land and housing matters.

ESTATE GUIDE SERIES: 61
Weekly On Saturdays

14-09-2024

Theme:

INVESTMENT PROPERTY

- Introduction:

What Is an Investment Property?

An investment property is real estate property purchased with the intention of earning a return on the investment either through rental income, the future resale of the property, or both. The property may be held by an individual investor, a group of investors, or a corporation.

Examples of commercial investment real estate include land held for long-term capital appreciation rather than for short-term sale in the ordinary course of business, office buildings, retail centers, industrial warehouses, medical offices, and mixed-use developments.

- How does real estate investment work?:

Direct real estate investments involve owning and managing properties. Indirect real estate involves investing in a pool of money that is used to buy and manage properties. Example of these are land co-own or mutual land banking investments currently on sale.

- How to invest in land and make money in Nigeria?:

• Rental properties: Generating income through renting out residential houses or commercial spaces, or offices.

• House flipping: Purchasing a limited land property, building a mini and serviced estate on it, and strictly reselling it for a profit.

• Real estate development: Constructing a newly layout land or housing estate, or rehabilitating existing ones mostly for sale in phases atimes, or renting it out for residential, or commercial purpose.

- What type of investment property makes the most money?:

Commercial properties are considered one of the best types of real estate investments because of their potential for higher cash flow, whether as long or short term rental properties or outright selling, they are the best types of real estate investment because you can earn a high Return On Investment or monthly positive cash flow.

- Investment Land Property Documentation:

Land documents are more than just pieces of paper; they are the legal proof of ownership and the foundation of a secure real estate transaction. Without proper documentation of investment estates, property buyers and investors risk losing their hard-earned money to scams, disputes, and legal battles.

- What are the documents required to own an investment land in Nigeria?:

• Certificate of Occupancy: In Nigeria, the main document that shows you own a piece of land is the Certificate of Occupancy (C-of-O).

• Deed of Assignment: A Deed of Assignment is an essential legal land document for recording the sale of land from the seller to the buyer.

• Survey Plan: A survey maps out your land boundary and size, detailing the land ownership and a registered copy establishes Government approval and appropriate zoning restrictions.

• Land Excision: This is the process whereby the government releases a parcel of land back to the indigenous owners of such lands for the purpose of residential and commercial developments. When this excised parcel of land is published in government official gazette such a land is said to have "Gazette" as title.

• Receipt: It is a transactional evidence of payment for a real estate but not a legal instrument or Government issued documents for securing the subscriber's ownership.

• Governor's Consent: A land or housing property with existing C-of-O cannot go through another C-of-O processing in the hands of a new buyer, instead, the new buy obtains the consent of the state Governor who approved the previous owner's C-of-O initially.

• In Conclusion, land ownership can be a great investment as long as you enter the deal with an awareness of all of the risks and pitfalls involved. By conducting careful research, investors can take advantage of low property prices and purchase land that will be worth much more down the road.

• Ask Realtor Michael

- +2348083582024
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Our goal is to provide legal advice through our "Estate Guide Series" to answer your real estate questions by simplifying your complex land and housing matters.

What impact does government land allocation have on real estate transactions?

Government land allocation impacts real estate transactions by providing a structured and legal framework for acquiring land. It ensures transparency, reduces the risk of fraud, and provides clear ownership titles through Certificates of Occupancy. This process helps in building trust among buyers and investors, leading to more secure and reliable real estate transactions.

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- +2348083582024
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Our goal is to provide legal advice through our Estate Guide Series to answer your real estate questions by simplifying your complex land and housing matters.

THURSDAY INSIGHT ON EGS: 59

THURSDAY

How does LUAC ensure transparency?

The Land Use Allocation Committee (LUAC) ensures transparency in land allocation by processing applications and issuing allocation letters. LUAC follows a structured process that includes verifying all legal requirements, providing clear ownership titles, and reducing the risk of disputes and fraud. This transparent approach builds trust among buyers and investors, facilitating secure real estate transactions.

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Our goal is to provide legal advice through our Estate Guide Series to answer your real estate questions by simplifying your complex land and housing matters.

What are the steps to obtain a Government Allocated C-of-O?

To obtain a Government Allocated Certificate of Occupancy (Govt Alloc. C-of-O) in Nigeria, follow these steps:

1. Submit Application: Complete and submit the application form with required documents to the Land Use Allocation Committee (LUAC).

2. Receive Demand Notice: LUAC issues a Demand Notice detailing further costs and fees.

3. Pay Required Fees: Pay the specified fees to avoid delinquency and forfeiture.

4. Receive Allocation Letter: After fulfilling requirements, receive the Allocation Letter from the Ministry of Land.

5. Process C-of-O: Begin processing the C-of-O as the first occupant on the land.

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Our goal is to provide legal advice through our Estate Guide Series to answer your real estate questions by simplifying your complex land and housing matters.

What is the origin story of the Ministry of Land in Nigeria?

- The Ministry of Land in Nigeria oversees land administration and allocation. It ensures proper land use, allocation, and management, providing legal frameworks and policies to regulate land transactions. The Ministry plays a crucial role in issuing Certificates of Occupancy, ensuring transparency, and reducing fraud in land dealings.

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Our goal is to provide legal advice through our Estate Guide Series to answer your real estate questions by simplifying your complex land and housing matters.

SATURDAY (WEEKLY) ESTATE GUIDE SERIES: 59

31-08-2024

- Theme:

HOW TO BUY A LAND DIRECTLY FROM THE GOVERNMENT

- Introduction:

Like any verified real estate companies and individual land dealers, the Governments through their various schemes also sell lands and housing estates to would be buyers. Examples of existing schemes are the Magodo GRA, Lekki Phase 1, Abijo GRA, Ikeja GRA etc. Government Allocation in real estate typically refers to the process by which the government sells percel of land or real properties in schemes to individuals, organizations, or developers for various purposes such as residential, commercial, agricultural or industrial use.

- How Is Government Land Allocated In Nigeria?:

The Governor is responsible for the allocation of land in all urban areas to individuals and organisations for residential, commercial, industrial, agricultural and other purposes, while similar powers with respect to non-urban areas are conferred on Local Governments.

- Requirements "Demand Notice":

The purchaser would have to submit a completed application form with the following required documents:-

- Four (4) Passport Size Photographs
- Development Levy
- Valid Tax Clearance Certificate
- Payment Receipt for the Purchase of the Application Form
- Completed Application Form

After submission to the Land Use Allocation Committee (LUAC), the allottee will be issued an acknowledged letter of allocation detailing further required land or housing cost and fees for the Certificate of Occupancy in a Lagos state letter head, stamped and sign document known as Demand Notice, informing a land applicant that they have unpaid Government allocation land costs in order to avoid delinquency, and forfeiture, and needs to be paid by the due date indicated, and a temporary allocation C-of-O file number issued to the applicant or allottee for a follow-up, and due diligence in case subsequent buyers show up.

- Land Allocation Letter:

After a successful completion of the requirements in the letter of Demand Notice, the Allocation Letter is issued to the applicant to officially effect the transfer of the ownership of the land plot(s) or housing estate in a Government Reserved Area (GRA) to the individual or entity after being deliminated and surveyed. The document is authorized by the Ministry of Land and issued by the state Land Registry.

- Government Allocated C-of-O:

After allocation, the new owner can commence the processing of his Certificate of Occupancy land title as the first occupant on the land.
Once all requirements for obtaining the C-of-O are met, the Certificate of Occupancy will be approved by the Governor and issued to the applicant.

- In Conclusion, Government land and housing allocations confer legal recognition, and ownership rights upon the real property owner. Subsequently, by acquiring real estates through a Government Allocated C-of-O titled properties, buyers can have peace of mind knowing that their ownership is backed by the government and is legally recognized.

- Ask Realtor Michael
- +2348083582024
- https:///fvpfsj
- Follow this link to view and own our verified land and housing estates:
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Our goal is to provide legal advice through our "Estate Guide Series" to answer your real estate questions by simplifying your complex land and housing matters.

ESTATE GUIDE SERIES: 58

15-08-2024

Theme:

LAND MEASUREMENTS AND SIZES

- Introduction:

In Nigeria today, land is measured in Plots, Acres, Hectares, Meters and Feet. These measurements are affected by factors, which include development pattern, human and environmental factors.

- Measurement of a Plot:

In Lagos State for instance, the standard size of a plot is 60ft x 120ft (36m x 18m = 648 sqm), while in some other states of the country, a standard plot size is within 500 to 1,000 sqm depending on the state law.
However, plot size of most of the estates surveyed to land buyers in Lagos is 600 sqm instead of 648 sqm.
This is basically because they have to make allowance for infrastructures in the estate which include road networks, sewages, playground and other facilities to be provided by the estate subscribers developmental levies.

- Variance in Plot Sizes:

The size of a plot can vary from one state to another because land matters are statutory regulated by different state laws. Each Nigerian state law recognizes different standard measurement for the size of a plot of land hence the reason for the variance in standard measurement of plot sizes as determined by each office of the state's Surveyor-General. Therefore there is no standard size for a plot of land except that of the state where you propose to buy a piece of land at the moment.

- Measurement of an Acre:

An Acre is a standard unit of land measurement used by land developers and it is almost equivalent to the size of a standard football field. An Acre is a product of any rectangular plot of land giving a total of:

👉🏿4,046sqm OR
👉🏿43,560 sq ft OR
👉🏿6 plots (each measuring 60ft x 120ft)

- Measurement of a Hectare:

A hectare is one of the least known metric units and one which potential land buyers and Estate developers seem to struggle with -

It is a land measuring:

👉🏿100m x 100m OR
👉🏿328ft x 328ft OR
👉🏿10,000 sqm OR
👉🏿Two and half acres OR
👉🏿15 plots.

- Setbacks and Conner Piece:

The state building regulation requires all building developers to leave an airspace or setback of 3 metres each by both sides and back of the building, and 6 metres before the road in the front of the building for infrastructures, convenience, safety and possible expansion of the road in future.

A Corner Piece is a plot of land at roads intersection and bordered by two (2) access roads in its front and by one of its sides. Larger than a residential plot in most cases and preferable for commercial purpose but if used for a residential building, it would be more expensive due to its unique location since it's sharing border with two (2) access and intersecting roads, and might also be sharing border with other residential or corner piece plots behind and besides it.

- Survey Plan:

There are two types of Survey Plan;

Ordinary Survey- is the blue copy after charting the land. This means it hasn't gotten to the ministry for final approval.

Registered Survey- is the red copy. Here the land surveyed has gotten to the ministry of environment for final approval.

A Survey plan is a document that measures the boundary of a parcel of land to give an accurate measurement and description of that land, and also indicate whether the land is government restricted or for private use.

Registered Surveyors are regulated by the office of the Surveyor-General. A detailed survey plan includes.

1. The name of the owner of the land surveyed.

2. The Address or description of the land surveyed.

3. The size of the land surveyed.

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

5. The beacon numbers.

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

7. A stamp showing the land is either free from Government restriction or not.

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ESTATE GUIDE SERIES: 57

05-08-2024

Theme:

FIVE (5) MAJOR REASONS WHY PEOPLE OWN REAL ESTATES

- Introduction:

Land use is the function or functions that humans apply to the land available to them. The study of land use is the study of how the land is managed, including how the natural world is adapted to human needs. Zoning is related to land use but is how governments regulate such use in accordance with the law and zoning restrictions or purpose of use.

- 1. Buy And Hold:

Buy and hold real estate serves as a long-term appreciation: The primary goal of buy and hold a land property is to benefit from long-term appreciation in property values. Over time, the property's value is expected to increase, allowing the investor to sell it for a higher price.

- 2. Buy To Build:

Build-ready land – otherwise known as registered land with all verifiable government issued land documents intact for would be buyers – is what we call a block that has already been approved for building. It's a piece of land that a buyer has already had approved for an immediately start to building a new home after also obtain a building approval.

How do you Prepare the Site for Construction?
Step 1: Site Clearing. The first step in any site preparation is site clearing.
Step 2: Site Surveying.
Step 3: Soil Testing.
Step 4: Site Plan Design.
Step 5: Site Investigation.

- 3. Flipping (Off-plan):

Flipping is a real estate strategy that involves buying a plot(s) of land or homes, renovating them into a mini estate, and selling them for a profit in a short period of time. Flipping houses is a business that requires knowledge, planning, and savvy to be successful.

- 4. Real Estate Development:

Real estate development is the improvement and construction of land to create a standard estate or serviced land, and launching it to interested home buyers. The term can be used to refer to real estate development projects and growth in the built environment or the real estate development industry. Examples. Real estate development can be a very lucrative business, but also very risky due to the high cost of land registration and skyrocketed costs of building materials.

- 5. Co-Own (Land Banking)

Obtaining co-ownership of a real estate property with a group of investors means that upon project completion, investors can choose to sell out at a premium or lease out to tenants to earn rental income. All co-owners will receive rental returns commensurate to their shares of ownership in the unit.

- In Conclusion, whichever way in any of the above reasons you choose to own real estate, real estate investors make money through rental income, appreciation, and profits generated by business activities that depend on the property. The benefits of investing in real estate include passive income, stable cash flow, tax advantages, diversification, and leverage.

Schedule a site inspection with Realtor Michael:
https:///fvpfsj
+2348083582024

- Legacy Garden City
- Imota, Ikorodu, Lagos, Nigeria.
- Registered Survey
- Pre Launch Price:
- 500sqm: N950,000
- Initial Deposit: N150,000 and spread balance across 3-6 months.
- Pre Launch Acre Price:
- N5.4m per acre
- Initial Deposit: N1.5m and spread balance across 3-6 months
- Proposed Infrastructures:
- Good Road Network
- Perimeter Fencing
- Gatehouse etc
- Landmark:
- Imota Roundabout
- Caleb University
- Imota Rice Mill
- Ikorodu Ferry Terminal
- LasuTech

- YouTube:
https://www.youtube.com/watch?v=USlXUWnfx7k?si=GTEu3lzPTklrrSS5

For your estate due diligence and free site inspection tour schedule, please click on;
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© 2024 Realtor Michael
~Estate Advisor

® Website:
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ESTATE GUIDE SERIES: 55

- HOW TO IDENTIFY A GENUINE CONTRACT OF SALE IN A REAL ESTATE TRANSACTION

- Introduction:

A contract is always thought of as a mutual consent between two or more parties to do or not to do some lawful obligations. In a valid real estate transaction, the contract of sale which validates the contractual agreement between the seller (owner) and buyer forms the nucleaus of the transaction, and anchors further documentation, and real property allocation to the new buyer, and it is the Realtor who brings both parties together in order to earn a commission.

A genuine contract of sale have certain essential requisites in order for it to be considered complete and a real estate transaction without a contract of sale is completely void, and difficult for a defaulting party to be charged to court.

These essentials are necessary in real estate contractual agreements and are as follows:

- 1. Competent Parties:

Since a contract is a promise, agreed and signed by two or more parties, all of those parties must have competency to contract; i.e., they must be of legal age, not insane, or under intoxication or undue force or pressure.

- 2. Consideration:

The law universally acknowledges that parties in a contract including real estate transactions must have an award or some sort. The compensation is usually in the form of money but could be anything that could be transformed into Naira. Normally, courts will not review the adequacy of consideration unless fraud or deceit has been alleged in the making of the contract. However, without any consideration, a contract is without substance and is therefore void.

- 3. Meeting of the Minds:

This is also known as offer and acceptance in real estate transactions. Real estate practitioners, however, regard these as one and the same, and until the offer is fully and completely accepted bilaterally, the real estate contractual agreement, and transaction cannot exist. This issue applies to the mutual consents of both parties as to all the terms and conditions set forth in the agreement.

- 4. Legal Purpose:

It should be obvious that you cannot contract to injure someone or do something against the public purpose. In real estate contract of sale, care should always be exercise in the wording of conditions in a transaction that changes the purpose of the transfer or threatens the safety of lives and properties.

- 5. Proper Form:

Real estate sales contract should be put into writing and agreed to by both transacting parties but some other oral contracts are accepted in courts. Legality demands that real estate transaction - contracts of sale are put into writing and signed by both parties if they are to be enforced in courts.

- In Conclusion, a valid contract of sale is fully enforceable while a voidable contract may be terminated by one of the parties because a void real estate contract of sale is the one that cannot be enforced if it lacks one or more of the aforementioned essential requisites to a valid real estate contractual agreement.

For your estate due diligence and free site inspection tour schedule, please click on;
https:///fvpfsj
© 2024 Realtor Michael
~Estate Advisor

® Website:
https://adenshelters.estateagentsng.com

ESTATE GUIDE SERIES: 54

- 3 WAYS YOUR HOUSE DEPRECIATES AND LOSES VALUE

- Introduction:

The housing property is what gives value to land itself and if no one built on a land for a long period of time the value will remain stagnant but concentrating on the house itself is a liability, except it's a commercial building. Depreciation of a house means a loss in value. It can be caused by many factors, but is generally classed into three categories - physical, functional, and economic.

The three reasons are explained as follows;

- 1. Physical Depreciation:

It is any loss in value a housing property stuffers due to age, physical obsolescence, weakness, overdue for renovations, due for demolition, general wear and tear, or the elemental action of sun, wind, rain and cold. This loss in value begins the day the house is newly completed and extends throughout the property's life till the value almost diminished. It may be offset by upkeep and maintenance but is generally at a constant rate of depreciation. Measurement of this class of depreciation is usually through an age-life table such as accountants use to write off an asset for the Federal Internal Revenue Service: however in real estate valuations, the age-life expectancy is determined by the market and not by FIRS charts. As an example, if the appraiser discovers in the market that 40-year-old single family homes are selling at 20 percent less than their cost new, he could say that depreciation is at the rate of one-half of 1 percent per year (40 times of 0.05= 20%).

- 2. Functional Depreciation:

It is a value loss that has to do with style, layout, utility, or features that are no longer acceptable by modern tastes. It is said that "more buildings are torn down than fall down," and this is a reflection of their lack of usefulness. As an example, years ago homes were built with outside toilets which lacked convenience and comfort. Today inside plumbing is not only desirable but mandated by many health authorities. Homes that have bath facilities away from the sleeping quarters of a house (face-to-face) lose appeal and value in the real estate market. This loss of value is called Functional Obsolescence and is usually measured by either the cost to correct same or by the value loss if incurable. Any value loss a property suffers within it boundary lines that is not a physical loss in value can be classed as functional obsolescence. Example of this would be inadequate service equipment. (electrical, heating, plumbing); improper or unusual style, undersized rooms and inappropriate relationship of land to building.

- 3. Economic Depreciation:

It is a loss that occurs outside the boundary lines of a property. It has to do with the principle of conformity which confirms that the maximum value of any physical object occurs when that object is in balance with its surroundings. An over-improvement or under-improvement is an example of a property that is larger than or smaller than properties within the neighborhood and causes a loss in buyer appeal. Few people would buy a N30,000,000 residence in a N15,000,000 neighborhood. Also, if fronting street become heavily trafficked or if heavily industrial plants are constructed on adjacent or nearly adjacent properties, residential properties would suffer in value. The measurement of value loss would be the loss of income or the price the property could obtain if located in a proper area.

- In Conclusion, A land would never decline in physical condition and value due to age, wear and tear, and other factors or functional, or economic usefulness due to technological changes, obsolescence, or other factors but appreciate with time.

Landing you with comfortable landed properties...
______________________________
©️ 2024 Realtor Michael
+2348083582024
+2348062298875
Estate Advisor & Marketer

Estate Guide Series: 28

Dear Esteemed,

Theme:

10 🚫 ROADBLOCKS WHY YOU MUST NOT BUY A LAND WITHOUT A DEED OF ASSIGNMENT❗

▶️ Introduction:

Despite the fact that you've paid for a landed property, you're yet to become the legal owner, and for this reason, you don't have a legitimate claim over it, until you've perfected the estate title documents in order to make the real estate transaction legal in the eyes of the government in accordance with Section 22 of the Land Use Act of 1978.

1️⃣ You Can't Claim An Ownership Over The Land:

You can't complete a statutory regulated land transaction just by making payment for the landed property until you've processed your Deed of Assignment and other government documents that confer a legal ownership on you.

2️⃣ The Seller Still Remains The Rightful Owner:

Until the new buyer's Deed of Assignment is processed to countersign the seller's Deed, there's no transfer of ownership yet and the seller still remains the rightful, and legally recognized owner of the landed property.

3️⃣ You Can't Process A Certificate Of Occupancy On A Deedless Land:

Without a Deed of Assignment, your Certificate of Occupancy over the land becomes an impossible task with no possible collateral to seek for a bank loan if need be.

4️⃣ Waste Of Money On Unnecessary Litigations:

Funds invested in a land transaction void of a Deed of Assignment would go down the drain and become a dead investment having wasted embroling in unnecessary litigations over a false claim for a Deedless, and null land transaction.

5️⃣ Deedless Land Transaction Is Illegal In The Eyes Of The Government:

A land or housing unit transaction without a Stamp Duty executed on its Deed of Assignment and Receipt of Purchase documents at the Land Registry can't be in conformity with the Land Use Act (1978) therefore, it's illegal in the eyes of the government.

6️⃣ Your Vulnerability To Omo-Onile Extortions:

The major prayer point of the indigenous Omo-Onile is for you to neglect your Deed of Assignment endorsement by their family heads at the moment of land purchase so that they can heavily extort money from you whenever you show-up for their signatures on your Deed in the future when you need it urgently.

7️⃣ A Deedless Landed Property Is A Liability Not An Inheritable Asset:

A Deedless landed property is the best definition of an estate false claim that you're likely to outlive and bequeath on your children, not as an inheritance but as a liability.

8️⃣ Forfeiture Of Compensation Upon Title Revocation And Demolition:

Without a Deed of Assignment, you can't process your Certificate of Occupancy and land occupants without a C of O will forfeit government compensations, should there be a title document revocation, and demolition in the area due to prevailing government use of the land for public interest.

9️⃣ Your Land Ownership Authenticity Can't Be Verified At The Land Registry:

Your land (family) Receipt of Purchase without an endorsed Deed won't be given a legal recognition and authentication at the Land Registry, and it's ownership integrity would be doubtful.

🔟 You Can't Give What You Don't Have:

"Nemo Dat Quod Non Habet".

Except by the ratifying process of government regularization, a Deedless or unexecuted Deed holder can't endorse a new Deed in favour of a new buyer until the government barrier is lifted and the land is fully excised.

⏹️ In Conclusion:

To stay on the winning side of any landed property transaction divide, ensure you obtain your valid Receipt of Purchase and endorsed Deed of Assignment for a Stamp Duty authentication, and acknowledgment at the Land Registry in order to enable the processing of your land or housing unit Certificate of Occupancy to perfect your real estate title documents.

From the desk of the Real Estate Messiah

Olusegun Michael Adeniyi
Lead Consultant
©️ Aden Shelters Limited
Lagos Nigeria
RC 1743601

Website:
https://adenshelters.estateagentsng.com/

Follow this link to view our estate catalog on WhatsApp:
https:///c/2348062298875

Mobile:
+234 808 358 2024
WhatsApp:
+234 806 229 8875
Email:
adenshelterslimited@gmail.com

Landing you with comfortable landed properties...

SHERWOOD COURT ESTATE

Sherwood Court Estate, a contemporary living with an Exclusive, Elegant, exquisite finishes in the heart of Sangotedo, Ajah.

Sherwood Court is a premium 4 bedroom terraces with the following;

- 2 living rooms
- Fully fitted kitchen
- Swimming pool
- Good road network
- 24/7 power supply
- Very serene ambiance
- 24/7 security network, etc

Landmarks:
- Novare Shoprite Mall
- Lagos Business School
- Chevron
- Caleb School
- Emperor Estate
- Lufasi Resort, etc

Title: Governor's Consent

Location: Vintage Estate, Opposite Crown Estate, Sangotedo, Lagos, Nigeria.

In case you have any questions or require our assistance, make no hesitation to contact us today.

Realtor Michael
�
+234 907 957 2044
�
+234 818 251 5733
☎️
+234 806 229 8875

�
adenshelterslimited@gmail.com

�️
https://adenshelters.estateagentsng.com/
&
https:///c/2349079572044

©️ 2021 Aden Shelters Limited
Lagos, Nigeria
RC 1743601

Landing you with comfortable landed properties...

YouTube Video
��

https://www.youtube.com/watch?v=tWOPL77zpKE

REAL ESTATE LECTURE SERIES

THEME:
4 AUTHENTICATION STAGES OF A DEED OF ASSIGNMENT

¶ A deed is a signed document mostly regarding the ownership of a landed property.

¶ If your existing deed of assignment did not pass through these 4 stages, then consider it as a void deed because the property still belongs to the seller or previous owner.

The 4 authentication stages are as following:

1). Execution:
The seller or assignor must sign out the property in the deed of assignment in order to release the property to the buyer or assignee.

2). Ratification:
The buyer or assignee must sign in the property in the deed of assignment in order to accept the property and form a valid agreement between both parties.

3). Acknowledgement:
This is an act of permitting the deed of assignment to be recorded in the court of law or the state land registry for public notice and security of the legal instrument.

4). Completion:
This is not a legal term, although the lay person may think he has completed everything when one party signs the deed of assignment but the authentication is completed when all the above stages have been processed.

In case you have any questions or require our assistance, make no hesitation to contact us today.

Realtor Michael
�
+234 907 957 2044
�
+234 818 251 5733
☎️
+234 806 229 8875

�
adenshelterslimited@gmail.com

�️
https://adenshelters.estateagentsng.com/
&
https:///c/2349079572044

YouTube:

https://www.youtube.com/watch?v=T37A5-gimJk

©️ 2021 Aden Shelters Limited
Lagos, Nigeria
RC 1743601

Landing you with comfortable landed properties...

GOOD NEWS ON LAND TITLE EXCISION APPROVAL & MONTHLY TENANCY RENT BY THE LAGOS STATE GOVERNOR

From Babajide Sanwo-Olu

To end the menace of land grabbing in Lagos, I ordered a complete excision on untitled land across the State today.

This directive represents a major turning point in land administration for our state, as the exercise would enable the State Government carry out documented delineation on communal land and land owned by families.

I gave this order at the Lagos Real Estate Market Place Conference and Exhilarations organised by the Lagos State Real Estate Regulatory Authority (LASRERA). The two-day event with the theme: “Lagos: 21st Century Real Estate Investment Hub”, is the second edition to be held by the agency.

A technical committee will be set up to fine-tune the framework for the excision process on untitled land, with the objective to granting Certificate of Occupancy (C-of-O) to land owners for transparent sales of the asset.

I am not unaware of efforts by unscrupulous State officials to frustrate and sabotage the full take-off of the State’s Enterprise Geographic Information System (e-GIS) project initiated to automate approval of land surveys and allocation titles. Let me issue a stern warning; our administration will be ruthless in purging out saboteurs within the system.

Let me also add that by next year a new policy of monthly tenancy on property occupancy would kick off in Lagos. The concept is not to disenfranchise the landlord or reduce the expected revenue of the property.

It is our well considered position that monthly tenancy would ease off pressure on tenants, as the new policy is designed to make people pay their rents according to their monthly earnings.

In case you have any questions or require our assistance, make no hesitation to contact us today.

Realtor Michael
�
+234 907 957 2044
�
+234 818 251 5733
☎️
+234 806 229 8875

�
adenshelterslimited@gmail.com

�️
https://adenshelters.estateagentsng.com/
&
https:///c/2349079572044

©️ 2021 Aden Shelters Limited
Lagos, Nigeria
RC 1743601

Landing you with comfortable landed properties...

ARC-VIEW ESTATES INSPECTION SCHEDULE

√ Treasure Hilltop Estate, Alagbado.

√ Bluestone Treasure Estate, Mowe.

√ Treasure Island Estate, Mowe-Ofada.

√ Treasure Homes, Ilasamaja.

Limited Lands & Housing Units Available

Time:
10am prompt on Saturdays

Kindly book for your FREE estate inspection earlier.

Please Contact Realtor Michael:
+234 907 957 2044
+234 818 251 5733
+234 806 229 8875

Pickup Point:
#314, Ikorodu Road, Anthony Bus Stop, Lagos, Nigeria.

Or

We may meet and drive to your estate choice at your wish.

Estate(s) Video:

https://www.youtube.com/watch?v=Flbfmxvc2B8

Landing you with comfortable landed properties...

WEEKLY REAL ESTATE LECTURE SERIES

THEME:

5 RED FLAGS� THAT MAY HALT YOUR BUILDING PLAN APPROVAL & SOLUTION

CONTENT:
��
1. Defective Survey Plan

2. Defective Structural Drawing

3. Inappropriate Assessment Fee

4. Physical Site Inspection Discrepancy

5. Improper Registration

SLIDES
��

1. Getting an approval for your building plan means that it is in conformity with the government building standard and set rules, and regulations otherwise, there may be a halt on your building plan approval.

2). The State Building Control Agency and relevant authorities may hinder the approval of your building plan if inappropriate and if default persists, you or your contractor risk being arrested while your illegal building risk being bulldozed by a special monitoring task force.

The 5 Red Flags�

�1. Defective Survey Plan:

The Survey Plan is vetted to check if it is registered or not, to ascertain its zoning restrictions (residential or industrial), to verify its location with its coordinates on the survey plan.

Any discrepancy stalls the building plan approval.

�2. Defective Structural Drawing:

The Structural Drawings are scrutinized to check the cross ventilation of each apartment, air space, setbacks, green areas etc supported by calculation sheet and letter of supervision written and signed by COREN registered Engineer with his membership stamp and seal affixed on the structural drawings.

Any discrepancy stalls the building plan approval.

�3. Inappropriate Assessment Fee:

Not a guarantee for approving your building plan but a changeable amount and processing fee for building plan approval paid to the State government in line with strict adherence to the town planning officials' instructions who are saddled with the responsibility to determine and produce the assessment bill which is stamped, signed with a charge depending on the size and location of your proposed building.

Any discrepancy stalls the building plan approval.

�4. Physical Site Inspection Discrepancy:

A town planning official inspects your site to map it out, covering the major access roads, identifiable streets and major landmarks including the verification of the beacon numbers and their positions in the four corners of your site tallying with same beacon numbers on your survey plan as well as your site description physically confirmed as defined in your building plan approval application.

Any discrepancy stalls the building plan approval.

�5. Improper Registration:

A proper registration of your building plan approval by a qualified professional ensures that a file is opened with a tracking number affixed to it. With this development, it will be easy to trace the progress and approval of your building plan application. Same approval number is written on your site to indicate conformity to standard before commencement of construction activities on your site.

Any discrepancy stalls the building plan approval.

SOLUTION
��
For a successful building plan approval, please endeavor to hire the service of a qualified and experienced professional, vast in town planning requirements to process your error free structural drawings and acceptable building plan application for your next construction project.

In case you have any questions or require our assistance, make no hesitation to contact us today.

END.

Michael
�
+234 907 957 2044
�
+234 818 251 5733
☎️
+234 806 229 8875

�
adenshelterslimited@gmail.com

©️ 2021 Aden Shelters Limited
RC 1743601

�️ Landing you with comfortable landed properties...

WEEKLY REAL ESTATE LECTURE SERIES

THEME:

4 Prudent Plans To Ease Payment For Your Proposed Landed Property

CONTENT:
��
1. Payment Plan
2. Off-plan
3. Mortgage Plan
4. Rent To Own Plan

SLIDES
��

1). You need not to break the bank or run out of cash and become broke completely in order to fund your dream home. The good news is that there are ways around it.

2). Whatever the size of your budget, choice of property location or type, there are prudent plans that can facilitate the easy payment for your dream home without affecting other areas of your life that also require financial attention.

3). Tonight, I'll explain these plans that will give you a leap above your fears of funding your dream home as you plan to be a homeowner soonest.

4). The first plan in this week Theme of our weekly Real Estate Lecture Series is Payment Plan.

5). A Payment Plan is an installmental payment package, optional to a buyer of a landed property in order to relief, ease and enable payments in certain divisions after an initial deposit over a particular period of time.

6). A typical payment plan is mostly in graphical soft copy and contains pertinent information of an advertised estate like estate name, prices, months plan(s), land sizes or apartment types, title, location and developer's bank account details at a glance.

7). It is aimed at easing the financial burden of a lump sum payment for a proposed landed property but a defaulting client may be penalized by a fine or cancellation of the sales contract with an administrative charge deductible from his initial deposit.

. The second plan in this week Theme of our weekly Real Estate Lecture Series is Off-plan.

9). An Off-plan is an estate housing sales offer whereby a developer commences building upon buyer's financial commitments which means that the building construction is triggered by the buyer's installment or outright payment and building is in accordance with the estate building pattern and buyer's modification.

10). There are five benefits exclusively attached to off-plan home sales offer as explained below:

11). Buying At A Significant Lower Price At Preconstruction Stage:

A very affordable price for a landed property of a quality standard in a good location is a juicy deal for those looking to invest in assets that are prone to appreciation. Hence, investors are likely to make high returns on investment as soon as possible.

12). Selling At A Higher Rate At Completion:

This one of the best ways billionaires makes money through real estate. Now, think about it, imagine investing your money in trusts or other investment options available to everyone. You will get returns, but none can be compared to this because getting your returns is assured.

13). To Make Rental Income:

Considering the fact that Lagos is one of the most sought after landed property locations in Nigeria, and that it houses the most expensive city in Africa to live in, the rental income of your off-plan house are prone to rise from time to time.

So you can make your rental income immediately after completion.

14). Modifying The Design Of Your Housing Unit:

This should be the number one point, shouldn't it? One of the advantages of investing in off-plan housing units is that you can get the opportunity to tweak your design. You can have it “as you like it”. Let’s say the initial apartment comes with one store, but you want two stores, you can commune with your developer about your desired modifications. Only an off-plan sale affords you that luxury! Being a part of the building process is simply fantastic.

15). Opportunity To Grow Your Capital:

With off-plan sale comes a flexible payment plan. You can start with an initial deposit. This plan provides a great way to grow your capital, viewing it as an investment that you have to put your funds in from time-to-time. It’s okay if you do not want to pay all at once. Just commit to it as one of your monthly investment plans and get returns on investment in no time.

16). The third plan in this week Theme of our weekly Real Estate Lecture Series is Mortgage Plan.

17). A Mortgage Plan is a financial package that finances a borrower's (mortgagor) purchase of a landed property outrightly on a loan basis through a financier or lender or mortgage bank (mortgagee) while the buyer makes the loan repayments installmentally in an agreed terms and conditions.

18). In order to indemnify the financier or mortgagee or lender, a deed-in-trust which purpose is to give ownership to a mortgagee if the mortgagor defaults or breaches the mortgage contract but not intended to convey ownership unless an event occurs which forces foreclosure will protect the financier's fund in such situation.

19). In some situation, when you use a mortgage to purchase a landed property, you may receive deed document (transfer of ownership) at the time of purchase, with the mortgage bank, mortgagee or lender holding a lien on the property.

20). The forth plan in this week Theme of our weekly Real Estate Lecture Series is Rent To Own Plan.

21). It is a lease agreement that transfers the ownership of a rented apartment or landed property from the landlord or leasor to the tenant or leasee in a rent agreement between a tenant and landlord.

22). A rent-to-own plan is in form of an agreement or deal whereby a tenant rents a real estate for a particular period of time. The agreement offers the tenant with the option to purchase the property or not before the lease expires.

23). If the tenant elects not to purchase the real estate or financially incapacitated to secure the property during the validity of the rent, once it is the end of the lease term, the option expires and the tenant moves out of the landed property.

END.

Please save our contacts for full details & more information, also send your enquiries to the Real Estate Consultant.

Michael
�
+234 907 957 2044
�
+234 818 251 5733
☎️
+234 806 229 8875

�
adenshelterslimited@gmail.com

®️ Office: 14, Idowu Obisanya Street, Igando, Lagos, Nigeria.

©️ 2021 Aden Shelters Limited
RC 1743601

�️ Landing you with comfortable landed properties...

WEEKLY REAL ESTATE ARTICLE SERIES

THEME:

7 Places Where You Can Conduct Your Due Diligence Before Real Estate Investment

CONTENT:
��
1. Land Registry
2. Surveyor General's Office
3. Corporate Affairs Commission
4. Probate Registry
5. Traditional Family Owners
6. Court Registry
7. Physical Inspection

AUTHOR:
��
Realtor Michael
+234 907 957 2044

The purpose of this article is to aid your due diligence and decision making as regards land and housing matters.

SLIDES
��

1) Genuine land documents can only be verified provided they are acknowledged in the records of appropriate state government land verification establishments.

2) Family or Omonile land payment receipt issued to land buyers can be manipulated and cannot be verified at any government land verification office.

3) The relevance of a land payment receipt is only recognized as an evidence of payment for the land.

4) This lecture series will enlighten you about places where you may conduct your due diligence and documents verification before payment for your proposed landed property.

5) A land buyer in the first step of his due diligence must first obtain verifiable copies of the proposed landed property documents for investigation at various registries where they were registered or have histories in order to check the land ownership authenticity.

6) The first place to conduct due a diligence before real estate investment in this lecture series is the State Land Registry.

7) A State Land Registry is established by law and varies from one state to another in Nigeria.

In Lagos State, Nigeria, the Land Registration Law of Lagos State 2015 establishes a Land Registry to maintain related land documents within the state.

9) Ratified Deed of Assignments and other pertinent documents are acknowledged and recorded at the State Land Registry where a land investor or his solicitor may file an application for verification.

10) The second place to conduct a due diligence before real estate investment in this lecture series is the Surveyor General's Office.

11) In a situation where the proposed land is yet to be registered at the State Land Registry, the land buyer or his Solicitor may obtain the survey plan and file an application for the charting of the land at the Surveyor General's Office.

12) The results of the survey plan charting will reveal the land acquisition status and zoning restriction, whether it falls under any adverse claim, encumbrance or government acquisition or not.

13) The third place to conduct a due diligence before real estate investment in this lecture series is the Corporate Affairs Commission (CAC).

14) The verification of the landed property if it is a commercial or industrial real estate registered under the Companies and Allied Matters Act (CAMA) takes another dimension.

15) Its documents are further scrutinized at the Corporate Affairs Commission (CAC) in order to disclose additional information with the queries at the State Land Registry.

16) The forth place to conduct a due diligence before real estate investment in this lecture series is the Probate Registry.

17) In a Probate Registry, a will is registered in order to validate its authenticity. The genuineness of a willed landed property can be verified at a Probate Registry when the deceased leave behind a valid will executed and testified in a court of law.

18) In a situation where the deceased does not leave behind a will before his death, letters of administration registered in a court of law pass the deceased landed property to the rightful person(s) whom larger people agreed to is also verifiable.

19) Without a valid probate on a will or letters of administrators, it is illegal for a deceased landed property to be sold or bought in a real estate market.

20) The fifth place to conduct a due diligence before real estate investment in this lecture series is the Family or Traditional Palace.

21) It is advisable to extend your verification to the principal members of the family units, heads of town and community or village owners.

22) This is to confirm that all pertinent approval subject to the excision or release of the land has been received from the government.

23) This can be achieved by obtaining copies of the village or community approved excision title document from the family head or traditional ruler or their solicitor for scrutiny of the exact portion of land released to them at the appropriate government authority.

24) The sixth place to conduct a due diligence before real estate investment in this lecture series is the Court Registry.

25) In a situation where the landed property was derived by the virtue of court judgement, it is essential to verify the court process and end result of the litigation and all pertinent documents as regards the court judgment.

26) An intending land buyer must ensure that the seller or grantor through his agent or representative is a beneficiary in a probate dispute resulting to get court judgment which confirms him rightful to convey the landed property.

27) The seventh place to conduct a due diligence before real estate investment in this lecture series is the Landed Property Site.

28) A physical inspection is also necessary in order to confirm the details on the survey plan and check its conformity with information revealed after charting its coordinate at the Surveyor-General's office.

29) If there is any issues like topography, flood etc on the land, it can be spotted and adequate remedy such as effective drainage system may be put in place.

END.

For further details & more information, please contact:

Realtor Michael
�
+234 907 957 2044
�
+234 818 251 5733
☎️
+234 806 229 8875

The land is green for all but fruitful for the few that own a piece of the earth...

Next week theme on this Real Estate Lecture Series.
��

4 PRUDENT PLANS TO EASE PAYMENT FOR YOUR PROPOSED LANDED PROPERTY

POSTED IN SLIDES

1) A genuine real estate transaction must be strictly done with its legality and statutory regulation in order to make the transaction legal in the eyes of the government.

2) An assignor must ensure that land legal instruments are executed, ratified and acknowledged at the appropriate government offices.

3) Deviating from this standard procedure would not reflect the land transaction in the records of the Land Registry, Surveyor-General's office and the Ministry of Land.

4) Verification of the existing land documents of a landed property is recommended in order to check its authenticity before investors' consideration.

5) Hence, the need for investors to have a good understanding of land documents in order to aid their decision making as regards the deal.

6) Tonight, I shall be landing you with the right information that will unravel the puzzle behind land documents complexity and place you on the right side of the divide.

7) Here we go distinguished Ladies and Gentlemen.

The first land document in this lecture series is SURVEY PLAN and it has 3 important purposes that can be used as its definition.

9) Acquisition Status:
It helps you to verify the authenticity of a land details (the real owner) by charting its coordinates to check whether the land is free from government acquisition or not by a registered Surveyor at the Survey-General's office.

10) Zoning Restriction:
It helps you to know if the land has been restricted or zoned for agriculture, industrial, residential or commercial purpose.

11) Boundary & Location: It helps you to know the accurate measurement and location of the land.

12) The second document in this lecture series is EXCISION.

13) Definition:
It is the releasing of a portion of land from a large expanse of land by the state government to the indigenes who originally owned the land before the government acquired it.

14) 2 Major Facts About Excision.

a) An excised land is no longer under government acquisition and you can possibly process a Certificate of Occupancy title on it.

b) In an excision application even with a file number, not total area applied for is released by the state government. For example, if a real estate company bought 100 hectares of un-excised land and file an excision application for all of it, the government may release only 60 hectares.

The remedy for this is that the real estate company if credible will relocate its clients who bought from the un-excised portion of 40 hectares of land to another land with same value and vicinity in line with the indemnity clause ratified in the Contract of Sale.

15) The 3rd document in this lecture series is GAZETTE and it has 3 important purposes.

16) Definition:
A Gazette is an official record book where all special government details are spelt out documented and recorded.

17) A Gazette will show the communities or villages that have been granted excision and the number of acres or hectares of land that the government has released to them.

18) It is within those excised portion of land that the traditional family is entitled and expected to sell their land to the public and not any land outside their excised portion of land.

19) The forth document in this lecture series is CERTIFICATE OF OCCUPANCY.

20) Definition:
A Certificate of Occupancy is a land document issued by the state government to officially lease a portion of land to you as an applicant for 99 years.

21) What happens after 99 years?��‍♂️

The assumption of many is that the holder of the CofO right can apply for renewal after expiration.

Most have adopted a wait-and-see� attitude.

22) The fifth document in this lecture series is CONTRACT OF SALE.

23) Definition:
It is a legal document that establishes a contractual agreement between a landed property seller and buyer, indemnifies, and defines both parties obligations, and entailments of the sales contract, signed by both parties, and registered in a court of law.

24) The sixth document in this lecture series is DEED OF ASSIGNMENT.

25) Definition:
A Deed of Assignment is a legal document, an agreement and evidence that the seller has fully transferred his right, interest and ownership over the land to the buyer.

26) A Deed of Assignment is one of the most important land documents you must have as a land buyer in order for you to be able to process a title over your land.

It contains very pertinent information about the land transaction.

27) A landed property transaction without a Deed of Assignment and no acknowledgement of the land transaction in the records of the state land registry is null and void.

28) The seventh document in this lecture series is GOVERNOR'S CONSENT.

29) Definition:
It is a document indicating the Governor's approval to the change of ownership of landed property with a Certificate of Occupancy title.

30) Subsequent buyers of the land shall obtain a Deed of Assignment then commence the processing of their Governor's Consent title on the land.

31) The eighth document in this lecture series is RECEIPT.

32) It is the least important of all land documents as an acknowledgement by the seller that he has received payment for the landed property to be sold.

33) Land Buyers' Mistake:

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The biggest mistake most land buyers make is thinking that a land payment receipt is the ultimate document that transfers the property ownership to them.

34) A Land Receipt acknowledges the buyer's payment in the seller's cashbook while a Deed of Assignment transfers the property ownership to the buyer and is acknowledged in the records of the state land registry which enables public verification and processing of his land title.

35) A copy of the buyer's land receipt is only requested during the processing of his Governor's consent title to verify the source of ownership whether he bought, inherited or received the land as a gift, as a due diligence before the Governor's approval.

For further details & more information, please contact:

Realtor Michael
�
+234 907 957 2044
�
+234 818 251 5733
☎️
+234 806 229 8875

The land is green for all but fruitful for the few that own a piece of the earth...

ASK YOUR REALTOR

QUESTION 15:

A valid lease need not include which of the following?

a) property description
b) terms of lease
c) use of premises
d) rent

ANSWER:

The answer is (c) because by common law the use of the premises is not a requirement. Although most good leases state the use, the question wasn't "what should be in a lease" but "what must be in a lease in order for it to be valid."

From the desk of

Aden Shelters Ltd
RC 1743601

For further details & more information, please contact:

Realtor Michael
�
+234 907 957 2044
�
+234 818 251 5733
☎️
+234 806 229 8875

The land is green for all but fruitful for the few that own a piece of the earth...

ASK YOUR REALTOR

QUESTION 14:

Which of the following is NOT INTENDED to convey legal title?

a) warranty deed
b) deed-in-trust
c) quitclaim deed
d) bargain and sale deed

ANSWER:
We know by our general knowledge that neither (a) nor (d) is the correct answer. We know this because as we read the question we CAPITALIZED the key words in the question, "NOT INTENDED." Both these deeds are normally used or are intended to convey title. That is their purpose. But (b) and (c) are difficult choices. A deed-in-trust is a mortgage, and its purpose is to give legal title to a mortgagee if the mortgagor defaults or breaches the mortgage contract. It is NOT INTENDED to convey title UNLESS an event occurs which forces foreclosure.

The answer is (c). A quitclaim deed is used to convey an interest or to correct a flaw in title.

ITS INTENTION CLEARLY IS NOT TO CONVEY LEGAL TITLE.

From the desk of

Aden Shelters Ltd
RC 1743601

For further details & more information, please contact:

Realtor Michael
�
+234 907 957 2044
�
+234 818 251 5733
☎️
+234 806 229 8875

The land is green for all but fruitful for the few that own a piece of the earth...

The Capstone is a beautifully designed Space for all who seek peace and comfort in its finest. This is where your heart connects to serenity and away from the hustles and bustles of the city centre.

The Capstone is sitting in the Heart of Epe, in Odoragunshi community just behind the Yaba Tech.

LOCATION: Odoragunshi, Epe
https:///maps/KPcXn3vEqo3vScfy8

NEIGBHBOURHOOD
✔️Alaro City 25mins
✔️Epe Resort 20mins
✔️Lekki-Epe International Airport 30mins
✔️Atlantic hall school 15mins
✔️Ambode housing Estate 15mins
✔️Otedola housing estate 10mins
✔️St Augustine University 10mins
✔️YabaTech, Epe Campus 5mins

TITLE: REGISTERED SURVEY (Free Hold)

PLOT SIZE: 600SQM

PRICE & PAYMENT PLAN
STARTER (1 plot)
0-3 months 1,200,000
3-6 months 1,500,000

CHAIRMAN (6 plots)
0-3 months 7,200,000
3-6 months 9,000,000
Get 1 free Plot on Outright payment

JAGABAN (12 plots)
0-3 months 14,400,000
3-6 months 18,000,000
Get 2 free Plots on Outright payment

Enquiry | Inspection | Purchase
WhatsApp: https:///2348062298875
Call/Text: +2348182515733
Email: adenshelterslimited@gmail.com

ADEN SHELTERS LIMITED
RC No: 1743601

Landing you with comfortable landed properties.

This property is located in the up coming region and industrial belt of Lagos State, along the Lekki Free Trade Zone, Ibeju-Lekki with closed proximity to rapid Developments.

PROMO PRICE: N2.9M
TITLE: APPROVED EXCISION (LS/D/LA3210)

SIZE: 600sqm

NEIGHBOURHOOD
- Dangote Refinery
- Lekki Free Trade Zone
- Pan African University
- Lekki Free Trade Zone
- The New Seaport
- 2 Golf Courses
- Several Upcoming Gated Estates.

FACILITIES
Gate House
Perimeter Fencing
Good Road Network
Good Structured Layout Etc.

STATUTORY FEES
Deed fee=N50k/plot.
Survey fee=N500k/plot
Infrastructure fee=N500k/plot.

No agency fee.

For further inquiries, property inspection and application, kindly call Michael on �+2348182515733 or whatsapp �+2348062298875

Aden Shelters
Landing you with comfortable landed properties.

A Proposed beautiful habitation on the
uplands of Owode Ise , a village 2 minutes from the La campaigns Tropicana Resort.

Location: OWODE ISE
This estate is a blend of residential and commercial plots pre planned to suit your needs.


Title: EXCISION IN PROGRESS
(LSD/ EXC/91/IBEJU)
PRICE: N850k per plot
Whether you are buying to build, wait or sell in the future, this estate is a worthy investment.

With various acres and plot sizes, you would find a size that fits your budget! (300sqm, 600sqm available )

With EXCISION In Progress as title, your investment here would be a set up to bring you great returns.

Please be informed you that the buy 5 and get 1 free promo on the property is only available on outright purchase till 22nd of May 2020.

Promo ends on the 22nd May 2020.

The price still remain N850,000 per plot till further notice. Kindly inform your prospective clients.

Statutory Fees
Deed fee= N50k/plot
Survey fee= N350k/plot
Infrastructure fee= N300k/plot

For further inquiries, property inspection and application, kindly call Michael on +2348182515733 or whatsapp +2348062298875

Aden Shelters
Landing you with comfortable landed properties.

When you talk about proximity to great developments, This magnificent property in Abijo is second to none, it’s location is indeed superb.

This property is a modern development set within the most sought after investment destination in Ibeju-Lekki.

It's conveniently located less than a minute drive from the Lekki-Epe Expressway, 10 minutes drive from Victoria Garden City Lekki and flanked by one of the largest mall in Nigeria, Novare Shoprite Mall Sangotedo.

The current development on this property will wow you as we are currently working on the drainage system and the road network starts immediately after the drainage system.

WHY YOU SHOULD INVEST IN THIS PROPERTY?

- Good Title
- Easy Accessibility
- Proximity for major development
- 24/7 Security
- Instant Allocation
- Flexible Payment Plan
- Excellent return on investment
- Beautifully well designed estate layout

Title: Governors Consent
Promo Price: N11,500,000
Size : 600sqm

450sqm and 300sqm is available

Location: Behind Amity Estate and 1 minute drive from Lekki Epe Expressway.

Book inspection with us today...

For further inquiries, property inspection and application, kindly call Michael on �+2348182515733 or whatsapp �+2348062298875

Aden Shelters
Landing you with comfortable landed properties.

It is an eco-friendly estate with an euphoria of peace and grandeur for all investors.

It is located within the industrial belt of Lagos, Eleko junction, 20 mins to Ajah bus - stop where massive development is currently on.

The estate is 10 mins walk to the eleko beach where residents can spend weekends on the beach. Novare mall (Shoprite) is close by to this property so Shoprite, genesis cinemas will be our great neighbors.

OUTRIGHT: NGN3,300,000
6 MONTHS: (Available)
12 MONTHS: (Available)

TITLE: Approved Government Excision
SIZE: 600sqm (60 by 100)

NEIGHBOURHOOD
- Dangote Refinery
- Pan African University
- Lekki Free Trade Zone
- The New Seaport
- 2 Golf Courses
- Several Upcoming Gated Estates.

WHY YOU NEED TO BUY INTO THIS PROPERTY?
- Quick Return on Investment
- You Will be Getting Value for Your Money Shortly
- Accessibility to good facilities that is second to none.
- Closed Proximity to Rapid Developments

For enquiries, kindly call Michael on +2348182515733 or whatsapp +2348062298875

This is uniquely planned to accommodate an Eco-friendly estate as stunning and peaceful as the ocean.

It has set a high benchmark for comfort and convenience in Nigerian Master planned communities. Judging from what we did in phase1, you need no further reassurances.

Where exactly is this estate?
Located at Eleko Beach Road off Lekki Epe Express road. Ibeju Lekki Axis of Lagos State Nigeria.

Title: Global C of O
Plot Size: 600 sqms.

Payment Plans:
Outright payment: N15M (Residential)


6 months payment: N15.750M (Residential)
12 Months payment: N16.5m (Residential)

For more information, free land inspection booking and application, kindly call Michael on ☎+2348182515733 or whatsapp �+2348062298875

VALENTINE PROMO OFFER���������

Just 10 Plots Available at this DISCOUNTED Valentine Promo Price...!

PROSPERITY GARDEN ESTATE IBEJU LEKKI is an Estate perfectly located within the serene environment of the new economy hub of the nation where development is fast growing and capital appreciation is 100% guarantee.

Location: Ilagbo, 10 minutes’ drive from the Lekki free trade zone.
Title: Excision
Val. Promo Price: NGN2,000,000 (Outright Payment Only).
Normal Selling Price NGN2,500,000
Size: 600sqm

For more details, enquiries, land inspection, booking and application, kindly call Michael on☎+2348182515733 or whatsapp�+2348062298875

Aden Shelters