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|Properties / 10 Important Things To Know Before Getting A Mortgage In Nigeria by DANBELPIL: 3:37pm On Dec 04, 2021|
If you’ve considered purchasing a home, you might have considered using a mortgage as a financing option. Due to the high cost of building, rising land prices, and high financing costs, housing in Nigeria is often capital intensive. This has prompted a few people to think about getting a mortgage. The mortgage option, on the other hand, is not particularly popular due to its high interest rate and a lack of understanding of how it works. Today, we’ve compiled a list of key facts about mortgage lending in Nigeria.
1. Mortgage Originators – These are the players in the real estate market in Nigeria. They are your typical developers, Primary Mortgage Institutions (PMI), Banks and the National Housing Fund. Considering that predominance of new housing projects in Lagos it is more likely for on to buy a house from an originator than any other way. What this therefore tells us is that, to get a House that is built with quality materials and delivered on time would mean sourcing for the right Developer. It also means, you must look out for a PMI that is ready to offer the best deal in terms of Interest rates, tenor, collateral etc.
2. Agents – Lawyer and READ MORE
|Properties / Why Real Estate Is A Good Investment For Retirement by DANBELPIL: 3:55pm On Nov 27, 2021|
The majority of people have their own vision of what their perfect retirement should entail. It all comes down to a period when employment is optional and there is a steady stream of income from many sources. Real estate is an essential source of income that most individuals neglect owing to certain misunderstandings. The majority of individuals feel that the barrier to entry into real estate is too high, therefore they don't bother to attempt.
The issue remains, though, whether real estate is a viable retirement investment. It most certainly is, and many people have built a comfortable lifestyle by amassing a real estate portfolio.
Experts have the following to say about it:
“Among all the private investment opportunities, real estate typically outperforms other asset classes and is usually less volatile,” said Brian Dally. “In addition, people are familiar with the idea of land and home ownership, so real estate investing isn’t overly complicated to comprehend.”
“Real estate can be a great asset class and diversification tool,” said Jeffrey Feinstein. “It’s typically not directly correlated to the [other financial] markets and can provide income from rentals or refinancing. The average hold period is around four to 10 years, so it can be looked at as a long-term, retirement-friendly strategy.”
According to Eric Rosenberg, “When thinking of retirement through real estate, the Holy Grail of real estate investing is passive, buy-and-hold properties. Most people I've met with serious wealth own buy-and-hold real estate properties like apartments, commercial properties and land”
So, what can you do to ensure that your real estate portfolio is in good shape and will make you happy once you decide to retire?
1. Boost Your Real Estate Knowledge
Like any profession, to be good at it, you have to know what you are doing. You can turn real estate investing into a profession that allows you a lot of free time, but be ready to invest years and patience.
There are plenty of seminars advertised on how to invest in real estate, and while some are probably decent, others will end up costing you a lot of money for nothing more than a lot of office binders. If you are serious about turning real estate into a good investment, start by reading books on real estate investing written by a reputable expert such as Danbel’s Realtor Handbook which gives both real estate consultants and investors a great beginner’s guide to real estate for FREE.
|Properties / Time Is Running Out To Buy Land In Ibeju Lekki by DANBELPIL: 1:01pm On Nov 13, 2021|
Years ago, in 2006, the then-Governor of Lagos, Bola Ahmed Tinubu, had a plan to create Nigeria's largest free zone in Lagos State. That's when he established the Lekki Free Zone as a Joint Venture Partnership under the Nigeria Export Processing Zones Act, spanning about 38,000 acres of land.
The enormity of the work meant Tinubu could not go far. He laid a solid foundation, which was taken to a notch higher by his successor, Babatunde Fashola.
During Fashola's administration, around 70 local and foreign enterprises signed Memorandums of Understanding and financial commitments indicating interest in the Free Zone. This was in addition to the 53 firms that signed investment agreements in the Free Zone and the 12 companies that completed investment agreements, resulting in the employment of nearly 800 Nigerians and 70 Chinese nationals in the zone (Today, over 40,000 people work on the free zone and this number is expected to triple before 2025).
Right before Fashola stepped down, he reached a deal with... READ MORE
|Properties / 5 Important Questions To Ask Every Agent Before Buying A House by DANBELPIL: 2:23pm On Oct 30, 2021|
Purchasing a property is both exhilarating and nerve-wracking, similar to a game of poker. The stakes are high, and there are strong incentives to lie and ignore difficult facts, yet winning is always extremely satisfying. In a game of poker, no one is legally obligated to give you the truth, but in real estate, the broker is obligated to tell you the truth if he or she believes it is in your best interests.
Home buyers should never rely on the seller's information; whatever information the seller wishes to provide is good to listen to, but buyers should not assume it is genuine or legitimate.
Even with an experienced realtor, buying a property in Nigeria, where real estate transactions happen at a breakneck rate, may leave any buyer feeling bewildered and impatient. For a first-time buyer in Nigeria, the situation might be considerably worse.
To help you relax and find your perfect property, we've compiled a list of five brilliant questions that will help you avoid your worst real estate nightmare in Nigeria. Before placing an offer on a property, ask these questions.
|Properties / VIDEO: A Glimpse Of The Potential In Ibeju Lekki by DANBELPIL: 3:44pm On Oct 23, 2021|
While the wait for the official commissioning of the Dangote refinery goes on, investors around have constantly speculated on the potential that the refinery holds in transforming the Ibeju Lekki axis.
Aliko Dangote, who now employs over 40,000 people, announced last month that he aims to raise human capacity at the Refinery Project site to 57,000 people in the coming months.
This video captures a glimpse of the volume of human resource that will relocate to Ibeju Lekki after the refinery is completed.
|Properties / How Good Is The Title "Registered Survey And Deed Of Assignment?" by DANBELPIL: 4:18pm On Aug 18, 2021|
If you have been following this blog for a while, you would notice that a constant topic that appears on so many of our blog posts is the topic of "Land titles".
However one title we have not talked about extensively is the "Registered Survey and Deed of Assignment" land title.
Is is a very common title on lands around Ibeju Lekki but what does it mean?
To answer that question we need to establish a fact: A title is the highest document that shows ownership of a property.
In Nigeria, the best titles a land can have are:
- C of O.
- Governor's Consent.
Typically, before land can be resold by communities/families to developers and companies, the title must first be processed.
However, with the Lagos State Government putting a pause to the issuance of new title documents to untitled land in Ibeju Lekki for the past few years and with Dangote Refinery and Lekki Free Zone opening which increased the demand for land in that area, developers resorted to purchasing untitled land in that area.
Hence, when a plot of land does not have the 4 popular and safe titles, the developer typically adopts the title of the document that establishes ownership and in the case of untitled land around Ibeju Lekki, the highest document that proves ownership is the Registered Survey and Deed of Assignment.
What is a Deed of Assignment?
A Deed of Assignment is an important legal land document that records a sale of land and transfers interest and title in real property from one party to another starting from the commencement date stipulated in the document.
It is a document usually demanded by the buyer of the real property at the conclusion of a property transaction and for it to be valid and binding on parties to the transaction; it must contain certain information.
A deed of assignment is considered a must for the transaction of ownership in land.
What is a Survey Plan?
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. According to Black’s Law Dictionary (Black’s Law Dictionary, 9th edition), a survey plan is referred to a map indicating the measurement of a tract of land, its boundaries and its contents
Pros and Cons of the Registered Survey and Deed of assignment title?
- Affordable: As the process of obtaining a land title is capital intensive, an untitled land is more likely to be cheaper than a same size of land in that same vicinity with a government title. So, if you want to own real estate in Lagos and dont have a massive budget, this is the land category that you should be looking at.
- Higher returns: When you decide to sell your land after the area has been developed and the title has been processed, you are likely to get a very high return on your investment.
- Longer waiting time to build or sell: Since parcels of land with this title are mostly located in undeveloped areas in Lagos, to get maximum ROI on your land, you will have to wait longer till development comes in.
- Risky: You could be buying a committed land without knowing and in 5-10 years time when the area is fully developed, the government can swoop in and collect your land. To protect yourself, ONLY buy untitled land from real estate companies that can show you proof of steps they have taken to secure the land from Government Encumbrance.
If you are an investor looking to acquire affordable property for less than N2 million, your best chance is cheap, untitled land that will take a few years to develop but will offer you ROI more than 500% when developed, then Avalanche Park Estate is your best bet.
Avalanche Park Estate is a completely dry land estate located within ten minutes from La Campagne Tropicanna.
Windspring Estate is your best choice if you want a ready-to-build estate with a government excised title.
CONTACT US TODAY TO SECURE YOUR PLOT
|Properties / This ₦3,000,000 Land Will Be Worth ₦30,000,000 In 4 Years by DANBELPIL: 3:24pm On Jul 31, 2021|
Imagine owning a plot of land in an estate with the potential to give you 900% ROI in 4 years. Is it even possible to get up to 900% ROI on any property in 4 years?
Let me tell you two real life stories.
In 2012, a couple decided to buy a plot of land in Abijo for ₦1.2Million. Money they had saved for years. At that time, it looked like a foolish decision because there was no sign to show that the area will ever become urbanized.
Fast forward to 2021 and they just sold that same plot of land for ₦25Million because that land was strategically positioned along the express.
In 9 years, they made a profit of 1,650% just like that.
Let’s take a look at another investor who bought 1,500 Square meters of land at Thomas Estate in 2008 for ₦800,000. Like the first couple, it looked like a pretty dumb decision because Ajah at that time was still considered a jungle by most Lagosians.
Once again, fast forward to 2020. He divided that 1,500 square meters into 3 plots and sold 500 square meters each to three clients who cumulatively paid ₦128Million.
That is a profit of 15,900% in 12 years and an average of 1,325% profit per year.
How many businesses can guarantee you that same return in a year?
It is even more interesting when you discover that these properties in Abijo and Thomas estate do not even have investments worth 1% of the investments around Windspring Estate.
Imagine how valuable Windspring Estate currently surrounded by investments worth over $20 billion will be in the next 4-5 years.
In 4 years this estate could be worth N30 million. Today it costs less than a used Toyota Corolla.
Windspring Estate is that Estate. The question is WHY does Windspring have that potential?
With a Government excised title (Gazette), Windspring Estate is a private, exclusive, ready to build estate located at Oju-Agbe, an already developed community, about 20 minutes away from the new Lekki-Epe International Airport, 5 minutes from Pan-Atlantic University and Eleganza industrial park.
It is also located off the new $1 billion super highway that will connect Lekki Free Zone Directly to the new international Airport.
Living in Windspring Estate will give you easy access to both Lekki Free Zone, Dangote Refinery, Lekki-Epe international airport, and even Ajah through the expanded 45.4 Epe-Ajah expressway which is already being constructed.
Now you can see that when we say it will be worth ₦30,000,000 in 4 years, we are NOT BLUFFING.
Currently, Windspring Estate is selling for just ₦4.3Million for a full plot and ₦3.1Million for a half plot.
The cost breakdown for Windspring Estate is seen below:
INITIAL DEPOSIT: ₦1,000,000
Outright Payment (0-3months): ₦3,000,000
Size: 300sqm (Half plot)
Outright payment (0-3months): ₦1,800,000
Documentation Fee (Survey and Deed of Assignment): ₦500,000
Development Levy: ₦800,000
CONTACT US NOW to begin the process of acquiring a plot of land in this FAST SELLING ESTATE!!!
You can call us on 08144448956 or send an email to email@example.com
|Properties / How To Avoid Losing Your Land To The Government by DANBELPIL: 5:47pm On Jul 21, 2021|
On August 19, 2020, the residents of Oreki, Alahun hamlet, in Eleko, Ibeju Lekki, went to bed as usual, but were awoken by the sounds of bulldozers. They raced out to discover that the state administration had returned to demolish their homes after sending an earlier quit notice. The similar thing happened in Oke-Egan, Kayetoro, Eleko, and Ibeju-Lekki. The exercise resulted in the demolition of 1,200 homes.
With estates springing forth left, right and center, how then can you avoid losing your land to the government in the future?
In order to address the question, we must go back to 1978, when the Land Use Act was passed. The Land Use Act transferred land ownership to the state governors, allowing them the authority to distribute land to any family, individual, or corporation and then issue a Certificate of Occupancy.
|Properties / Common Lies Told By Realtors by DANBELPIL: 5:52pm On Jul 14, 2021|
By and large, real estate agents/realtors are expected to be honest and ethical professionals. A handful of them, on the other hand, may lie about a bunch of things including the condition and worth of a property, the land title, documentation, their own credentials and the level of interest in a property.
Whether purchasing or selling real estate, an agent may stretch the truth or outright lie about some issues, so examine the facts before choosing an agent. We'll go over some of the most typical real estate lies and half-truths below.
The value will double in the next few months
This is a lie that should not be taken lightly. It is often used when agents are desperate to close a sale. Real estate appreciation is influenced by a variety of factors, including the growth of significant industrial projects, the construction and expansion of roads, and government interest. However, there are just a few instances where the value of a piece of property can double in a matter of months. Here are several examples:
|Properties / Real Estate Can Be A Bad Investment If... by DANBELPIL: 3:45pm On Jul 10, 2021|
Every investor has their bad day. We live in an uncertain world hence making investment mistakes is to be expected. No one has a crystal ball, and investment advice can also be wrong at times. That said, making an investment mistake based on sound judgment and wise counsel is one thing; making a mistake based on poor advice is another matter.
Real Estate like every other wealth driver has its pros and cons. Just as you can make generational wealth when you invest well, you can also lose all your savings when you invest wrongly. Since no man is born an expert, Real bad real estate investment usually comes from wrong advice. This bad investment advice is usually due to one of two reasons. The first is centered around an advisor that will repeatedly place their self-interest before that of the client. The second reason leading to bad advice is an advisor's lack of knowledge and failure to perform due diligence before making recommendations and taking action. Each type of bad advice has its own consequences for the client in the short term, but in the long term they will all result in poor performance or loss of money.
In the midst of all the advice, real estate investment can become a nightmare for an investor if they do the following things.
1. Allowing emotions cloud your judgement: While having trustworthy individuals around you is beneficial, you must know when to separate business from family. If you're doing business with relatives or friends, you should always expect professional service from them, just as you would from a stranger.
2. Not getting ample knowledge: Popular billionaire and Real Estate investor Warren Buffet once said "Never invest in a business you don't understand". This makes this particular mistake the worst of all. Before investing in real estate you should spend days, weeks, months, studying the market. Those who have lost money in real estate frequently did not fully comprehend what they were getting into until after they had made a commitment to buy a property. Certain decisions, such as purchasing a home or investing in real estate, cannot be reversed once made.
3. Trying to do it all by yourself: In order to save money, some investors try to do everything themselves. While self-education and reading are important, you must equally acknowledge the value of specialists who have spent years honing their skills. Before proceeding with any real estate transaction, consult with a real estate lawyer. Make advantage of a property consultant if at all possible.
4. Constantly floating the rent/price of your property: Many landlords believe that by raising their rents on a regular basis, they will be able to generate more money. However, the contrary is true. Consider all of the expenses associated with vacancies, from repairs to marketing. All of these expenses can quickly surpass any little rent increases. Raising the rent on a current renter only serves to make them more demanding by forcing them to examine what else is available. Maintaining the same rent provides the tenant a reason to stay and makes them satisfied. The longer they stay, the lesser their maintenance will be, as they will be less likely to call you to fix something out of fear of raising the rent.
5. Buying in bad locations: Real Estate is basically LOCATION! LOCATION!! LOCATION!!!. While a house may be extremely inexpensive, you may be putting yourself in a trap by purchasing it if the area is unappealing and unlikely to become so in the near future. While property always appreciates, you could only see a 10% property appreciation in 10 years on a property while others will see over 100% appreciation in that same time frame (READ: How to turn one million naira to two hundred million naira in a few years).
To be honest, no investment is risk-free, but that doesn't mean you should be terrified. Start by avoiding the blunders listed above, and you'll be well on your path to accumulating wealth through real estate. Investing in real estate isn't rocket science. Your chances of success will skyrocket if you go in with an open mind and avoid some of the most typical rookie investor blunders.
|Properties / Top 5 Reasons Why Real Estate Is The Best Form Of Investment by DANBELPIL: 3:47pm On Jun 26, 2021|
According to Maslow's hierarchy of needs, shelter is one of man's basic necessities, ranking second only to air, food, water, and sleep. This emphasizes the significance of housing to people's well-being. Everyone is involved in Real Estate in some way or another. You're either paying for it or getting money from it.
Real estate is an excellent investment for a variety of reasons. You can either enjoy high rates of return or use real estate to develop your fortune. The following are the top five reasons why real estate is a good investment.
Real estate provides better returns than the stock market with no volatility.
Historically in real estate, your rate of return is dependent on the length of time you hold on to your property. While the Real Estate Market in other parts of the world fluctuates, The Real Estate market in Nigeria is always on the rise. Real estate gives you more control of your investment because your property is a tangible asset that you can leverage to capitalize on numerous revenue streams, while enjoying capital appreciation.
Real estate has a high tangible asset value.
There will always be value in your land and house. Other investments, such as stocks that can go to zero or a new car that depreciates in value over time, might leave you with little to no actual asset worth. This is not the case, however, with real estate investments.
Real estate values will always increase over time.
History continues to prove that the longer you hold onto your real estate, the more money you will make. Despite the fact that Nigeria has experienced several recessions, forcing many individuals to sell their homes at lower prices, those that stay on to their investments during these difficult times will see values return to normal and appreciate.
Real estate is a tried and true investment. Although there are down years, real estate consistently appreciates over time, and cash-flowing real estate, such as rental homes, generates consistent revenue. In other industries and sectors, trends come and go, but real estate remains stable.
An investment in real estate can also diversify your portfolio.
If you've ever discussed investing with a financial advisor, you're well aware of the need of diversity. When you diversify your portfolio, the risk is spread out. Real estate will always be a safe tangible asset to diversify your portfolio's risk. Many people have gained fortune purely through real estate investments.
Real estate is not only a sound financial investment, but it can also bring years of enjoyment, happiness, and valuable memories that will last a lifetime.
Create Generational Wealth
Cornelius Vanderbilt is often quoted as saying, "Any fool can make a fortune; it takes a man of brains to hold onto it. Most people who have built wealth - and investment advisors - will recommend that real estate should be a large portion of your investment mix. For a lot of wealthy folks, real estate may make up the largest portion of their investments.
While Real estate is not the only asset capable of creating generational wealth that grows over time, it is often found in the portfolios of Multimillionaires and Billionaires because it consistently appreciates over time from inflation and its intrinsic value. Investing in Real Estate can help you generate wealth for not only yourself but also future generations.
Most investments require that you have all of the cash up front. Think about buying stocks, bonds, CD's and so on. If you want to be able to purchase a ₦20,000,000 investment, you will likely need ₦20,000,000.
That is not necessarily the case with real estate. With a minimum of ₦1,000,000 down payment you can own a plot of land on Windspring Estate, expected to be worth at least ₦20,000,000 in the next 5 years
Why not take the first step toward creating Generational Wealth today by sending us a message to start the process of obtaining land in Ibeju Lekki's best location.
|Properties / Everything You Need To Know About The New Lekki-epe Airport by DANBELPIL: 2:22pm On Jun 23, 2021|
The new Lekki-Epe International Airport is a project located east of Lagos at Epe, opposite Alaro City. The master plan has been completed, and a 3500-acre airport site has been secured. The airport is designed to handle five million passengers per year, with room for future growth.
The new Lekki-Epe International Airport is a project located east of Lagos at Epe, opposite Alaro City. The master plan has been completed, and a 3500-acre airport site has been secured. The airport is designed to handle five million passengers per year, with room for future growth.
The first phase of the Lekki Airport project is expected to cost US$450 million, and it is set to be...
|Properties / Cost Breakdown For A 3 Bedroom Bungalow In Nigeria (part 1) by DANBELPIL: 4:27pm On Jun 05, 2021|
The prospect of building a house worries a lot of individuals because they believe it is extremely expensive. In fact, if you have been around individuals chatting, the amount of money they mention might be alarming occasionally. You may hear figures as high as ₦25 million for a typical three-bedroom home in the village, while some claim that a three-bedroom house with superb finishes might cost up to ₦50 million. These figures do not cover the cost of purchasing land or furnishing the home.
Of course, you can build a three-bedroom bungalow for ₦50 million or even ₦1 billion if you wish. It is, nevertheless, extremely possible to spend less money. Yes, as low as/as high as 5.5 million! This post will show you how to do it.
Follow us as we walk you through the various processes of building a 3-bedroom bungalow, starting with the basics like acquiring land, obtaining architectural drawings, and obtaining government approval, all the way to the actual construction stage.
PLEASE NOTE: This article does not provide a precise cost estimate for building your own home, but it does include a step-by-step study of the process of building a basic 3-bedroom flat, as well as cost estimations.
Acquire a Good Land
The price of land depends on its location and the prevailing real estate market conditions. Take the example of Lagos State. Land may cost ₦400,000 at Ibeju Lekki, ₦120 million at Ikeja, and ₦650 million on Victoria Island.
Buying a full plot land is a good idea, but you can further reduce cost by going for half plot of land. A half-plot of 30ft x 120ft or 60ft x 60ft or 50ft x 50ft or 25ft x 100ft can take a 3-bedroom flat with enough space for parking two cars.
It is better to buy land with a Government Excised title and other relevant documents to avoid falling for scammers. While buying land from Omo Onile is affordable, it also the riskiest as you stand a higher chance of falling victim to scam except you have ample experience in land sales and acquisition. The land documents you need to collect from the seller include:
- Land Receipt
- Survey Plan
- Deed of Assignment
If you want to acquire a safe half-plot of land with a Government Excised title at Windspring Estate, you'll need to budget ₦3,100,000, which includes documentation, survey, and development expenses.
The total cost of acquiring land = ₦3,100,000
Get Your House Plan
Do not attempt to draft your plan on your own because your drawing may not meet the government's approval standards. Also, keep in mind that this will be your home. A shoddy design might result in shoddy construction, making life in the house miserable.
It is recommended that you obtain your plan from professionals, and this does not come at a high expense. A bungalow building plan might cost anywhere from ₦50,000 to ₦300,000, depending on the site, professionals, and other factors.
A building plan is made up of multiple drawings that depict different components of the construction process, and it usually contains the following:
- Architectural drawing,
- Structural drawing,
- Electrical drawing,
- Mechanical drawing, etc.
You'll submit your building plan to the government for approval once you've completed it. The government will charge you a fee for this, which is typically between ₦50,000 and ₦300,000 for a three-bedroom home in Lagos. You can begin construction on your property once your building plan has been approved in Lagos. Also, get a Bill of Quantities (BoQ) because that's the only method to be sure of your project's exact material requirements..
The cost of the building plan and government approval = ₦500,000.
Prepare Your Land For Construction
The actions required to prepare the land for building begin at this stage. Clearing the land, uprooting unwanted trees, and creating access to your land for vehicles transporting building materials are examples of such tasks.
This stage is simple to recruit employees for, and it typically costs between ₦20,000 and ₦50,000 depending on the size of the property, the quality of the soil, location, the number of trees to be uprooted, and a variety of other considerations.
The cost estimate for preparation stage = ₦50,000.
For this part, we will be using building material requirements compiled from an actual construction project. Let us divide the building process into four major stages, namely,
- Foundation to the Damp Proof Course (DPC, also called German floor) and Soak-away
- DPC to lintel level
We'll get into the nitty-gritty of the construction stage next week. Sign up for our news letter by clicking the link below to be notified when the follow-up piece is published.
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|Properties / How To Read A Building Plan Like A PRO!! by DANBELPIL: 3:28pm On Jun 02, 2021|
Today, we will be launching a new blog series called "Construction Series" where we will teach you the fundamentals of building construction. Please keep in mind that this guide isn't meant to replace the services of a professional architect or quantity surveyor; rather, it's meant to help you avoid being taken advantage of while speaking with professionals about your construction project. To begin this series, we will show you how to read a building plan like a pro.
You were probably puzzled and perplexed the first time you opened a set of architectural plans. If you're in charge of a building project for yourself or your firm but don't have any formal architectural experience, interpreting these blueprints can be challenging. We've put together a guide on how to interpret architectural drawings to save you time and effort.
WHAT IS A BUILDING PLAN
First of all take a step back and understand what a plan is. A building plan....
|Properties / 6 Important Documents To Look Out For During A Land Transaction by DANBELPIL: 3:00pm On May 29, 2021|
Any individual planning to purchase landed property must be aware of and comprehend the various types of documentation that regulate land transactions. It's unfortunate that only approximately 12% of property buyers understand what documents they should look out for and what purpose they serve. In fact, we once had a client who wanted to buy a house and was willing to transfer the funds without first requesting the necessary documentation. This is why so many investors are duped. However, in this article, we will be talking only about documents required for land transactions.
Having the right title documents that are important and recognized by different government regulations and laws on such landed properties is one of the most crucial strategies for making a claim for land ownership as well as in any landed property swaps. So, what documents should a buyer look out for?
LAND PURCHASE RECEIPT
A land purchase receipt is a normal receipt or document reflecting the receipt of payment for a particular property or land. Usually, the seller issues a receipt to the buyer upon the sale of a property.
|Investment / Top Six Tips To Consider To Avoid Losing Money In Real Estate. by DANBELPIL: 5:00pm On May 26, 2021|
While real estate is a highly profitable business, investors lose a lot of money each year due to bad real estate investments. Is it, however, sensible to live in fear of losing money?
You're unlikely to start investing in real estate if you believe the answer is "yes." You will never take any serious action if you are constantly afraid of an anvil falling on your head like in a Looney Toons cartoon. This will also eliminate any serious chances of success for you. The consequences of assuming real estate investing is a gamble incorrectly are severe.
If you believe the answer is "no," you may wonder what factors prevent someone from losing money in real estate. Is it simply a matter of knowing when to buy and when to sell? Is it only found in getting great bargains? Or are there more puzzle pieces to be found?
If we can understand what causes folks to lose money in real estate, we can take preventive measures to ensure it doesn’t happen to us. While no investment is without risk, smart investors understand there are certainly precautions that can be taken to mitigate that risk. As a first-time, repeat, or serial investor in real estate, the chances of exposure to a loss per investment is high but experiencing loss while entering real estate can be prevented. You do not have to be held in the jaw of a lion to know or believe that it devours. Below, are seven tips to always keep in mind when buying real estate.
|Properties / How To Transfer Land Ownership In Nigeria by DANBELPIL: 1:24pm On May 22, 2021|
The process of transferring land ownership in Nigeria entails the actual transfer of legal rights to land from one individual to the next.
While property ownership can be transferred in Nigeria using a variety of methods, sale, gift, and assent are the most popular of these methods.
The transfer of property in Nigeria, especially in Lagos State, is governed by a number of laws. The following are a few of these laws:
-- Land Use Act of 1978
-- Administration of Estate Law of Lagos State 2015
-- Land Registration Law of Lagos State 2015
-- Stamp Duties Law of Lagos State 2015
SALE OF LAND
The outright transfer of an interest in land from one individual to the next is what selling landed properties entails. There are statutory and common provisions that must be met when a property is sold or when a legitimate and family title in the property is passed. The following are a few of these conditions:
-- When land is owned by a family or a community, it can not be properly transferred unless the consent of the family's or community's principal members and head is obtained.
-- Regulations and town planning laws must be taken into account when buying a house, as the government determines the types of structures that may be built in a given location.
-- When a property is the subject of ongoing litigation, it cannot be legally sold to another buyer.
-- The sale of land often involved two main stages, which are actually the contract stage as well as the conveyancing stage.
-- When land or a property is sold, all parties must draft and sign the required agreement transferring the land's title as well as a contract of sale stating some of the transaction's terms.
-- Any property must be perfected prior to the signing of any deed of assignment or conveyance. The governor's approval, stamping, and registration are the three stages of excellence, also known as property registration.
GIFT OF PROPERTY
Another way to pass land ownership is by a gift. A gift of land, unlike a sale, does not entail any registration fees. All that is required is the donor's desire to make the gift, the act of delivery to the recipient, and the recipient's acceptance. When a person receives a gift, he or she must ensure that there is evidence that the land was given to them. A Deed of Gift, which can be registered with a land bureau, is a suitable document to use with a gift.
Probate is the legal mechanism through which a deceased person's properties pass to other people by a legitimate Will or other means.
When an individual dies with a valid Will, the executors named in the Will will seek to prove it and receive probate, which allows them to inherit all of the deceased's estate. They are now the legal owners of the land. Furthermore, if a person dies intestate, the deceased's property will be distributed according to the applicable legal provisions. Personal relatives of the deceased would be able to apply to be administrators of the estate and receive a letter of administration, making them legal owners.
Next, we will talk extensively about the required documentation when selling land.
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|Investment / Why Are Property Prices In Lagos So High? by DANBELPIL: 2:40pm On May 19, 2021|
Nobody knows the exact number of people who live in Lagos, but everyone agrees on one thing: the country's largest city is expanding at an alarming pace.
According to the United Nations, there are 14 million citizens. The Lagos State government estimates that the population is closer to 21 million, as rural Nigerians flock to one of Africa's few megacities in search of a better life.
Lagos is without a doubt Nigeria's commercial capital, which is why the country's real estate market has become a topic of discussion in a number of forums both at home and abroad.
Lagos' housing units is insufficient to accommodate the city's growing population. The housing units in Lagos is projected to be 1.492 million units, according to the Pison Housing Group's 2019 survey, 2.5 million units short of the required housing units.
Meanwhile, some operators and stakeholders are concerned about whether the property values are inherently guided or dependent on assumptions.
According to a study from Estate Intel, the following are the reasons/forces behind the prices:
Owners go for the highest bids
Lagos has over 3.8 million households, with up to 2.1 million living in informal housing. This results in a supply gap of more than 55%. Excess demand pushes up rates, as it does in every industry. According to Estate Intel, this encourages landlords who receive a high volume of requests for their available spaces to raise their prices and rent or sell the property to the highest bidder.
There is a disconnect between the asking and realistic prices.
Multiple agents and developers, according to Estate Intel, usually list properties for far more than they are willing to pay.
“We expect developers or agents to target for the highest possible price, with a negotiating window, leaving a wider than average gap between asking and realistic prices,” it said.
A wide gap between asking and achievable rent makes average market rent seem unnecessarily high and allows other developers to stick to those artificially listed prices, resulting in high average rents or selling prices.
“This is extremely misleading, particularly because the majority of the properties on the listed platforms in Nigeria are priced far above what is realistic.”
Construction cost and land price
The high cost of purchasing land, as well as the actual cost of construction, contributes to Lagos' high property prices. In Banana Island, Ilasan, Yaba, and Surulere, the research looked at four brand new projects. With selling prices ranging from 21 to 24 million naira for a two-bedroom apartment in Yaba to 620 million naira for a six-bedroom house in Ikoyi, both developers made profits of 15 to 36 percent and rental yields of 2% to 7%. According to the research, land acquisition and construction costs contributed 22 percent and 64 percent of the overall development expense, respectively, for the Ikoyi project, but the split was 53 percent and 47 percent for the Ikoyi project.
“The skew is due to the fact that Ilasan, Yaba, and Surulere (with an average land price of 78,000 per sqm) are comparatively cheaper than the more pronounced Ikoyi (Banana Island),” it added.
Excessive speculative thinking
Land is a scarce asset, and locations near commercial and recreational activities, such as Lekki, generate demand and drive up prices. These price hikes, however, are not always justified.
“A wide expanse of land in prime locations such as Ikoyi (especially Banana Island), Victoria Island, and Lekki Phase 1 is limited,” the report said. As a result, even with high vacancies in some properties, the few landowners are raising their prices to new highs.”
For instance, in early 2020, asking prices for land in Banana Island were around ₦400,000 to ₦600,000 per square meter, but it now sells for as high as ₦800,000 to ₦1,000,000 per square meter.
From this research, it clear that there are two types of people in the Real Estate industry in Lagos; Those who gain and those who lose. It is therefore important to find a way to be on the winning side. You do not have to buy land in Ikoyi and Lekki Phase 1. A single plot of land at Windspring Estate can be a game changer in your investment portfolio. Contact us today.
|Properties / Top Ten Intriguing Facts About Lekki Seaport by DANBELPIL: 5:17pm On May 15, 2021|
After the Dangote Refinery, the Lekki Deep Sea Port is arguably the second largest project currently under construction at the Lekki Free Zone. It is part of Nigeria's effort to capture regional trade in an area with high growth potential but weak infrastructure. Although Dangote Refinery receives more attention than the Lekki Seaport does, the latter still has a number of intriguing facts to pique investors' interest. Let's take a look at those facts.
|Properties / You Can Make A Profit Of 5,525% In 7 Years. How? by DANBELPIL: 5:26pm On May 07, 2021|
A client who had recently purchased one of our estates told us an interesting story. Her father was approached by a realtor about 7 years ago about purchasing a plot of land near Lagos Business School for only ₦400,000. Since the region was still mostly bushy, he scoffed and laughed at the offer. He didn’t think the area would be developed in 20 years. He passed on the opportunity because he thought the realtor was only looking for a quick buck. Fast forward to 2021, and the same plot of land that he refused to buy for ₦400,000 now costs about ₦22,500,000, a 5,525% rise in value.
Now, they live with regret at Abraham Adesanya paying millions annually for rent. “If only my dad had taken that offer, we would live in our own house today” She said. When presented with the opportunity to buy a plot of land at Windspring Estate, she did not hesitate to jump at the offer in a bid to avoid making the same mistake again. In her own words – “We watched with regret as development came in so quickly; those bushes developed into hundreds of houses in less than three years, and when we tried to buy land in the same area a few years later, it was too costly for us
|Properties / Let's Talk About "Short-let Investment" by DANBELPIL: 3:52pm On May 01, 2021|
In recent years, the market for short-let serviced accommodation in Nigeria has skyrocketed. The bulk of demand initially came from oil companies, telecommunications companies, and the diplomatic community, in the early 2010s. However, with the rise of Air BnB and a fast growing entertainment industry alongside a growing urban and middle-class population, the demand for short-let apartments among young professionals in Lagos has increased in recent years. According to a Market Watch study, the short-term rental market has risen significantly in recent years and is expected to continue to expand rapidly in the next five years, with a forecast occupancy rate of 70% in 2021. In reality, short-term rentals brought in 30% more income for homeowners/investors than long-term leases in 2018, with a global market worth of $169 billion.
According to African Futures Papers, by 2035, close to 30 million people could live in Lagos, turning Nigeria’s commercial hub into the largest megacity on the continent. At the same time, more than a third of Africa’s urban population is expected to live in West Africa. Nigeria’s Lagos city is estimated to become one of the fastest-growing cities in the next twelve years with Lagos becoming a megacity by 2030. This presents a great opportunity for investors.
According to interviews with local property magazine editors, serviced apartment ads now account for between 5% and 10% of all classified properties for sale, up from 1% in 2009.
According to a study by Alitheia Capital, the short-stay industry is also rising as commercial property development funding becomes scarce. According to the study, short-term apartments are a good investment. “The demand for above-standard hotel rooms and short-term accommodation in and around Lagos is estimated to be around 6,000 rooms... increasing at [an average of] 15% per annum,” according to the study.
“People tend to prefer short letting to hotels, particularly those outside the country because of its unique features,” Etoniru, a fellow of the Nigerian Institution of Estate Surveyors and Valuers, said. In reality, it was less expensive in short-term rentals than in popular hotels. A one-bedroom in Shonibare estate, for example, costs ₦30,000 per day, a two-bedroom costs ₦45,000, and a three-bedroom costs ₦70,000 per day, according to the Guardian. A three bedroom in Ikeja GRA costs $150 per day, a three bedroom in Victoria Island costs ₦2million a month, and a duplex costs ₦200,000 per day.
A luxuriously furnished and serviced three-bedroom penthouse with all rooms en-suite is available for ₦90,000 per day at Maryland, Ikeja, Lagos. A fully furnished super luxury two-bedroom short-let apartment in Maitama, Abuja is also available for ₦50,000.
A short-let rental apartment obviously has a higher value appreciation since the rental value can be used as resources for other enterprises in a short period of time while turnover increases.
|Properties / Vital Steps To Take Before Buying A House In Lagos by DANBELPIL: 5:33pm On Apr 28, 2021|
There is almost no one in Lagos who does not want to own a home of their own. A personal house provides unrivaled protection and peace of mind. A personal residence may also be used to secure a loan from a financial institution or to generate additional income via rent and lease. Nigerians take advantage of every chance they can to secure their dream home for these reasons and more. However, if the buyer does not pay close attention to the specifics, they will come to regret their decision to purchase a home. To stop this, take the following steps:
Draw Out a Budget
The first and most important thing to do before buying a house in Lagos is to make a budget. It's one area where you don't want to make a mistake. To avoid being conned, it's also important not to take advantage of any cheap bid. In your search for the most luxurious home, don't lose sight of your financial budget.
One mistake that first-time buyers make is not knowing how much they want to spend on a home and sticking to it. Some also take out a loan to help fund the purchase without having a proper payback plan in place. As a result, you must cut your coat according to your cloth, as purchasing a home in Lagos can be a difficult process. When purchasing a home without a budget, you are much more likely to overspend. Until you start looking for a home, it's a good idea to ask yourself, "How much do I want to spend?" You can not only create a budget, but also make sure that you stick to it.
Pick a location
After you've created a budget, you'll need to choose a location. Where you can buy a house would be determined by your budget. It would be impractical to search for a duplex in Ikoyi on a N30 million budget. The type of building you can buy with your budget is also determined by your location. While a budget of 20 million Naira will not allow you to purchase a fully/semi-detached duplex house in Lekki, it will buy a 2-bedroom apartment.
|Properties / Everything You Need To Know About Commercial Real Estate Investment by DANBELPIL: 4:20pm On Apr 27, 2021|
Real estate is one of the most popular and oldest form of investment. One of the most appealing aspects of real estate investing is its wide range of possibilities. Each form of real estate investment, of course, has its own set of advantages and disadvantages; nevertheless, the key to succeeding in Real Estate Investment is knowing how to read the market to decipher profitable deals. One very popular yet lucrative form of real estate investment is Commercial Real Estate.
The process of purchasing real estate primarily for the purpose of doing business and producing income is known as commercial real estate investment. Investors can make money from commercial real estate through different categories, including office rooms, retail stores, hotels and resorts, malls and restaurants, and even healthcare facilities.
Commercial real estate investment, in contrast to residential real estate investment, necessitates a greater amount of money but yields a higher return on investment. A commercial real estate property's value also increases faster than a residential real estate property's.
|Investment / Land-banking, Its Pros And Cons by DANBELPIL: 2:55pm On Apr 21, 2021|
A concept relatively new to most real estate investors in Nigeria is land banking, one of the most overlooked and underused strategies.
Land Banking 101: An Introduction
The word "land banking" nearly perfectly describes what it is. Rather than putting money in a savings account (where it will earn a maximum of 1% interest per year) or the stock market (which has become increasingly volatile in recent times), some investors have taken a different approach by purchasing LAND and in doing so, putting their money into a tangible, fixed asset that cannot be broken, stolen, or destroyed.
Most new investors overlook vacant land because it does not sound exciting. As a result, many would-be land investors overlook many of the benefits of land over traditional real estate investments (such as houses, apartment buildings, commercial properties, and so on). Unlike other residential and industrial houses, land is inexpensive to purchase... there are no utility bills, no occupant issues, no termite infestations, no leaky faucets, and no faulty toilets.
Consider this: you can purchase a piece of barren land now, move away for ten years, and nothing will have changed when you return. Is there a more secure investment?
Consider the economics of land: it is a resource with an ever-dwindling supply (after all, they aren't producing any more) and ever-increasing demand. Given the attractiveness of land ownership, I always find myself scratching my head and asking, "Why aren't more investors interested in this?"
The History of Land Banking
|Properties / The Best Way For Nigerians Living In Diaspora To Purchase Land by DANBELPIL: 4:18pm On Apr 17, 2021|
While the real estate market in Nigeria is currently growing at a slow pace, it has the potential to rise significantly if the right players play their cards correctly. With a housing deficit of 16 million to 22 million units, Nigeria has continued to face housing challenges in the face of growing population and expensive apartments. With Nigeria's rapidly expanding urban population and creativity sweeping the country, it's not unrealistic to expect Nigerians to employ more cost-effective and affordable construction methods in the near future. Since these houses will not be built in the air, landowners in urban Centres will be King.
This has prompted many Nigerians, both within and outside the country, to seek to purchase as many land plots as possible. Unfortunately, due to the distance, Nigerians living abroad are vulnerable to scams perpetrated by families, friends, and agents. Many of them have been absolutely dissuaded from purchasing land as a result of it. This does not have to be the case, though. Although there are many ways for a Nigerian in the diaspora to buy land in Nigeria, including through family and friends or through traveling down to the country, buying directly through a real estate firm is the safest choice.
To prevent fraud, however, due diligence must still be carried out, and the good news is that this can be achieved without having to travel to the country. Here are the measures a Nigerian in the diaspora should take before purchasing land in Nigeria.
- Request photos, videos, and the land's coordinates, then use Google Maps to verify that the advertised landmarks are actually located around the estate. This allows you to determine whether you are purchasing in a prime location with a high rate of return or in a location that will never appreciate in your lifetime.
|Properties / Why Real Estate Companies Charge “development Fee” by DANBELPIL: 6:37pm On Apr 14, 2021|
“What is development fee and why must I pay it”
We've had many clients ask us this question over the years. After paying a large sum of money for a plot of land, clients are often hesitant to pay extra for development.
Some Clients simply refuse to pay the development fee because they believe it to be another avenue for the real estate developer to profit.
However, this is a wrong perception. So what is Development Fee?
The development fee is the fee a real estate developer takes to oversee the estate development project's entirety, from pre-construction (e.g., the design and entitlement processes).
Why is development fee important and what is it used to do?
|Investment / Why Ibeju Lekki Will Not Become The New Apapa. by DANBELPIL: 3:04pm On Apr 10, 2021|
Most people who have been caught up in the deadly Apapa gridlock are understandably concerned about the possibility of a repeat in Ibeju Lekki.
Apapa is home to Nigeria's two major ports, which handle 75 percent of the country's overall imports. However, major problems such as traffic, a bad road network, dysfunctional transit practices, inefficient logistics networks, and weak infrastructure have rendered Apapa a daunting spot to visit throughout the years.
The presence of the world's largest single-train refinery and a deep seaport and many manufacturing industries has raised concern amongst investors about the possible gridlock once they are all fully operational. However, the Lagos State and Federal Governments and the Dangote Group have taken steps that show promising signs.
Ibeju Lekki is a border city in Lagos State, less than 40 minutes away from Ijebu Ode, unlike Apapa, which is situated in the city center. The roads connecting Lagos and Ijebu Ode by Epe have been extended and tarred by the federal government in cooperation with Ogun and Lagos' state governments.
The Lagos State government has started the Eti Osa-Lekki-Epe Road expansion project to further alleviate future traffic congestion. The project's first phase, which began in November 2020, aims to expand the two-lane 18.75-kilometer road from Eleko to Epe T-Junction to a six-lane road with three lanes on each side. A lane on each side will be reserved as a toll weighbridge only for heavy-duty vehicles, such as tankers, container trucks, and construction trucks, to help organize their operations.
|Investment / Different Methods Used To Scam Nigerians by DANBELPIL: 4:41pm On Apr 07, 2021|
Investors will easily get lost, puzzled, and emotional in today's environment with an overload of information due to the numerous "opportunities" that pop up daily. Today's media, at its worst, invites consumers to take excessive action, which is one of the worst things an investor can do. That's because the most critical concept of investing is not how skilled you are at selling, but rather how patient you are.
Over the course of their careers, successful investors acquire a variety of useful skills. You don't come out of the womb knowing how to research or apply critical thinking to an investment opportunity; those are skills that some people acquire over time. Patience is an essential, but underappreciated, investment capability that we think many people might improve upon. We aren't born with the ability to be patient. When we're young, we're more concerned about immediate gratification. Ask every adult who has dealt with a child's temper tantrum. Patience, on the other hand, can be mastered, and if you're an investor, knowing it could help you achieve your financial objectives.
Unfortunately, most novice investors do not understand that you cannot become a multi-millionaire overnight. They do not understand the importance of patience in business and this is why they fall victim to several schemes that promise large returns in a short time. Here are some people whose quest for quick fortune plunged.
Unfortunately, inexperienced investors do not realize that being a multi-millionaire would not happen immediately. They don't realize the value of patience, which is why they fall for a variety of schemes that offer big returns in a brief period of time. Nigerians on Twitter bared it all on schemes they fell prey to in their search for quick riches.
|Properties / A Tour Of Dangote Refinery (video) by DANBELPIL: 4:33pm On Mar 31, 2021|
The Dangote Refinery and Petrochemical Plant, with an estimated investment of $15 billion, currently under construction in Lagos' Lekki Free Trade Zone, is scheduled to be Africa's largest oil refinery when it is completed in 2021.
The Dangote Refinery and Petrochemical Complex, located on 2,600 hectares of swampland in Lagos' Ibeju-Lekki neighborhood (about six times the size of Victoria Island), is said to have the world's largest pipeline system. It has a 1,100-kilometer gas pipeline capable of carrying three billion standard cubic feet of gas every day and a 400-megawatt power plant capable of meeting Ibadan DISCO's overall power needs.
It also has a gas processor, the world's largest facility for ammonia and urea, which are used in the manufacture of plastics and fertilizer, as well as a fertilizer plant that can utilize the refinery's waste materials. Connecting the Niger Delta to the Lagos-based Lekki Free Trade Zone (LFTZ) is one of the project's many deliverables. A pipeline grid, access roads, tank storage facilities, and crude and product-handling facilities are also part of the refinery complex's infrastructure. A marine terminal has also been built as part of the expansion, which includes a breakwater, jetty, and harbor.
An administrative building, guardhouses, a fire station, and pump stations were all constructed to support the project. Dangote has also constructed a jetty near the refinery construction site to receive heavy equipment.
|Properties / What Is Excision And Why Is Excised Land More Expensive? by DANBELPIL: 5:15pm On Mar 27, 2021|
Company A and Company B are both Real Estate Development Companies. They both are selling land in the same area in Ibeju Lekki. However, Company A's land is selling for N3 Million while Company B's price is N1.5 Million. Clients are perplexed as to why Company A is so selfish that they would not sell at a cheaper price, prompting them to rush to purchase Company B's land. Three years later, Company B informs its clients that they have started the process of excising the land on which their estate sits, and each customer is expected to pay N2 million to complete the process. There's a lot of commotion and complaints. However, Company A's clients are free to build on that land without any fear because the land was already excised.
It is always cheaper but the long-term troubles could eventually be too much to handle. Except you are buying from a Registered and Certified Real Estate Company, buying non-excised land is highly risky.
This is often the case of clients who choose to buy non-excised land over excised land. It is always cheaper, but the long-term challenges can become too much to bear. Purchasing non-excised property, from a non-licensed and non-accredited Real Estate Company with a good track record, is incredibly dangerous.
So why is excised land so expensive?
Before we answer that we need to understand what an excised land is.
Lands in Nigeria are under the authority of state governors by law. Historically, however, lands in Nigeria were largely under the jurisdiction of communities and traditional families prior to the passage of the Land Use Act of 1978. As a result of the Land Use Act, lands are now specifically under the jurisdiction of state governors, who may also release parts of these lands to former landowners with confirmed ownership records. Land excision is a method by which state governments release parts of the land to indigenous peoples or settlers by lawfully approved protocols and processes. The method of land excision is a means for the government to compensate the original landowners since the Land Use Act was enacted. When a piece of land is excised, that ensures the grantees have complete control over it and will do anything they want within the confines of local rules and regulations.
However, the process of obtaining excision is very tedious and requires a lot of money. Here is how families obtain excision
1. Excision Application: A land excision application will be sent to the Lagos State Land Use Allocation Committee (LUAC) on the family head, group head, or Baale's official letterhead file. The application would provide information such as the community's historical history, population, main occupation, perimeter census, the purpose of the excised location, and reason for the excision.
2. Technical Committee Processing: Within 7 days of receiving the letter, it will be sent to the LUAC Technical Committee for further processing.
3. Charting Information: The perimeter survey of the area to be excised will be submitted to the Surveyor-General, who will review the charting and decide if the proposed excision falls under government acquired-area, in which case the proposal will be withdrawn outright.
4. Site Inspection: After gaining approval from the Surveyor-General, the technical committee will conduct a physical assessment of the site in question. The goal is to check the validity of the statements contained in the application and to interview community members in order to collect additional evidence that would be important in deciding whether the application is accepted or denied. This phase of the procedure typically takes 14 days after the Surveyor General's report is released.
5. Master Plan Compliance: After reviewing the property, the technical committee can ensure that the land's planned use is in accordance with the Master Plan for the city.
6. Report to the LUAC: The technical committee produces a report and sends it to the LUAC after it has been properly processed. This paper includes all of the files gathered on the property, as well as their conclusions from the on-site review and their views on whether the permit should be approved or revoked.
7. LUAC Analysis and Recommendation to Governor: The LUAC reviews all of the materials provided by the technical committee and issues a final decision and recommendation to the State governor, including approving or rejecting the excision proposal for relevant reasons.
8. Survey Description Preparation: Once the governor's office accepts the excision order, the Surveyor General's office is informed promptly, and a full perimeter survey of the proposed area is completed within 30 days.
9. Layout Design: The community's registered town planners, families, or people interested in the land excision proposal will be commissioned to draw a layout plan for the new piece of land, which will then be sent for approval to the State's Ministry of Physical Planning and Economic Development.
10. Indemnity Agreement Execution: The grantees of the land must enter into an agreement with the government that binds them to take the land in complete and unconditional settlement of all previous claims on the land. Likewise, the grantees may agree to compensate the government for losses incurred by encroachment or vandalism of property by family, agents, or community members beyond the excised land region.
11. Publishing in the Lagos State Official Gazette: After all of the above requirements have been met, the technical committee publishes the land excision in the official gazette of the Lagos State Government.
12. Publication in Newspapers: The technical committee will print the official gazette in at least one commonly circulated newspaper. The object of the publication is to educate the general public about the land's status, the excised land's borders, and other pertinent information. The applicant is responsible for the expense of the newspaper advertisement.
13. Issuance of Certificates of Occupancy: The government is expected to issue a Certificate of Occupancy on the excised land to the grantees' approved members within 30 days of publication of the official gazette in newspapers.
14. Forwarding of Final Documents: After all of the aforementioned procedures have been completed, all excision reports and administrative files are transferred to the State's land bureau office. The Registrar of Lands in the Excised Lands Agency would then formally enter the excision, surveys, maps, names, and gazettes into the archives.
This whole procedure is incredibly capital intensive, which is why, after excising the land, the family that processed it sells the land at a high price in order to recoup their investment. So, if you choose a non-excised land over an excised land because "it is cheaper", have it at the back of your mind that upon processing the excision, you will still have to part with some money.
You can get a full plot of excised land with us at Windspring Estate for just N3 Million. Contact us today to begin the process.
|Properties / Frequently Asked Questions About Real Estate In Lagos by DANBELPIL: 4:58pm On Mar 24, 2021|
Investors have every right to ask questions before and after investing in a business venture. These questions help to shape investment choices, such as whether or not it is prudent to invest in a particular business or industry. Real estate in Lagos is no exception, with investors asking a slew of questions on a daily basis, but rarely receiving adequate replies. We've compiled a list of the most frequently asked questions by investors.
What area is best to invest in?
Lagos State has a plethora of appealing locations where an investor would make a profit (Where can you buy land in Lagos with your budget). Ibeju Lekki is currently the most appealing region in Lagos, thanks to the multibillion-dollar businesses sprouting in the Lekki free zone, including Dangote Refinery, Lekki Seaport, and others.
When is the right time to buy and sell land?
The final aim of investing is to make a profit by buying low and selling high. Knowing when to purchase and sell land at the right time, on the other hand, is what separates a decent investor from a GREAT investor. In this blog post (How to turn 1 million to 200 million in a few years) we see how two people bought land in the same location at the same time but one sold four years later to make a 300% profit while the other waited longer and made a 19,900% profit when he sold. The most important factor here is time. If you purchase land in Ibeju Lekki, you should not sell until the Seaport begins full operations in 2023 when the value shoots up.
What are the steps involved in buying land?
If you are buying from Omo-Onile the process is a whole lot more complex as you need to get a real estate lawyer and a surveyor. If you are buying from a Real Estate company all you need to do is to contact a reputable real estate company, pay money and allow them to do all the work. Learn more about this here (Questions to ask before buying land in Lagos)
What documents should I ask for after buying land?
If you purchase land from a real estate firm, you may receive a Letter of Acknowledgement after you have made your payment, whether it is in installments or in full. You may also request an invoice/receipt that includes payment proof. If you're paying in installments, you'll get a contract of sale, while if you pay in full, you'll get a deed of assignment, which transfers ownership of the plot(s) of land you purchased. You will receive a survey along with your deed of assignment, which will mark the precise location of your land as well as its dimensions. You may also request a layout of the estate so you can see where your plot will be.
Why do I pay more when buying from a real estate developer?
Every estate has a development plan that may include paved roads, street lights, constant electricity, and a central water system. These expenses are often referred to as development fees, and they are included in the total cost of the land. You'll save money if you purchase land that isn't in a master-planned community but miss out on the many benefits of buying from a developer.
Should I buy only excised land?
This is entirely up to you. The majority of excised areas are in developed areas where construction can begin as quickly as possible. Non-excised land, on the other hand, is usually found in undeveloped areas and is thus less expensive. Purchasing non-excised land is a good thing if you are ready to wait at least 5 years.
The list of questions is endless, which is why Danbel Properties and Investments Limited has provided an opportunity for you to ask us as many as you want by scheduling a FREE consultation with one of our advisors. To schedule a session, go HERE.
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