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HOW TO ACQUIRE A PROPERTY WITHOUT PAYING THE FULL COST
If you have been saving money for a while for property acquisition, keep saving your money until you have at least 60% of the cost of the type of property you want. 60% is reasonable. With this amount, you open yourself up to three options for acquiring the property.

1) Mortgage
2) Distress Sale
3) Off-Plan Sales

For Mortgage, with 30% payment, you can access some mortgages. It goods to have more than 30% though so you can pay for other documentation and meet easily make your first repayments.
Distress sale is not common but it arises when a seller needs to sell his/her property urgently to raise money for an urgent matter. It is one of the best ways to acquire a property at a low cost. Some properties can go for as low as 50% of the real value.
Off-Plan sales are made available by real estate companies for people who are willing to key-in to a real estate project even before its completion. They get a generous discount in exchange for their faith in the real estate company.

The key thing is to have some savings so that you can be ready when an opportunity comes.

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My dear professional colleagues, I am sure you are all very familiar with phone calls that begin like this:

Hello Surveyor, please how much for Registered Survey for a plot of land at Ibeju-Lekki?

Hello Engineer, please how much for raft foundation for half plot at Abijo?

Hello Barrister, please how much for deed of assignment for 2 plots at Okota?

Hello Architect, please how much for drawing for 4 bedroom duplex?

Making enquiries about the cost of a service you need is a very good thing. It gives you an idea of how much it should cost. But I have a problem with people who just want the cheapest price. These people don’t care about the quality of your service. There is nothing you can tell them that will convince them. Some will say, “Ah, I really like how you have explained it to me, but someone else offered to do it at a lesser amount”. Others will say, “Okay. I will get back to you. Thank you.” They won’t even bother to understand your service offering or negotiate with you because someone else had already offered them a cheaper price.

These people are the ones who get into trouble very often. They make easily avoidable mistakes and spend more money in the end because in their quest for cheapest price, they are blinded to the more important things like competency, quality of service, reliability, professionalism & value for money.

I have learned from experience not to bother about these people because no matter how much you reduce your price, there is always someone, somewhere, who is willing to charge lesser. Even Joe Girard – the greatest salesman in the world – someone who sold thousands of cars and in his prime sold almost 1500 cars in one year, confessed in his book (How to Sell Anything to Anyone) that no matter how hard he tried, he could not close every deal that came his way!

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ozome15:
Can you can you tech some one

Yes

We recently completed a drone survey in Amuwo-Odofin, Lagos for a client who wanted to see all the roads that connect to their off-dock container depot and their dimensions. While analyzing the final orthomosaic (georectified images stitched together to form one seamless image) we realized that if we were looking for vacant lands of a certain size to serve as depots (they need more space), this same survey would suffice.

A drone can be used to find vacant lands in an area. For example, if you are looking for vacant lands which are at least 3000 sq. mts., all you need to do is a drone survey that will cover your location of interest.

A drone survey is different from a regular drone image capture. The difference between them is that in a regular drone image capture, in most cases, you just capture the images and download them but in a drone survey the images are geometrically corrected (dimensions of features will be correct) and stitched together to form a single image called an Orthomosaic. Since the image is geometrically corrected, you can measure distances, areas, and volumes on the images with great accuracy.

After the drone survey, you will have the orthomosaic of the area. Now, all you have to do is import it into QGIS/ArcGIS/AutoCAD/Global Mapper or any other GIS or CAD software of your choice then you can use visual inspection to identify vacant lands and start measuring them to see which ones are at least 3000 sq. mts. If your area of interest is quite large and you are skilled enough, it will be better to do a Supervised Classification to identify all the vacant lands automatically.

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A lot of resources are being lost in the real estate sector because of a lack of knowledge.  There are just too many people who think all they need to do when they want to build a house is to purchase a piece of land, mold blocks, and hire labourers! You will hear them ask questions like “how many blocks will I need to build a 3-bedroom bungalow? Is it cheaper/better to mold blocks or buy? How much will it cost to dig a well so the labourers can have water for their work?” These are good questions if you are building in a rural area but for urban areas, they are not the questions you should be asking at the beginning.

You should be asking questions such as:

Is it safe to purchase this land?
Will I have any issues with the government if I purchase this land?
Will I be able to get a good title?
Is this land outside the minimum setback of the closest public utilities?
Will I be granted a building permit for a 3-storey building here?
Will the cost of the foundation be too high because of the terrain/topography that it may be better to look for land elsewhere?
In this location, can I start building immediately after purchase?
These are questions that professionals can answer for you. And it is after you are satisfied with the answers that you should start worrying about blocks! This year alone I have seen someone who was denied a building permit (setback issue–power line), another one was given a demolition notice (setback issue-canal) and the last one was asked to stop construction work with immediate effect (8 mini-flats with no parking space).

Asking the right questions before embarking on a building project will save you precious time and money.

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Over the years I have seen and heard stories of people who struggled to acquire land, acquired land and struggled to keep it, acquired land and lost it, acquired land and never set eyes on it. The stories are just too many. Investing in real estate is usually straight forward but in Lagos, sometimes, it can be unnecessarily difficult. You need to investigate, use professionals, and pray! Yes, pray.

The majority of land issues is caused by dishonest land owners popularly known as omoniles. The honest ones will not give you any problems at all. They will always be available to help with whatever you need. But may you not fall into the hands of the dishonest ones. One experience with them can discourage you from investing in real estate ever again.

There should be a way to curb the excesses of these omoniles. One thing I believe can be done without delay is to make it illegal for them to sell their lands directly to individuals. Every property transaction with an omonile will be null and void. They should be made to do business with approved real estate companies only. The business relationship/partnership between them (omonile and the real estate company) will be registered with the government and the real estate companies will deal directly with them, shoulder the risks and help them sell their lands. This will help eliminate problems like paying for the same land twice, paying for land that several other people have paid for already, moving your land from one place to another because someone offered more money, forcing clients to use their family surveyor, thuggery, etc. It will also help reduce land-related court cases and unnecessary wasting of time and resources on property investigations.

Lagos State government has to really look into this ASAP!


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Buy from the right person.

There are several pitfalls in acquiring real estate but there is one that is extremely important to avoid.

I have come to realize that the most important thing in a real estate transaction is to buy from the right person. The importance of every other thing in a real estate transaction pales in comparison to this. Mistakes in most other things can be corrected. If you buy a land under government acquisition, in a lot of cases you can regularize the land. If you buy a government committed land, you can use that land for many years before the government finally comes for it. If there are mistakes in the documents, in most cases they can be corrected with a Deed of Rectification. But if you buy from the wrong person there is nothing you can do. Your money is gone. Your receipt, deed of assignment, survey plan etc. will be null and void if the rightful owner shows up within the time limit stipulated by law. And even if you are able to pay the owner for the land when he/she shows up, how are you sure the person will be willing to sell?

Ownership investigation is extremely important. A good lawyer can help you with this.

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Buy from the right person.

I have never really understood why people abroad buy land/property without informing their family members or friends. I believe it is mostly due to trust issues but I wonder which is safer – to completely trust a seller who you don’t know well or your family member or friend you have known for years. People who do this often find that when there is a problem, they have to fall back on family and friends to help them. And most times the person they fall back on feels sad and disappointed that they didn’t know anything about the transaction from the onset. As far as I can tell, keeping your property acquisition completely away from those you know hardly ever works out. At least, it hasn’t worked out for those who have contacted me for help after making mistakes that could have been easily avoided if they carried somebody they know well along.

If you are abroad and you need to acquire a property, carry along a family member or friend you have known for a while and have some trust in. You don’t need to give the person all the details but let him/her know. You can conclude the negotiations with the seller but before you make your payment, get this person involved. Tell the person about the transaction and send money for him/her to visit the site and do any necessary investigation before you pay for the property. It can save you a lot of headaches.

One eye on the ground is always better than ten eyes abroad.

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I often get asked how many plots are in a parcel of land. Most times, the person gives me the dimension or the area of the land and needs to know how many plots are in it.

The first thing you need to know is the area per plot in that location. Is it 660 square meters / plot (sq. mts./plot) or 500 sq. mts per plot etc.? Once you have the area per plot, you can begin your calculation.

Case 1: You have the area of the land

This is the easiest. All you have to do is a simple division

For example, the area of the land is 3855 sq. mts.. If the area per plot is 600 sq. mts., the number of plots is simply:

3855/600 =6.425 (6 plots and 0.425 plot)

0.425 of a plot = 0.425 X 600 =255

So in this parcel of land, we have 6 plots and another 255 sq. mts. of land which is not up to a plot.

Case 2: You have the area of the land in a different unit of measurement

If the area of land is in sq. ft and you want it in sq. mts or vice versa

1m = 3.2808 ft.

1 sq. mts(m2) =3.2808ft X 3.2808ft= 10.7636 sq. ft.(ft2)

1 ft. = 0.3048m

1 sq. ft. =0.3048m X 0.3048m=0.0929 sq. mts.

For example, the area of the land is 10,750 sq. ft. and you want it in sq. mts., the area will be 10,750 x 0.0929=998.675 sq. mts

If the area is in acres, in Nigeria, 6 plots make 1 acre so all you have to do is multiply the area by 6

For example, 25 acres= 25 x 6 plots = 150 plots

If the area is in hectares, in Nigeria, 15 plots make 1 hectare so all you have to do is multiply by 15

For example, 10 hectares =10 X 15 plots =150 plots

Case 3: If you have the dimensions of the land

For example, if you are speaking with a seller and he says the land is 65m by 90m, what you have to do is compute the area first(65m X 90m) and divide by the standard plot size like in Case 1.

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Some people invest in real estate solely for the sake of their children. In fact, I know a man who doesn’t have a single property in his name. Every property he owns is in the name of his wife and children. In the Holy Bible, Prov. 13:22 says: a good man leaves an inheritance to his children’s children. So leaving an inheritance for your children is a very good thing. If your properties are in your name, you have to make sure transferring them to your loved ones when the time arrives is done properly through a valid Will.

According to Wikipedia, a will is a legal document that expresses a person’s (testator) wishes as to how their property (estate) is to be distributed after their death and as to which person (executor) is to manage the property until its final distribution. This means that a will only describes how the property should be shared, it does not confer the title on the properties to the beneficiaries mentioned in it. For example, if a property inherited through a Will has a certificate of occupancy (C of O) title, the title does not automatically belong to the beneficiary of the property. To transfer property title of a deceased to the survivor/beneficiary mentioned in the will, a Deed of Assent (in the case of a valid will) or a Vesting Deed (no valid will) must be prepared and signed by the Executors or Administrators of the estate of the deceased. This implies that when you want to acquire a property that was inherited by the seller, in terms of documentation, you need to request for more than a will. You need to see the documents that show that the titles on the properties have been properly transferred to the beneficiaries.

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Recently, I had two separate discussions with 2 of my realtor friends about Court Judgment in property transactions.
The first one called me and said he had a client who wanted to purchase a parcel of land in Epe and the client said he was told by the seller that the title the land has is court judgment.

The second one posted a video of the land he was marketing on his WhatsApp status update. I watched it and noticed that at the end he said the title the land has is court judgment. I sent him a message immediately. You should not market properties with court judgment title unless you really understand the judgment. It is not every court judgment that serves as a title.

Court judgment can be a bit tricky because a property dispute case sometimes takes several years to be resolved. In addition, if it was recently issued or if it was not issued by a Supreme Court, you need to bear in mind that it is not final. In most cases, it can be appealed.

If you want to purchase or market a property with court judgment, please get a competent lawyer who can investigate the history of the dispute on the property and understand the implications and ramifications of the judgment.

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Ezennwa:
hmm!

Something must be done about it.

If only people can obey the rules of COVID-19.

Over 100 people are dead and you say there is no cause for alarm?

These days a lot of people are into some form of real estate business. In the past 5 years, thousands of Nigerians have become real estate marketers. That’s not a problem. It’s actually a very good thing because real estate marketing is a good source of income and besides, in Nigeria, we have a massive housing deficit. The problem is that recently, unscrupulous elements are popping up from every corner claiming to be real estate companies and recruiting people to market their “properties”.

Real estate marketer, you don’t have to market every land that is advertised. Get enough information about the land and the company selling it and do your investigation before you decide whether you are going to market the land or not .You need to be informed! Some real estate companies are using uninformed marketers to sell lands that have not been properly acquired and lands that should not even be on the market at all. They advertise a land to you and you start marketing it to your contacts –friends, family, colleagues etc. without doing any due diligence on the real estate company and the land itself. You need to be careful because a lot of companies out there are only interested in making money. They don’t care about the people that patronize their business. They don’t care about the people who give them their life savings in exchange for a parcel of land.

Some of them don’t even intend to last long. They don’t have any long term plan. They just register a business name, “acquire” a parcel of land from a family (omonile), sell to people, make money and disappear without doing physical plot by plot allocation. When you buy, they will take you to the site and show you the big expanse of land. They will show you where it starts and where it stops but they won’t allocate any plot to you on ground. In the last three months, I have spoken to at least two people who bought land from real estate companies less than 3 years ago and these companies don’t exist anymore.
Real estate marketer, your customers trust you with their hard-earned money. Try your best. Don’t let them down. Know the land you are selling and the company you are selling for.

Stay sharp.

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Powerintoxicate:
Have never seen a more clueless govt than this one .

Give us clue.Profer a solution. Anybody can complain.

Some people have parents, uncles and aunts who acquired land in developing areas many years ago. These places that were called developing areas back then have become highbrow areas today. Lands that they bought for less than N1m are now worth many times more. These people have become multi-millionaires by reason of the value of their properties but they don’t have millions in their bank account. They don’t have money to develop the land. What most of these people don’t know is that they can make money from their land and have millions in their bank account by using other people’s money to develop the land. All they have to do is enter a Joint Venture (JV) agreement with a developer.

A real estate joint venture is basically an agreement between 2 or more people to develop a real estate project and share profits. So, for example, your uncle owns a 1200 square meters parcel of land at Oniru, Lekki. He can enter into a joint venture agreement with a developer whereby the developer builds a block of 2 and 3 bedroom luxury apartments on the land. This means that the developer uses the money which he should have used to buy the land, to build the block of flats thereby utilizing his resources maximally. After completion of the project, they will share the flats or share the proceeds from the sale of the flats.

It’s a win-win solution.


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Greatzeus:
You didn't include streaming services? What money is health care making? Are you for real? Are more people going to hospitals or pharmacy than it was before the lockdown? No.
Every American businesses have been affected by lockdown apart from Streaming services whose patronage has skyrocketed. As more people are now at home and bored.
Online Gaming also.
Social media platforms and online dating sites also.

Pharmacies are open and making good money this period

If you are willing to work hard to make money to build your own house, you should equally be willing to monitor every stage of its construction. In the past year, I have seen 5 different cases of people who wasted money on their building project because of poor construction work.
The first case is a compound of 2 buildings constructed in an estate in Sangotedo. The house is located at a T junction and water flows from the three intersecting streets into this building because the level of that area is the lowest and the compound itself is at a lower level compared to the road. The compound is always heavily flooded when it rains and a lot of water enters the ground floor. It is difficult to tell if it was the owner that refused to provide money to raise the foundation well or it was just a case of professional negligence on the part of the engineer/builder.
The second case is the building of one of our clients in Ajah. It started sinking before construction was completed. In fact, he had just bought the roof when his attention was drawn to it. He had to sell the roof and he was able to get someone to pay him some money for the building and land.
In the third case, the building was constructed on a drainage channel. An earth canal. I am sure the owner of the building did not get a building permit for it. It is an eyesore. In Lagos state, the minimum setback to a canal is at least 10m.
The fourth and fifth cases are fences that were poorly constructed and collapsed. The annoying thing about these two is that the fences were constructed by the same person who constructed a few other ones that had collapsed in the same area. The builder has a close relationship with the family that owns and sells land in the area and they always recommend him to people who buy land from them.

Use competent professionals for your construction projects and try your best to monitor every stage of the construction process.
Have you had any bad construction experience? Please share. Let people learn from you.

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#stayhome #staysafe

namzo44771:
I need to remind myself about this from time to time. Very important

True

namzo44771:
Thank you for these insights

No problem

1. In Lagos, no place is “too far” to invest in land.

From my experience, I know this is very true. I have driven to Ikorodu from Ajah in less than 1hr 20mins on a Sunday morning. Recently, it took me less than an hour to drive from Ajah to Ode Omi, Ibeju-Lekki. Ode-omi is after Dangote Refinery and Lacampagne Tropicana Beach Resort. It borders Ogun state. If the road is free, no place is far in Lagos.

2. Almost every good location was once a bad location.

I remember visiting my elder sister in Lekki about 11 years ago. The road was so bad. It had just rained and there was water everywhere. In addition, the traffic was terrible. I remember asking myself “why in the world will he (my sister’s husband) get a house in this place?” It was not a wise question. I was young.

3. Real estate is the only investment that continues to increase in value whether you do anything or not

4. Real estate is one of the best wealth retention vehicles

5. Land has a tripartite value. The land, what is on top of it and underneath it are all valuable.

6. The value of real estate will continue to increase because the size of the earth is fixed. If you fill one portion with sand, the water goes somewhere else. It does not disappear.

7. A city today was a village yesterday.

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A little patience goes a long way

One of the most important qualities needed for progress/success in real estate business is patience. Without it, success is almost impossible and constant frustration is inevitable. Some transactions take years to conclude and some a few months and others a few days. What is important is you are sure the client is SERIOUS and you don’t lose faith during the waiting period.
Recently, one of our clients acquired a building around V.G.C. and he called us to do the survey. When we were on site, I was staring at the agent that sold the property to our client and calculating in my head how much he made from the transaction. He made 10% of the sale because he is the direct agent to the buyer and the seller. I was admiring him. Then we got talking and he told me he had been on the transaction for more than 2 years. Two good years! My admiration for him reduced…lol. The transaction was delayed because the client lives abroad and comes to Nigeria once or twice a year and doesn’t stay around for long. Whenever he is around, he will call him and they will go around and inspect some properties but nothing concrete ever came out of those inspections. This year, he came with his wife. They went out together to inspect some properties. She saw what she liked and said she felt there was no need to inspect other ones. The main paid the next day.

Now, my question. How many of us would have had the patience to wait for 2 years to conclude a single real estate transaction?
Patience is key.

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The best time to invest was 10 years ago. The next best time is now

Investing in Ibeju-Lekki is a no-brainer. When you consider the Lagos State master plan and the on-going developments in the area, you just know that owning a portion of Ibeju-Lekki is a must. It is the second largest local government in Lagos state and it borders the Atlantic Ocean. The opportunities it presents are numerous. By the time the Dangote refinery, Lekki Free Trade Zone, Lekki Deep Sea Port, Coastal road, Fourth Mainland Bridge and the proposed Lekki-Epe International Airport are completed, Ibeju-Lekki will be a new central business district(CBD) in Lagos state.

The housing units, good roads, restaurants, schools, hospitals, gas stations, relaxation spots, hotels etc. that will be needed to give the people who will be gainfully employed as a result of these new developments is massive. These needs will present business opportunities for everyone.

The easiest way to invest in Ibeju-Lekki now is to acquire land. However, the Lagos State government has not made it easy because a large chunk of Ibeju-Lekki is still under government acquisition. This has greatly slowed down investment and the natural development of this area.

If you are a big investor, the best way to acquire a big parcel of land is through Government Allocation. You decide how many hectares of land you want and where you want it and then you apply to the government to allocate it to you. The only problem with this method of land acquisition is that it is expensive. If you are a small investor looking to buy one or a few plots, the best way is to look for lands that already have a title such as government allocation, certificate of occupancy, governor’s consent or excision. Lands which already have a title are usually more expensive but they are safer to invest in.

If you are not skilled in land acquisition matters in Lagos state, arm yourself with a registered surveyor and a real estate lawyer. This is very important.

Invest wisely.
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momove4real25:
God bless u my colleague in Practice

Thank you

MrMcJay:
Surveyors ideally are the first point of call in transactions. They obtain coordinates and chart if it's free from government acquisition and if there is no "fly-over" in the survey plan, etc. They give the necessary go ahead before lawyers move in to verify documents.

However, due to the nature of our society, most real estate buyers are afraid of being scammed and falling into wrong deals. They believe that a lawyer is the best protection they have against losing their money. For them, it goes beyond just buying the land. They expect that at any part of the transaction chain from negotiation to purchase and perfection, the lawyer is relevant and walks them through the process (whether the lawyer is competent enough to do that boils down to individual capacity). When they eventually build, it is the lawyer who manages the property (which is the job of Estate Surveyors and Valuers under NIESV).

As a smart professional, it is better you have many trusted friends with integrity across the various professions in the real estate value chain. That way, you all grow together.

Thank you

Godisgreatest1:
If I want to survey any piece of land, I call my lawyer, it's simple. He should get in touch with a surveyor he is cool working it.

Why can't the Surveyor get in touch with a lawyer "he is cool working with"? It is because you believe the lawyer is more important than the Surveyor! All professionals in a land transaction are equally important.

EgunMogaji2:
I use lawyers extensively on all my real estate purchasers. Because real estate is an investment and needs to stand on firm legal footings.

What you should be focusing on is to advise your readers to make sure that they employ a real estate lawyer on real estate issues.

Any decent real estate lawyer will have an army of related professionals that he works with including architects, surveyors, engineers, etc

Sir, do you mean the lawyer should be the one to look for the architect, engineer, surveyor etc. for the client?

chatinent:
You are not far from the truth but these lawyers liars must chop na.

There are many decent lawyers out there. It's not the fault of the lawyers. Some clients just believe that a lawyer should know everything.

Over the years, I have observed something in the real estate industry. A lot of clients believe that their lawyer knows everything about property acquisition. This is not right. The fact that your friend is a lawyer does not mean that he is a real estate lawyer. Not all lawyers are skilled in real estate matters. Lawyers have specialties. Your friend can be an intellectual property lawyer, an energy sector lawyer, a maritime sector lawyer, etc. He may know very little about real estate business.

Nowadays clients put a lot of burden on lawyers. A client wants to know something about a survey plan, he calls his lawyer instead of a registered surveyor. Was it a lawyer that prepared the survey plan? He wants to know if a parcel of land is free from government acquisition, he calls his lawyer. Was it a lawyer that mapped out the boundary of the government acquired land? He wants to know how much a survey cost, he calls his lawyer!
I believe it is impossible to carry out a legal real estate transaction without the input of a lawyer but the lawyer does not do everything. He has his roles to play and the registered surveyor has his roles as well.
Dear client, allow them do their work.
Your lawyer is NOT a surveyor!

Invest wisely

Most times people who want to buy land often fall victim of what is called Bandwagon Effect. They buy because others have bought. They use the fact that others have bought and have probably started building as a yardstick for determining if the land is good or not. They say “all this people that have bought cannot be wrong”. This is a wrong strategy and I’ll tell you why. We once surveyed a parcel of land (about 1 acre) for a client and in the process of registering the land; we found out that it was in a government committed area. We had to inform the client quickly. The man had started fencing and had invested a lot of money into the land. When we told him the status of the land and explained the implication, he thought about it for a few minutes and said “Surveyor, don’t worry. Look at these other people that are building already. As long as it’s not only my property that will be demolished when government comes, I am not bothered”. I was really surprised! But you see, this man is a young successful businessman and he probably has other properties. If he loses one property, he has others.

Before purchasing land, ask yourself if you can afford to lose your investment. If you can’t, make sure you do your due diligence on the property before paying any money. Don’t buy because others are buying. You don’t know if they have other properties aside that one.

In Lagos state, knowing the status of a land before purchase is extremely important; especially in Ibeju-Lekki & Eti-Osa local government area because the amount of committed and government acquired lands in these 2 local governments is massive.

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