₦airaland Forum

Happy Independence day

HAPPY 61ST INDEPENDENCE CELEBRATION TO NIGERIA.

I pray our Nation shall be great again and become the pride of the world.

Thanks for educating us on owning a published asset

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People have lost money in land transactions simply because they fail to follow the right steps.

♦️WORK WITH A TEAM OF PROFESSIONALS

The first thing you should do when you want to embark on land purchase is to get a team of professionals which must include a realtor or real estate sales consultant like myself, a surveyor , and a lawyer.

A lot of people just jump on any land pitched to them by a roadside agent or an omo onile

The work of a professional sales consultant is to get you a verifiable , genuine and safe property with legal documents.

The surveyor will help you conduct a survey plan search by picking the coordinates of the land or simply ask for the survey plan and get it verified at the surveyor General's office to ensure it is not within a committed area, I mean area under government acquisition.

While a lawyer will verify the authenticity of the legal title on the land and also help draw up a deed of agreement if need be.

So you see the need why you need a team of professionals when you are engaging in a land purchase transaction.

♦️ENGAGE THE SERVICE OF A SURVEYOR TO CHECK THE STATUS OF THE LAND

A piece of land could free or committed. If a land is free, this means that it is free from government acquisition and has been given out for use.

On the other hand, if a land is committed, it means that the government has registered an interest in the land and intends to use it for a specific purpose. E.g construction of airport, roads etc.

NOTE: All lands in urban areas are under government acquisition until deemed “not committed”. This means that a piece of land that is said to be under acquisition today may be released for use tomorrow if the land is not under committed acquisition.

If you buy a piece of land that happens to fall under a committed area, the penalty for this mistake is a repossession of your land.

If you already have a building on such land, the government will come one day and ask you to move out or earmark it for demolition.

How can you find out if a land is committed? The simplest way to avoid buying a committed land is by conducting a Survey plan search.

First, ask for the survey plan of the said land and take it to the office of the surveyor general where you can do a search.

This is where you’ll find out if the land is free or committed.

NOTE: if the land is committed, then just forget about it entirely but if it is under acquisition but is being sold then it should have an excision file number which you can take to the lands bureau/land registry to confirm if the land is actually undergoing an excision.

To catch the concluding part of this piece, kindly watch out for this space

If you got value, feel free to hit the share button.

Cheers to your success.

© Olubusayo Akin-Akinbode
Real Estate and Investment Consultant

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Blazers been saving lives since 1900

1. The joy of having a tangible asset that is your own.

2. Opportunity to cash out in the future.

3. Generational wealth and lifetime investment.

4. Lifetime inheritance for your children.

5. A retirement plan.

peradventure you want to have a land to your name and you don't know how to go about it.

Contact us on honeycrownproperties@gmail.com
or call 09098844351

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