₦airaland Forum

Land is a good investment, but one need to be careful when buying especially in urban or developed areas

MrMcJay:
What if the land bought is OK from the family and after paying, you discover that the land is under government acquisition?
Or the C of O you think you are buying is fake?
Or the land belongs to someone else somewhere who knows you have bought his land, but is waiting for you to nearly finish roofing your duplex before he slams you with a Court injunction which signals another 30 years in Court?

Buying land requires financial, legal, technical, emotional, psychological input as well as street-smartness. The problem arises when one factor is absent or misapplied.

This is where due diligence before payment comes in. You may get a knowledgeable lawyer to conduct land information at lands to find out the status of the land and documents.

chipmunkey:
Someone close to me bought a piece a land and a few years down the line he doesn't even know where it is anymore. Development came and the landscape totally changed. I blame him for not visiting the place frequently.

Does he not have the survey plan for his plot of land? Let him go to his surveyor if he has the survey documents and other supporting documents the land can surely be traced.

Nice writeup. It's better to also put down all issues relating to land purchase in black and white.
Involve your lawyers.

What is the land is bought through a corporate body, is there any risk to watch out for?

Noted.

wakacome:
This land is not for sale



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Good real estate investors pay for land and develop it one month after payment(immediately) …… Not mere fencing.

Once a house is sitted on the land, there is no long story about ownership.

It is also good to look mean so that any iddioot that is seeking who to dupe will not try it with you.

Naughtysite:
It is also good to look mean so that any iddioot that is seeking who to dupe will not try it with you.

In fact dat is the secret of buying all these cheap lands without C.OF.O ..... make sure the sellers understand u have inflicted fatal wounds on guys dat cross ur path

Each state ought to have a centralized land registry so that everyone knows who owns what.

If it is owned by a community trust or an individual it needs to be clear otherwise land development will be a problem.

It's one of the reasons why land use in Lagos is so poor - for such a densely populated place ther are far too many low rise buildings. People are not in a hurry to invest because of the uncertainty of land rights and ownership.

it is also important to have a camera man stand by to take pictures while sealing the bargain, both the buyer and seller will have copies... pictures they say convey a lot of meaning than thousands of word. nowadays written document can easily be falsified not to talk of oral or audio documentation that can be manipulated with recent voice changing applications.

bond77:
it is also important to have a camera man stand by to take pictures while sealing the bargain, both the buyer and seller will have copies... pictures they say convey a lot of meaning than thousands of word. nowadays written document can easily be falsified not to talk of oral or audio documentation that can be manipulated with recent voice changing applications.

What of video ?

Land biz is always a tricky biznx. Some times, some amount of luck is also needed

write2obi:
The real problem is that people don't even know, what and what document they should collect when they buy a land, land purchase is not something anyone should jump into without due consultations.
Here in anambra the trick is to start building immediately you buy the land, the worst case scenario is that you will be asked to pay more money if anything does wrong,
My brother- inlaw bought 2 plot of land in oba some 6 years ago, the man that owns the land resides in the US so the transaction was between my inlaw and the land agent. He(my inlaw) fenced the lands. January two year ago when he started moulding blocks for his house, he was confronted buy a man who claims to be the true owner of the land. It turned out that the agent thou he was authorised to sell the land, only paid half of the money my inlaw gave him to the owner ( claiming he had family issues at that time and had to use part of the money, that he was planning to balance the rest when sorts him self out) . Then he was given time to bring out the rest of the money which he failed to do, it got to a point the owner of the land said that even if the man brings out the money, that he is no longer willing to sell at the old price, at this time lands at the said area was now selling like hot cake. The owner was demanding for another 2 million naira , my inlaw out of desperation was willing to pay but the dealbreaker was that my inlaw was also asked to pay the money the dubious agent ate. So at the end he lost the land, 6 years of investment, and part of his money (the owner of the land was kind enough to refund the money the agent gave him)

The bolded is the secret of buying land successfully.

Not when you acquire N2m as savings and you want to make investment, you buy land and leave it for years. That's an invitation for trouble

Buy land and build immediately, even if its two rooms and get it occupied. Simple.

My brother forget that government land thing , that how i went and bought one so expensive land because it has garzet , the very cheap one's that has no garztte are already deveped and the government is still no where to be found to take dem.

Always involving a Conveyancer to help you through the procedure will help a great deal

Naughtysite:
What of video ?

better... but I stick with pictures.

Here in the Uk all land and properties are bought through a law firm by a solicitor. why don't Nigeria do the same.

mrpackager:
.

I KNW IT WIL MK FP

Yes u will make it soon

And it will be 21 April 2017

bastien:
No do mistake buy land for omonile hand.......them fit sell person land (military man) give u

Na so dem sell naval officer land give army officer........ no be small thing happen oh

Yes, i remember this one. It also happened at Sangotedo near Lekki Gardens 3/6.

At a point, they were shooting and all manner of army personnel were stationed there.

#Bookmarked

Cos I'm gonna buy lot of lands in no long time.

#Optimistic

Prayer: I hope nairaland never crashes again.

blank:
Yes, i remember this one. It also happened at Sangotedo near Lekki Gardens 3/6.

At a point, they were shooting and all manner of army personnel were stationed there.

lol hope say na u separate dem

lalasticlala, nice work and your contributions to nl.

Kindly try to summarize some long articles,
Try and list the points too.

If you noticed, this thread has few feedbacks, it could also imply few folks read it.

Not necessarily because they are lazy, but the time factor is vital, esp for folks working.

Imagine if a PA keeps mindlessly lifts a whole article for his boss to read. He is likely going to lose his job on the next KPI, (key performance index) assessment.

Thanks
Ps: the article is informative, but I can't just read up every thing now, maybe later