Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year - Properties (66) - Nairaland
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| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by Treash(m): 7:04pm On Mar 04, 2019 |
LEGAL GUIDE TO BUYING PROPERTIES IN LAGOS. STEP 1 – DECIDE ON A BUDGET AND LOCATION Buying a property is a big step involving a substantial long-term financial commitment, so think hard about what you can afford. Also, if you intend to live in the property, then you need to be sure that it is in a location you are happy at and can be for a very long time. Once you decide on a budget and location, then you are good to go and you can move on to the next step. STEP 2 – HIRE A COMPETENT LAWYER Not all lawyers are experts in property transactions. It is not enough that you hire a lawyer, yes all lawyers have some idea about property law, but there are some issues which someone who is not a specialist in property matters would easily miss. STEP 3 – LOOK FOR THE PERFECT (OR ALMOST PERFECT) PROPERTY Once you hire a lawyer, the next step is to begin the search for properties which match your budget and location. At this point, you can engage the services of an estate agent, the estate agent will look for properties which match your criteria, create a shortlist for you, and then organise for you to view the properties shortlisted. Your lawyer can also assist you in recommending a trustworthy estate agent, if your lawyer is involved in many land transactions. STEP 4 – INVESTIGATING THE SELLER This stage is where your lawyer begins his/her work fully, the lawyer will conduct the proper searches, ask the right questions, and request for the right documentation to determine if the person you are speaking to about the property in Lagos, is the real owner. This is EXTREMELY important especially when the property in question is family land. STEP 5 – INVESTIGATING THE PROPERTY At this stage, your lawyer will also play a big role. The lawyer will conduct the relevant searches and examine the appropriate documentation to ensure that the property is free from any encumbrance or pending litigation, that the property is not the subject of any Government acquisition, and that the property is not subject to any overriding interests STEP 6 – VIEW THE PROPERTY At this stage, if you have confirmed that the person you are dealing with has title, and the property is free from any issues, then you should visit the land to physically inspect it. At this stage you want to ensure that the land and the environment meet your expectations. It is also advisable to conduct a site visitation with a registered surveyor who will look at the survey plans and advise on the property as well. STEP 7 – NEGOTIATION Here both the buyer and the seller have satisfied themselves that the deal can proceed, it is now a matter of agreeing on an acceptable price for the land. Your lawyer will be very instrumental here as well, as the lawyer will also be able to give you a solid indication of what future liabilities will exist for you (stamp duty fees, other government fees). STEP 8 – DOCUMENTATION If the negotiation goes well and the offer is accepted, then your lawyer (and the seller’s lawyer) can move to the stage of drafting and negotiating all the completion documents. In land transactions in Lagos, there are 3 main documents – the contract of sale, the receipt, and the Deed of Assignment. The lawyers will deal with this, and ensure that the interests of both parties are addressed. STEP 9 – COMPLETION, EXCHANGE & POSSESSION At this stage, the buyer and the seller have signed and exchanged contracts, and the buyer is now in possession of all the original title documents and transfer documents. The purchase price of the property has also been made at this stage. Once all that is complete, the buyer becomes the owner of the property and can take possession STEP 10 – POST-COMPLETION Once the buyer has taken physical possession of the property, the next step is to file all the necessary documentation with the appropriate government authority and then commence the process to obtain Governor’s consent of the transaction. Once Governor’s consent is obtained a Certificate of Occupancy is issued, and the property transaction is then complete. Barr. Ayo Aderinto 08068088866 ay4u888@gmail.com Credit: Lawpadi |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by PYSHomesUK3: 12:34pm On Mar 05, 2019 |
Hi goodday all lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by oalandAgents2: 10:37am On Mar 06, 2019 |
morning to you all lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by oalandAgents2: 10:39am On Mar 06, 2019 |
Happy to be with you all lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by PYSHomesUK3: 4:17pm On Mar 06, 2019 |
good lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by soulchuks: 4:26pm On Mar 06, 2019 |
good evening house lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by PYSHomesUK3: 1:02pm On Mar 07, 2019 |
![]() lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by soulchuks: 1:36pm On Mar 07, 2019 |
good lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by oalandAgents2: 3:13pm On Mar 07, 2019 |
good day all elseohjay: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by bumperKE: 3:44pm On Mar 07, 2019 |
nice lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by lewisray: 6:36pm On Mar 07, 2019 |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by macbillion(m): 8:31pm On Mar 07, 2019 |
Please visit our website www.macbillion.com |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by PYSHomesUK3: 9:36am On Mar 08, 2019 |
good morning all lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by Freyanairaland: 10:25am On Mar 08, 2019*. Modified: 10:57am On Mar 08, 2019 |
Hello lawyer what documents should a resettlement land come with? Does the Fcda letter of resettlement do?
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| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by PYSHomesUK3: 10:36am On Mar 08, 2019 |
lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by segzeal(m): 10:58am On Mar 08, 2019 |
Your info has been really great and very insightful too. I'd like to know more about acquisition of estates by property companies and what exactly is the key difference between buying into an estate and buying outside an estate? What are the benefits especially as one involves developmental levy and the other does not? Also, what are your thoughts about acquiring landed property in Ibeju Lekki? Kind regards. |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by bumperKE: 1:24pm On Mar 08, 2019 |
nice lawyer: ![]() |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by oalandAgents2: 2:52pm On Mar 08, 2019 |
lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by soulchuks: 1:24pm On Mar 11, 2019 |
happy new week lawyer: ![]() |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by oalandAgents2: 1:57pm On Mar 11, 2019 |
happy new week lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by oalandAgents2: 2:01pm On Mar 11, 2019 |
happy new week ![]() lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by PYSHomesUK3: 4:22pm On Mar 11, 2019 |
![]() lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by Jamal090(m): 7:34am On Mar 12, 2019*. Modified: 7:01pm On Mar 12, 2019 |
segzeal:Hello Segzeal, I hope this might help. I am focusing on benefits of buying property from credible estate developers. Before acquiring a parcel of land, estate developers verify if the land is free from encumbrances or litigation, they only put up such land for sale if it is free of any issues whatsoever, thereby saving you from the stress and financial requirements of verifying on your own through hiring a lawyer/surveyor. A lot of amenities comes with buying into an estate, examples are good road network, drainage system, water treatment, armed security guards, perimeter fencing, gate house and sometimes estate wide surveillance security system to mention a few, thereby guaranteeing a serene and secure environment to live in. As opposed to buying out side an estate, how long do you have to wait for all this infrastructures to come in place within your neighbourhood. When it comes to documentation and perfecting your land titles, the processes are simplified if you buy from credible estate developers as they go throgh the rigorous processes at your behest saving you from the stress, financial obligations and the long process of bringing a lawyer and a surveyor in. Because of the developments within an estate, Estate lands also tends to appreciate a lot faster than its counterpart. There's a truck load of benefits in buying from credible estate developers, the above is just a few. |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by Jamal090(m): 7:42am On Mar 12, 2019*. Modified: 8:37am On Mar 12, 2019 |
segzeal:The development levy is mostly a one time payment, except for monthly maintance fee like payment for security men and estate wide maintenance which you will still pay for your personal security or even to the CDA if you bought the land in a local area, outside an estate. As stated in my previous post you can see all the value you're getting for the Dev. levy. The key is finding a reliable estate agent (at no cost impication on your part) who will then find you a credible estate that meets your specific needs in conformity to your budget. |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by Jamal090(m): 8:05am On Mar 12, 2019 |
segzeal:Ibeju Lekki is the fastest growing city in Nigeria with a potential to 10x your investment within a couple of years. Since 2016, properties in Ibeju Lekki have appreciated by over 50% yearly(I can show you proof). The reason for this isn't far fetched, companies like Dangote Refinery, Sugar Plant, Fertilizer Plant, Lekki Free Trade Zone to mention a few, and also infrastructures(some proposed) like the Lekki deep Seaport, Lekki international Airport, 4th mainland bridge, smart city plan and many more, coupled with the presence of hundreds of estate developers are the major factors that have influenced the development of Ibeju Lekki. It is safe to say that people go for inspection/buy property in Ibeju Lekki every day. It is estimated that all the industries, proposed or already in place at Ibeju Lekki will create over a million jobs thereby creating a surge in the demographics of the axis. Ibeju Lekki is projected to account for almost 50% of Lagos State GDP by 2025, which is a point of note for savvy investors. In a nut shell, Ibeju Lekki property market is an investors delight with so much potential. Located near the ocean, with the presence of numerous beach resorts and leisure points, Ibeju Lekki creates a perfect blend between business, comfort and pleasure. Don't wait too long, time is of essence in real estate investments. You can contact me directly/WhatsApp on 07010816900 for a more detailed analysis. Best regards. |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by Treash(m): 10:28am On Mar 12, 2019 |
Essence of Caveats on Properties sought to be sold A lot of Land sale adverts and posts have swept off the internet by self acclaimed Estate agents and companies with juicy offers and cheap prices. In the circumstance, prospective buyers are in a bid to procure the land unverified. May i relate with you that once you make your payments, the estate companies with default land documents then move to the next available victims, leaving you to engage in unwarranted expensive court litigation. Before you engage in a landed transaction, make sure you secure the attention and legal advice of a real estate solicitor to help in negotiation, search, verification, and probably proper execution of your final documents. Dont be appeased by a mere receipt as its inadmissible in court as a proof of title to land. Though the lawyer will charge his professional fees, but its quite unquantifiable to the subsequent loss you will incur on the entire land, when you have realised the land is fake. For further enquiries, contact any of your lawyers or you can rather reach us on 08068088866. Thank you. Its Barrister Ayo Aderinto, Nigeria. |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by soulchuks: 2:44pm On Mar 12, 2019 |
HI ALL lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by Treash(m): 3:44pm On Mar 12, 2019 |
soulchuks:Any question sir? |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by oalandAgents2: 4:59pm On Mar 12, 2019 |
good day all lawyer: |
| Re: Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year by Jamal090(m): 6:57pm On Mar 12, 2019*. Modified: 7:13pm On Mar 12, 2019 |
Jamal090:Note the use of the word "credible" in the quoted post. When it comes to credibility, there are certain developers worthy of note. Some of these developers never put a property up for sale until it has been excised and gazzeted at the very least. I even know some developers who only sell properties with either a C of O Title or a Governors Consent. Nothing less. |
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