Treash:
When it comes to real estate, the adage "location" holds a profound truth. The choice of location plays a pivotal role. Let's delve into why location is a critical factor influencing the decision to buy a property.

1. Property Value and proximities: The neighborhood and surrounding amenities significantly impact property values. Proximity to schools, parks, shopping centers, and public transportation can enhance property appreciation. Also, proximity to workplaces, schools, medical facilities, and entertainment options affects the overall appeal of a property.

2. Safety and Security: Safety is a top priority for homeowners. The crime rate and overall security of a neighborhood significantly impact the desirability of a property.

3. Quality of Life: The overall quality of life in a particular location is crucial. Factors such as clean and green surroundings, recreational spaces, and a sense of community contribute to a higher quality of life.

4. Future Development Plans: Researching the development plans for an area is essential. Upcoming infrastructure projects, zoning changes, and commercial developments can positively impact property values.

5. Resale Potential: Considering the potential resale value is prudent when buying a property. A well-chosen location can attract a broader pool of buyers when it comes time to sell.

Treash:


Literally, “Excision” is the act of removing something. Under the Land Use Act, all land in the State is vested in the State Governor and held in trust for the benefit of Nigerians. However, as a means of recognising ancestral/indigenous owners, the Lagos State Government introduced a policy of giving back some portions of land to them.

Risks in procuring lands under Excision in progress:
Many real estate developing firms in Lagos State buy a vast area of land from indigenous communities or families and then apply to the State Governor for the said portion of Land be excised to them. While their application is still pending, they begin to advertise and sell the land to unsuspecting purchasers who have no idea of what excision means.

It should be noted, that Excision of land in Lagos has hitherto been prohibited.

Barr. Adeolu Ayo Aderinto

owolabi5:
Thanks Boss

Treash:
The position of the law is that an illegal property acquisition CANNOT be cured by obtaining a Certificate of Occupancy (CofO) on the property. If you acquire a CofO on an improperly or illegally acquired land, the exercise is fruitless and the CofO is worthless.

This was what the Supreme Court said in a recent case that there must have been an entitlement to a statutory right of occupancy before a certificate can be given as evidence of such right. The court further held that when there is no initial right and a certificate is issued, such certificate is not worth even the paper it is written on.

Therefore, it is pertinent to do your due diligence before acquiring a property in the first place. After proper acquisition, you can then proceed to obtain your Certificate of Occupancy or Governor's Consent as the case may be.

SolutionzNaija:
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Uman123:


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