₦airaland Forum

Good

bellville:
That will be cumbersome and will cost you a lot of money. In that case, the first buyer has no legal title to pass to you only equitable title. What to do: 1. Have a receipt and some sort of documentation showing that the first buyer sold to you. With this he's passing equitable title to you. 2. Let him introduce you to the person with legal title who sold to him. You then execute a deed of assignment directly with that person. Once that is done, obtain governor's consent immediately without delay.

These are some of the things your lawyer will tidy up before you pay for the land. It's called due diligence.

. Respctfully I beg to differ with what u said. When a buyer acquires an equitable title the ideal thing is to ensure that the previous purchaser completes the perfection. Ordinarily, If the subsequent buyer goes back to the seller's or omonile they will charge him heavily. If there is also a contesting purchaser the 2nd buyer will be ranked lower and might loose his investment. The summary is that it's always better to but property with legal title. . Barrister Mark [/b]can be reached on [b]07037836881 or 2bc42c35 for further clarification

.

Hello all. i was recently asked to advice a foreigner on setting up a business. This may be useful to some of us here


Foreigners guide to doing business in Nigeria



INCORPORATION AND POST INCORPORATION STEPS


1. COMPANY INCORPORATION Proposed Name(s) of Company[minimum of two names]
Nature of Business
Names of at least 2 subscribers/shareholders with their addresses, nationality and occupation
[Under Nigerian law, a Company must have 2 Shareholders]
Names of at least 2 Directors with their nationality, occupation and residential addresses
[Under Nigerian law, a Company must have 2 Directors. In addition, the first directors can also act as the subscribers of the company]
Shareholding Structure i.e. number of shares (in percentage) to be held by each shareholder out of a 100%.

I suggest a minimum share capital of at least N10,000,000 so as to meet the requirement for obtaining expatriate quota and business permit.]

Proposed Registered Address of Company: (not P. O. Box)


Timeline: 12- 15 Business Days from receiving executed incorporation documents

POST INCORPORATION STEPS

Activity Requirement
1. Procurement of Company Seal N/A
[Timeline : 1 day]
2. Preparation of company letterhead paper and invoices, receipts
[Timeline : 1 Week]
3. Registration with the Federal Inland Revenue Service
Copies of duly executed and sealed application for registration
Copies of Executed prescribed FIRS Application Forms
Copies of incorporation documents including the Certificate of Incorporation, Particulars of Directors, Particulars of Shareholders
[Timeline : 1 day]
4. Opening of Bank Account and obtaining Certificate of Capital Importation The following documents must be submitted together with the letter of application:
A Board resolution authorizing the foreign investment
A letter from the company stating the purpose for which the money has been remitted
A copy of the certificate of incorporation
Timeline : 48 Hours (Also dependent on the Nigerian Bank)
5. Obtaining a Certificate of Business Registration from the Nigerian Investment Promotion Commission (NIPC).
Application to the NIPC with
Supporting Documentation required are :
Evidence that the Company has a minimum share capital of 10million (3 copies)
Certificate of Capital Importation (CCI)

Company's allotment of shares- Form CO 2 (3 copies)

Company's particulars of directors - Form CO 7 (3 copies)
Details of the shareholding structure of the company (3 copies)
Shareholders agreement, where applicable (3 copies)
[Timeline : 3 weeks]

6. Obtaining Business Permit and Expatriate Quota Application to the Ministry of Internal affairs which is done on-line

Supporting Documentation required are:
Certificate of Capital Importation (CCI)
Evidence that the Company has a minimum share capital of 10million (3 copies)

Company's allotment of shares- Form CO 2 (3 copies)
Company's particulars of directors - Form CO 7 (3 copies)
Details of the shareholding structure of the company (3 copies)
Shareholders agreement , where applicable (3 copies)

Evidence of acquisition of operational machinery and equipment
Management and Technical Service Agreement

Minimum authorised share capital of N10million
Tax clearance certificate
Company applying for Permanent Until Reviewed (PUR) Quota slots must show evidence of payment of tax for minimum of N1million.
Name, addresses, qualification and positions to be occupied by the expatriate vii project implementation Program
Training program for Nigerians and a Management succession schedule
[a fee of N51,000 is payable per position]
Timeline : 3 Weeks
[Will be undertaken simultaneously with the application for the certificate of Business Registration]


Based in lagos, the writer can be reached on 07037836881 or 2bc42c35

Hello all. i was recently asked to advice a foreigner on setting up a business. This may be useful to some of us here


Foreigners guide to doing business in Nigeria



INCORPORATION AND POST INCORPORATION STEPS


1. COMPANY INCORPORATION Proposed Name(s) of Company[minimum of two names]
Nature of Business
Names of at least 2 subscribers/shareholders with their addresses, nationality and occupation
[Under Nigerian law, a Company must have 2 Shareholders]
Names of at least 2 Directors with their nationality, occupation and residential addresses
[Under Nigerian law, a Company must have 2 Directors. In addition, the first directors can also act as the subscribers of the company]
Shareholding Structure i.e. number of shares (in percentage) to be held by each shareholder out of a 100%.

I suggest a minimum share capital of at least N10,000,000 so as to meet the requirement for obtaining expatriate quota and business permit.]

Proposed Registered Address of Company: (not P. O. Box)


Timeline: 12- 15 Business Days from receiving executed incorporation documents

POST INCORPORATION STEPS

Activity Requirement
1. Procurement of Company Seal N/A
[Timeline : 1 day]
2. Preparation of company letterhead paper and invoices, receipts and other branded stationery Details of Company
[Timeline : 1 Week]
3. Registration with the Federal Inland Revenue Service
Copies of duly executed and sealed application for registration
Copies of Executed prescribed FIRS Application Forms
Copies of incorporation documents including the Certificate of Incorporation, Particulars of Directors, Particulars of Shareholders
[Timeline : 1 day]
4. Opening of Bank Account and obtaining Certificate of Capital Importation The following documents must be submitted together with the letter of application:
A Board resolution authorizing the foreign investment
A letter from the company stating the purpose for which the money has been remitted
A copy of the certificate of incorporation
Timeline : 48 Hours (Also dependent on the Nigerian Bank)
5. Obtaining a Certificate of Business Registration from the Nigerian Investment Promotion Commission (NIPC).
Application to the NIPC with
Supporting Documentation required are :
Evidence that the Company has a minimum share capital of 10million (3 copies)
Certificate of Capital Importation (CCI)

Company's allotment of shares- Form CO 2 (3 copies)

Company's particulars of directors - Form CO 7 (3 copies)
Details of the shareholding structure of the company (3 copies)
Shareholders agreement, where applicable (3 copies)
[Timeline : 3 weeks]

6. Obtaining Business Permit and Expatriate Quota Application to the Ministry of Internal affairs which is done on-line

Supporting Documentation required are:
Certificate of Capital Importation (CCI)
Evidence that the Company has a minimum share capital of 10million (3 copies)

Company's allotment of shares- Form CO 2 (3 copies)
Company's particulars of directors - Form CO 7 (3 copies)
Details of the shareholding structure of the company (3 copies)
Shareholders agreement , where applicable (3 copies)

Evidence of acquisition of operational machinery and equipment
Management and Technical Service Agreement

Minimum authorised share capital of N10million
Tax clearance certificate
Company applying for Permanent Until Reviewed (PUR) Quota slots must show evidence of payment of tax for minimum of N1million.
Name, addresses, qualification and positions to be occupied by the expatriate vii project implementation Program
Training program for Nigerians and a Management succession schedule
[a fee of N51,000 is payable per position]
Timeline : 3 Weeks
[Will be undertaken simultaneously with the application for the certificate of Business Registration]


Based in lagos, the writer can be reached on 07037836881 or 2bc42c35

PearlStreet:
While most Nigerians wish to buy houses or apartments in Nigeria, it is unfortunate that they do not know the things they can do to protect themselves and their investments from fraudulent sellers as there is inadequate information on this. The glossy fliers and captivating advertising make a lot of buyers susceptible to the antics of these property sellers. They forget that the seller is only after their money and that very pleasant and persuasive real estate agent is after his commission.

Here are a few points every buyer must consider before paying for that house in Nigeria.

Get a property lawyer to conduct due-diligence and guide you on the transaction.
This is important as your property lawyer acts as an interface between you and the seller. He ensures you are not shortchanged or your rights as a buyer infringed on. Also, he interprets legal documents and points out clauses in these documents which may be unfavorable to you.

Request for all title documents over the land the building is on.
Another step is for the seller of such property to provide copies of title documents over the land the building is built on. The type of title document possesed by the seller determines whether he has the legal right to sell or not. Also, it determines the quality of title the buyer gets from the seller.Furthermore, the title possessed by the seller determines the type of documents to be signed by both parties.

Get your land surveyor to obtain the coordinates of the land and chart it.
It is very important for the buyer to contact his land surveyor to pick the beacon numbers of the land to determine if it falls under government acquisition or not. Also, the surveyor measures the size of the land to determine if the size is up to the advertised size.

Investigate the title of the land.
After obtaining copies or information of title documents held by the seller of the property, the next step is to investigate if the title exists or not and if there are any encumbrances on the title. The title investigation can take place in Lands Bureau of the State where the property is located, the Federal lands Registry or relevant government agencies. However, if the seller doesn't have government title over the property, your lawyers can contact the original owners of the land to confirm if they indeed sold to the seller who in turn wants to sell to you.

Have your property lawyer read through the Conveyance documents to point out unfavorable clauses.
This point is very important and most of the cases of real estate litigation stem from failure of the buyers to get expert legal counsel when buying. In fact, a lot of buyers of property in Nigeria have been sold leases instead of total assignments and the danger of this is that very soon, the property would revert back to the sellers while the buyers would be left high and dry without money or property.
Ideally, the buyer's lawyer drafts the documents to be executed between both parties but some estate developers insist that their lawyers draft the documents. In cases like this, the seller's lawyer must thoroughly inspect the documents to ensure that ridiculous and fraudulent covenants are not inserted.

Get a structural engineer to ascertain the building's quality and point out defects.
Mere looking at an existing building, the seller may not be in a position to determine if it is structurally sound or not. However, a structural engineer would accurately inform the buyer of structural defects on the building. This is very important as it saves the buyer from disaster.

Demand for copies of the Approved Building plan, Architectural drawing and Survey plan.
If there is a building on that land, then it must have an approved building plan. If it doesn't have it, you are buying a house that would be demolished someday.
Also, the buyer must request for copies of the approved architectural plan as well as registered survey plan.

Request for evidence of payment of outstanding rates and taxes on the property.
The seller must prove that he isn't owing the government or any of its agencies taxes, rates and fees of any kind. One way of ascertaining this is to ensure that the seller shows receipts, tellers, tax certificates or such other evidence of payment as applicable.
If the buyer buys a property with outstanding taxes owed the government, such buyer would never be able to perfect his title documents with the government unit he has paid all outstanding sums that the seller owes.

Speak to other neighbours living in or around the property.
From experience, some of the most helpful information comes from those who live on the building or around it as they possess information which the seller might have been withholding. Every buyer needs to speak to at least one person living near the property such buyer intends to buy.

All payments made should be duly documented and receipts issued.
Payments for property should be made in such form that it is traceable to the seller. Cash transfers into accounts bearing the name of the seller or bank drafts in the seller's name are advised. This is because it makes it very difficult for the seller to deny receipt of payment when official bank documents of payment are in his name.

. THE LEGAL ANGLE I think you represented the legal aspect and challenge well but ill make a few additions . I must emphasise that it's very important to consult a lawyer to do adequate investigation. It might cost more but it saves you from loosing your whole investment to fraudsters. If there is a C Of O or Govenors Conset a lawyer will investigate adequately at the land registry to confirm that it isn't cloned, forged or Mortgaged. If the land has no registered title a lawyer must will carry out investigations at the surveyor generals office to confirm that the land is free from government acquisition. It is also advisable to have meetings and enquiries with the family selling. All this meetings must be documented as Omonile can be very terrible and devious. You can reach me for further clarification on 07037836881 or 2bc42c35 (Barr Mark)

@ pristine can I have ur whatsapp digit

kingsolo4u:
please if someone purchase plot of land that has c of o. Does the person still need to apply for another one?

. Yes you do. To transfer ownership to yourself.

Justiyke4u:
A lawyer can do all that for u

. Very correct. Feel free to call on 07037836881 or ping on 2bc42c35

The Most important thing to do before purchasing Land in lagos is to consult a lawyer.i have worked with clients in the past that would have been defrauded if a lawyer was not brought in. Some of this sellers can be very devious and cunning. Not even family can be trusted. Imagine a father trying to scam his own son. Anyways Land purchase can be quite tricky and time consuming esp in in lagos. I can be reached on 07037836881 or 2bc42c35 for more clarification and advice

NO

Hi all dog owners and breeders in Delta. Edo Bayelsa, Rivers can add me on 07037836881. I'll add 2 d group

Bella of Empire Mastiffs

KiziitoKennel:
I hear ur story.. Nice dog though

. Lol. Not correct jor

Hi. I shuttle between Ekpan in Delta and Lagos. I've created a group for those in the South South I think we need 2 step up the awareness in this area. Send a msg on wassap 07037836881

Ok

It's Also important to contact a lawyer. Manny buyers have tried to do land verification and search by themselves and have gotten burnt in the process. Some of the places your lawyer can do search are The Land registry, the court registry, the cac registry etc. It's always adviceable to leave that aspect to the professional. Barr Mark 07037836881 2bc42c35

It is very important to do a thorough verification through a LAWYERT before any sort of land transaction is done. I have acted for a client who was defrauded by his own father who took money for the surveyor and started fabricating beacons by him self . I can be reached on 2bc42c35 or 07037836881

Hello. I need a good semi or detached Duplex in Ifako Gbagada, Yaba or Lekki Phase 2. With good title Ie Cof O or Govenors Consent . Upper limit of budget is 30million. Please revert with details on 07037836881

petnugba:
Good day sir, thanks for been of help to us most expecially me. I want u to put through this situation.
I bought an acre of land at mowe road around 1989, which I have d survey plan, agreement, history of how the land is been transfered to d seller,and a lot of receipt stamped and singed by ogun state government. But I'm been chased out of the land by the so called omo onile wen ever I want to develop it. Plz what can I do

. Settle them with some money. Hope your title is registered

SwitchTel:
Happy new month all. Please any information on Cornetstone estate phase 1 ibeju Lekki. Been getting their nails and interested. Hope I'm not looking the wrong way.

. Hi I advice you to not completely rely on advice given here. Get a lawyer. He can do all investigations for you. It's safer and cheaper in the long run

vickchi94:
@ o.p my uncle bought a house since 2006 and made sure he collected all d document he needed to have collected. And just on Monday here a man came to the house claiming the house was his, and also issued a court summon. According to the man, he actually gave out the house to the man that sold the house to my uncle to sell but didn't get the money. Is there any chance that my uncle will win the case in the court or was he actually suppose to be involve in the case in any way.
Although the man also came with his documents also. plss I need answers plss

. It depends on whether your brother bought from a seller with good title. Ie did he have the right to sell. Also did your brother register his title?? You can reach me on 07037836881

It is very important to do a search before buying any property. If the property has a registered title eg c of o or govenors consent or a registered conveyance it is easier. Otherwise, the best thing to do is to go on site and get the coordinates to find out whether the place is free from acquisition. You may also need 2 go to the traditional rulers, check court records etc to find out if there are pending issues . I am a lawyer and can be reached on 07037836881 or 2bc42c35

tunbebes:
Please,I need your advice. A friend of mine is about to buy a land In Agbowa, Ikorodu,tomorrow.

The estate surveyor incharge said the land has no C of O cos it's a Virgin land and it goes for 250k per plot. He said my friend will Have to pay 200k to get a survey plan (for 2 plots) in his name and later get a C of O. Please,is this a good deal?

Please,how do I verify if the land is genuine? I know of town planning authority but can I go elsewhere to verify + how do I go about it? ThNks

.

Who do we pair with younglawya?

Where in Warri sir? . That's my city. What title do you have?

Ok

I neva see any fine babe here

Phant