Call us: +234 (0)818-152-2231 | Email Us: info@planetvilleestate.com
Buyers – what to know before buying a land in Lagos Nigeria

Buyers – what to know before buying a land in Lagos Nigeria

Share this post

Buying Land in Lagos State

Are you thinking of Buying Land in Lagos?

 If yes, please follow the due diligence before concluding any transaction. Buying land in Lagos state is a transaction one must take 100% care before investing on.

Often times buyers tend to lose their hard earn money on properties that are not genuine, owned by the government, have a dispute or legal issue. This is a result of not following the due diligence before purchasing a property.

Thus, when it comes to land transactions, there are many things and hidden information average buyers are not aware of, which gives sellers the upper hand to keep on duping our people.

Especially those buyers that reside overseas. Several times they get connected with a real estate agent that will not give them complete details or information concerning the property or who will not advise them wisely before purchasing a property, because they are only interested in the commission the will receive.

Advice: please before buying any property in Lagos Nigeria, make sure you go for property search at Alausa, to know the validity of that property before purchasing.

Land for sale in Lagos

Purchasing Land in Lagos State – Do You Know That:

Land for sale in Ibeju Lekki

 

  • Buying a Land that is believed to be “free” but it has no Certificate of Occupancy or Governors Consent is a gamble?
  • If the Title of a Land is defective, whoever buys a House built on such a Land is merely a tenant at the mercy of the true Owner with a valid legal Title to the Land? The Legal Maxim: “quicquid plantatur solo, solo cedit” in very instructive. It simply means that whatever is affixed or planted to a land belongs to the land.
  • Buying a Land with “Gazette in Process” and “Excision in View” or “File Numbers” is an unsecured investment? This is a commonly used scam/trick by real estate development companies in Nigeria.
  • There are cases where fraudulent Sellers present cloned Certificate of Occupancy or Registered Titles, alongside with fake or forged means of identification?
  • In a situation where a property is owned by a Corporate Body incorporated or registered under the Companies and Allied Matters Act, Search at the Companies Registry is paramount?
  • Without a grant of confirmation and /or letters of administration, no Vendor or Seller (whether family members or otherwise) possesses the obligatory authority to sell the estate or property of a deceased person? Hence Search at the Probate Registry is vital.
  • The consent of the principal members and head of the family or community to the sales transaction needs to be obtained so as not to make the sales transaction void or voidable?
  • It is the duty of the Lawyer of the Buyer or Purchaser to prepare the Documents which includes: Contract of Sale; and Deed of Assignment; or Deed of Sub-Lease; or Deed of Conveyance; or Deed of Transfer; or Power of Attorney; as the case may be. The rationale for which the duty of preparation of the Documents is on the Lawyer of the Buyer or Purchaser flows from the right of the Buyer or Purchase to the non-reversionary interest of the property.
  • If there is litigation on a property, the Court may order that status quo be maintained and the person in possession would remain in possession. After making payments and executing Title Documents, a Buyer can take possession by erecting a small fence, farming on the property, putting tenants on the property, putting a security person on the property, putting construction materials on the property, etc.
  • The Land Use Act prohibits alienation of Land without the consent of the Governor.
  • Failure to pay stamp duty renders a title document unacceptable for registration and inadmissible in evidence in a court of law.

Land for sale in Ibeju Lakki Lagos Nigeria

In conclusion: You need to know how to go about the process of buying and owning a property legally in Lagos state. There are several laws that govern and regulate the process.

Hence, it is time and capital intensive. But then, when it comes to property transactions, the legal maxim is appropriate.

If you are the Buyer, please beware and take note of essential steps to follow. It is not for a Seller to beware. A Buyer needs to exercise full caution and due diligence when buying a property here in Nigeria.

Meanwhile, I have written an amazing article that will also guide you on things you need to know before buying any property. Click here to read.

Also, if you need a lawyer, for your property search in Lagos, we know very good lawyers we can refer you to, just get in touch with us.

Some guide to follow when buying a property [Land or House] in Lagos Nigeria:

  1. Identify the objectives.
  2. Conduct a physical inspection of the property.
  3. Hire professionals to conduct a property search.
  4. Documentation and payments.
  5. Take possession.
  6. Processing of governors’ consent & registration of documents with the State Government.

Read: Architect cost for house plan

Important Notice from Lagos State Physical Planning permit Authority (LASPPPA) to buyers who intend to buy landed property from Real Estate developers in Lagos state

Always request from the developers a planning permit that is duly issued by Lagos State Physical Planning permit Authority (LASPPPA) and visit the nearest LASPPPA office to confirm the authenticity of the planning permit before concluding the transaction.

Read: how to get your building plan permit in Lagos State

Puplic Notice on building plan permit in Lagos State

Demolition of properties (houses) at Ibeju Lekki area of Lagos

This is a good example of why I always tell people to beware of buying a property that has the title “Excision”. The fact that the excision file has been submitted doesn’t mean that the request will be granted by the government. Also, the Excision file number is not a title.

Demolition of properties (houses) at Ibeju Lekki

This demolition should be an eye-opener to all those intending to buy properties (land or houses) in Lagos state. For the fact that other people have bought land in the same place you want to buy is not a warranty that is a genuine property, at the same time shouldn’t stop you from doing the due diligence before purchasing any property.

This demolition was done Friday 21st August 2020 at about 4 am by LASG at Ibeju lekki just after Eluju before Eleko junction. Actually there were about three different demolitions in Ibeju Lekki that same week. Imagine the fate of those people who must have bought land in that area.

Please all buyers should ensure he or she does a proper property search before concluding any transaction.

Many realtors and consultants have misled several buyers in buying a fake property only because of what the will gain. Some are even worse than “Omo onile”.

Imagine those who have invested in these areas like 5 to 10 years ago, looking forward that as the property appreciates they will make more profit. Some may not even have the same financial capability the same way they had as of 5 to 10 years ago. The question now is, what will be their fate now that the government has demolished their properties?

Advice: a good title is peace of mind, although is expensive but then, in the long run, is the best, is a good success, is prosperity and long life.

Shine your eyes, don’t fall into a victim.

We are professionals in this business that is why we verify properties and advice our client wisely before purchase.

It is better you follow the due diligence and spend more to get the property legally than following the crowd and wake up one day to find out that because you were trying to cut costs or look for cheap properties, you ended up losing the entire property in the future.

Genuine and affordable houses for sale in Lekki

Steps to follow after buying land from a real estate company

If a buyer wishes to build let say, a 4 bedroom bungalow after paying for the land, survey plan, deed, and development fee to the real estate developer.

The next step to take before he or she starts building are:

Step 1- submit building plans to ensure compliance with approval order for the estate

Step 2- present drawing to LASPPPA for building approval

Step 3- present evidence of clearance and payment to LASPPPA

Then he or she can commence the construction on the land.

To know how to get your building plan approved in Lagos check out this blog post.

I hope you find it useful. I will love to hear your questions, feedback, challenges, and success story. Please do leave your comment behind. 

 


Share this post

vickysolutions

Victoria Nonye Web design, Content writer & SEO, Real Estate Consultant/Agent Email: vic4realy@yahoo.com

Leave a Reply

Close Menu

Login

Register

terms & conditions