Many people are fast recognizing the enormous opportunities inherent in Real Estate investments. Buying a house or land doesn’t just serve as a good investment but also, it has the ability to secure your future in the event of any economic downturns that affects your stream of income.
Moreover, it is important that you know the right steps to take when purchasing a property in Lagos, Nigeria. This is because, just like every other investment opportunities, there’re many pitfalls in Real Estate investments, which if not avoided, could see you lose the vast majority of your investments.
Below are some questions and helpful tips for buying a Property in Lagos, Nigeria
Request To See the Building Plan
This is a very key question to ask the property developer or Real Estate Company. Always insist on seeing a building plan before making any payments for the property, as the building in question could have been marked for demolition by the Lagos state building control agency, due to infractions committed by the developer and as such if you have paid for such a property without being aware that it is not in good standing with the relevant agency, you might have to pay a hefty fine as penalty and in worst case scenarios, you might lose your entire investment if the building is demolished. If any developer claims that the building plan is still being processed at the land registry, he/she must provide a form of proof to back up their claim, else it is wiser that you run and don’t look back.
Request for Title documents
It is wise that you always request to see a valid Title document which is necessary to prove the true ownership of the property. This document could be a Governors Consent, C of O or Deed of Assignment etc.
It is wise that you also involve your lawyer in other to help you verify the authenticity of the Title documents provided by the property agent of developer.
There are many fraudulent Real Estate agents who sometimes sell properties with fake documents, or documents that were not properly processed leading to a major defect in the information it carries. These things will come back to haunt you in the future, which might make you lose the property with no compensation of any kind. Sometimes multiple properties are built on the same piece of land and therefore there can be situations where the title documents of a property was not done properly, which could mean that even after paying for the property, you’re still a tenant to the person who is holding the original document of the land forever. In such a situation, it therefore means that you can’t transfer ownership, sell or even mortgage the property without seeking the permission or paying a fee to the original documents holder
Thorough Investigation of the surrounding Area
There’re often cases of people who bought a property only to soon discover that there is a long standing lawsuit in court, contesting the true ownership of the entire land in that area. And many at times, these cases could take many years to be sorted out and some might be won by the opposing entities, which may request that all occupants of their land pay a certain ratification fee in other to retain their properties or have their buildings demolished. The charges could range from 2 million – 50 million or more, depending on the location of the land. So now you see why it is wise to involve an experienced lawyer in land or property matters.
This is also vital for you to be aware of before going ahead to purchase any property in Lagos. This is more important because you might end up running into serious debts if you are not aware of some fees, ranging from Agency Fees (usually 5% & also Negotiable) to Legal Fees (usually 5% & also Negotiable) etc. Always ensure that you enquire about these fees & charges or even taxes that might be attached to that property at the time of purchase.
There’re a number of other things that you would need to be aware of when purchasing a property in Lagos and we at Topland Realties Limited are always happy to discuss them with our clients. As we believe in the concept of transparency and honesty in our business dealings. Topland is a multi services Real Estate company with over 13 years of industry experience, we have built a respectable brand over the years, one that is known for its trustworthiness and customer first approach. We have properties for sale in Ibeju Lekki, Ajah, Lekki Phase 1 & 2, Victoria Island etc. We would love to take you on an inspection of our properties for sale.
Call or Whatsapp- +234 811 443 1525 today to schedule an appointment