Lagos is one of the most prosperous states in Nigeria. It is also one of the most sought-after places in the country. Seeking to get land in Lagos is no easy task. Unfortunately, in a bid to get land, some fall into the hands of fraudsters. There are several cases of fraud arising from realtors and agents in Lagos.
Of course, this has not stopped many from purchasing lands in Lagos legitimately. Many have found it helpful to apply some tips when they are about to purchase land in a bustling city like Lagos.
To this end, this article will focus on 10 tips to purchase lands in Lagos, Nigeria
Ten Tips To Purchase Lands In Lagos
Here are the tips to follow before purchasing land in Nigeria:
1. Prepare A Budget
A budget would help you plan and allocate the needed financial resources efficiently to purchasing land. This would guide you in spending wisely when purchasing land. Think of a budget as a headlight. A headlight prevents a driver from falling into portholes. Similarly, a budget is designed to help you not to spend ridiculously when purchasing land.
Of course, purchasing land comes with a lot of other expenditures. For example, you have to seek out other expenses associated with the land. These may include agency fees, legal fees, the cost of constructing a fence to the land and so on.
You need to also be mindful of the agency and legal fees in Lagos, which amounts to about 5% of the initial cost of the land.
2. Peruse the Needed Land Documents
Check the needed land documents before buying a land. This is needful, in that it helps you check the legitimacy of the land. You need to ensure the land is recognized by statutes before buying it. Failure to do this may put you in serious trouble shortly. Consequently, it may attract fines or punishment from the Land Bureau Office in Lagos.
You need to enquire about the Certificate of Occupancy (C of O), Deeds of Assignments and so on. Ensure these documents are original and up to date.
3. Verify the Land
You need to carry a verification research to know the motive of the owner, this is a very crucial step in the whole process. It requires tact and patience to find out the reason a landowner wants to sell his property.
Neglecting this step is as good as throwing your money to the wind. This is because the landowner may want to sell the land because of impending problems associated with that land.
Do not let landowners or agents sway or rush you into purchasing land. Most of these individuals may be eager to fill up their pockets rather than your safety. Note that there are a lot of land scammers. So, try to satisfy all research conditions before purchasing land.
4. Involve Professionals On the Land
The next tip to take is to involve professionals in land issues before making payments. You need to ensure that the needed experts are included before making payments for the land. The professionals needed are lawyers, surveyors, and architects.
A lawyer is responsible for drafting the contractual land documents between you and the seller. On the other hand, a surveyor would be responsible for preparing the house plan. An architect would help you design the house to ensure that it meets your standards. These individuals would help you prepare the land for sale.
5. Physical Verification Of the Land
The purpose of the physical verification is to confirm the physical existence of the land. As reinstated earlier, there are many real estate property scammers. They are ready to go to any length to swindle your funds. To avoid this and verify the status of the land, you may need to engage the service of a property lawyer to handle this for you.
Another importance of this is to see the physical state of the land and neighbourhood. Many have fallen victim to purchasing lands that are erosion-ridden. As a result, when it is rainy, it might pose a challenge to access. Do well to ensure that basic amenities such as water, electricity, and hospitals are around the area before making payments for the land.
6. Conducts Environmental and Community Research
Ensure to conduct environmental and community verification before buying land. It is possible only when you ask questions. Asking some community members would unravel the history behind some lands, especially in Lagos and the suburbs. In many rural areas, lands are dedicated to some fetish deity.
It is now left to you to decide either to buy the land or move on to the next consideration. Do not hesitate to neglect the land if it doesn’t meet your needs. There are different other places in Lagos where you can purchase land.
7. Ensure You Pay For Land Using The Bank
It is common practice in Nigeria to pay for things in cash. The system of real estate purchases in Nigeria is evolving. So, there is an ongoing need to join the progress. It is advised to pay for items of real estate, such as land, through Banks. This is to ensure that everything is documented. It also provides evidence in case of future litigation arising from the land.
8. Prepare the Adequate Land Transfer
The next thing is to ensure that the title transfer is done perfectly. This is to make sure that the seller has fulfilled the legal conditions to sell the land to you. The land owners are required by law to prove the ownership of the land by way of ownership too. Ensure that the land title is transferred to you before you make payments.
9. Ensure The Details Of The Transfer Is Done In Writing
This is done to prevent any land-associated issues shortly. Both the seller and the buyer are required to document the details of the land. You need to have evidence that you bought the land through the right means. Therefore, they insist on obtaining the Deeds of Assignments and contracts of Sale after purchasing the land.
10. Protect Your Land
A practical way of protecting your land is by creating a fence around it. However, this is only done after making payments for the land. It is standard practice to involve the service of a bricklayer to do this for you.
Also, Frequently visiting the land would help neighbours get acquainted with you. The idea is to do something that shows there is a new property owner. Neglecting this may make the landowner resell the property to someone else if you are not careful.
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