Virtually everyone wants to own property someday. It’s more or less a dream of everyone. Many people look to own land or property in Lagos, especially in the high brow areas. While it’s an exciting experience acquiring a property, it can be quite scary because of the prevalence of fraud in the country. So, how can you purchase land without bottlenecks or falling victim to fraudsters? This guide will give you an in-depth understanding of how to buy land in Lagos. Let’s get started!
Steps to take when purchasing land in Lagos
1) Determine your budget and location
What’s your budget? Which area do you want your house sited? Think about this before making any purchasing decision. Buying land is a huge financial commitment, thus the need to make the ideal choice. The price of land varies from one location to the other. Decide the amount you’re willing to spend on land acquisition. Also, ensure the land you’re looking to buy does not fall under any known government acquisition. This will save you a lot of stress and hassle. After you’ve estimated the cost and location, you can now proceed to the next stage.
2) Employ the services of an efficient property lawyer
The purchase and sale of properties are delicate transactions that require expertise. Most lawyers aren’t well versed with property acquisition though they may know the basics. Thus, it is best to employ the services of an expert such as a property lawyer. You need an attorney for all the stages; hence ensure you hire the right one. While you might want to consider the cost of hiring a lawyer, prioritize expertise.
3) Conduct a search
Now that you’ve obtained a lawyer to handle your property matters, what next? Start searching for lands that meet your budget and location. Here, you may have to contact a real estate agent to make your search easy. The estate agent works with your budget and location to look for a property that suits your preference. They may come up with an array of properties to choose from. If you have a hard time getting a good estate agent, you should involve your lawyer in the whole process as they often collaborate with estate agents.
4) Know the seller
Guess you don’t want to be embroiled in shady deals. Ensure you know the rightful owner of the property or the individual who has the license to sell your preferred choice of land. Countless times there have been reports of fraudsters selling properties to unwitting buyers. At this stage, your lawyer swings into action, conducting their findings and asking pertinent questions about land ownership. The lawyer finds out about the necessary documentation to ascertain that the land is sold by the rightful owner.
5) Inspect the property
Once you know the owner of the property, you and your lawyer can go ahead to inspect it. Also, the lawyer will cross-check the documents to ensure that land acquisition is smooth and seamless without any impediment. Your attorney will make sure the property isn’t owned by the government and won’t be subjugated to issues in the future. It’s advised to inspect the property to confirm that it meets specifications. You might want to visit the site with an estate surveyor so they can develop a survey plan which should accurately represent the coordinates of the land.
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6) Negotiation
In the negotiation stage, both buyer and seller come to an agreement and are willing to proceed with the contract. Here, both individuals will discuss the price of land. Again, your lawyer will come in handy in this situation since they will give you a rundown of what to expect when you acquire the property. Furthermore, the attorney will help you estimate the property value, thus determining if the amount placed on the property is fair.
7) Documentation
Once the negotiation is reached and both parties have agreed to the offer, the two lawyers representing the buyer and seller can proceed to facilitate appropriate documentation. When you purchase land in Lagos, you will be issued 3 major documents: receipt, contract of sale, and Deed of Assignment. The lawyers work in the best interest of their clients.
8) Completion of contract and exchange
Here, the land transfer process is underway. Both parties (buyer and seller) have signed a pact and exchanged documents. The original title documents and transfer documents are given to the buyer. Also, a transaction has been made at this point. The buyer now becomes the owner of the property after completing the transfer process.
9) File all the required documents
At this stage, the buyer is now the property owner. Next, you will need to do all the necessary documentation. First, you will have to obtain a Certificate of Occupancy and Governor’s Consent.
Documents required for purchasing a property in Lagos
When purchasing land in Lagos, there are essential documents needed for successful land acquisition. These documents offer valid proof of ownership. Below are some of these documents:
- Approved Survey Plan: This document gives the actual location and boundaries of a property. It also offers detailed information about the land, whether it’s government-owned or not.
- Deed of Assignment: This is another vital document in purchasing a property. The seller or buyer can prepare this document after a successful transaction. Deed of Assignment conveys transfer of interest from the seller to the buyer.
- Probate & Letter of Administration: In situations where the owner is late, the buyer should request a grant of probate or a letter of administration regarding the property. This document serves as a legal title for property owned by a late individual. On the document are executors or administrators named and indicated to transfer property on behalf of the deceased.
- Certificate of Occupancy (CofO): This is a legal document indicating the ownership status of land or property. The government usually issues the Certificate of Occupancy to landowners in compliance with the law. While the CofO doesn’t apply to every property, it’s assigned to property owners in Nigeria or individuals who have been allocated lands by the government.
- Governor’s Consent: The document gives approval of a property transfer. The state governor often issues it.
- Power of Attorney: This legal document conveys authority on a person so they can represent another person. In this case, the agent acts on behalf of the property owner.
Now you know the nitty-gritty of buying land in Lagos. Ensure you follow the steps to the letter for a stress-free process. Also, make sure your lawyer is involved in land purchase from start to finish.
