Wednesday, 28 August 2013

STEPS TO BUYING LAND IN LAGOS, NIGERIA


Buying a home in Nigeria nowadays is becoming more and more difficult; one needs to be wary of swindlers and carefully choose from whom they want to buy. Below are the important steps for buying a house or property in  Lagos State.

If you are looking to buy a home, learn how to secure a mortgage in Nigeria.

FIND A RELIABLE REAL ESTATE AGENT


Although some buyers prefer going through speculators and friends, it is always advisable to find a reliable and registered real estate agent. Working with an agent is important because of their expertise with particular specifications of a prospective buyer (i.e. desired location, price range and other various components).

For someone living abroad, the best bet is to check these agents and send someone trustworthy, such as a family member or friend, to check the authenticity of the contacted agent. This family member or friend could also serve as a liaison between client and agent.

Below are some of the types of land and houses one can buy and the areas where one can find them.

1. RESIDENTIAL HOUSES:
One can find houses around Aradagun, Roundabout Badagry, .
2. INDUSTRIAL LAND: This is land that one purchases for the purpose of industrial activities. One can purchase land for industrial purposes in these areas: Along ASCON Topo (Paper sack / Nimvinco), BADAGRY, Opposite ELSEWEDY Ibereko, Badagry.
3. AGRICULTURAL LAND: This land can be purchased at the suburb of Lagos. This includes Erekiti before Ikoga Market, Bandu along Ado-odo Ota , Lusada along Igbesa, Alapoti.

AFTER YOU HAVE SEEN A PROPERTY YOU LIKE

After seeing a property you like, the next step is to:

   GET A VALUER: The aim of getting a valuer is to ensure that you don’t overpay for a property. The valuer will appraise the property in question and determine its actual worth.
   GET A PROPERTY LAWYER: A property lawyer can look at the documents that you have drawn up or they can to draw up your documents.

THE IMPORTANCE OF GETTING A LAWYER

    Most land that is sold nowadays is sold to multiple parties. This is why it is highly important to get a lawyer to check the land properly before making a purchase.
    The issue of ‘omo onile’ (son of the soil) can also cause a prospective buyer a lot of stress, which is why the lawyer should ascertain that the issue is settled.

Ask the lawyer the following questions:

    Is there any existing conflict over the land/property?
    Are there other people or practices interested in the property?
    Is there any legal tussle over the property?
    Is the land/property encroaching on government property?

PAYMENT

After ascertaining that there is no existing conflict over the property, one may feel secure in purchasing it.

DOCUMENTATION

Receipt: The receipt is the first thing you should ask for. This is the official proof that the land or house belongs to you.

C of O: The Certificate of Ownership is very important after you have purchased your land. You must visit the Lagos State Ministry of Land to obtain the document. This will establish you firmly as the rightful and legal owner of the property.
In case you can not come to Nigeria to carry out all of these tasks, you can have an agent and a relative perform all the above requirements.

AGENT


Usually the agent fees are 10% of the price of the property, but if the property is over N10 million, one can negotiate to 8% or below.

PRICES OF THE PROPERTY


The prices of properties in Lagos vary from area to area. Below are some examples of how much one might expect to pay for various properties:

    Estates and G.R.A’s: Land usually costs between N50 million and N100 million per plot. If it is a house, one will get it between N200 million and N250 million. Most of these properties can be seen around Banana Island, Park view, Opic Estate, Magodo Estate.
    Outside Estates: If one wants to buy land in outside estates, one should be looking at N1.5 million and above. If it is a home, one can pay between N30 million and N20 million depending on the location and type of building. Most of these areas include
Have you bought land In Lagos, or know someone who has? What was your experience? Share with us by commenting below!