Are you looking for a land in Nigeria, but do not know what to look out for? Read our guide on what important questions to ask when buying a land in Nigeria.
How to buy land in Lagos: Tips, guidelines, and considerations when buying a land in Lagos, Nigeria . In this article I will be covering the following topics:
Questions to ask when buying a land in nigeria
Are you planning on buying land for sale in Nigeria? Or maybe you already made the decision but still have a lot of questions about it. Well, you’ve come to the right place. This article will show you what you need to know before buying a land in Nigeria, and also help you find the best piece of land to buy. In this article I’m going to tell what steps you’ll need to take before calling yourself a proud land owner
In this article, you’re about to learn what questions to ask when buying a land in Nigeria and top tips for effective property investment in Lagos. Before proceeding, if you’re new on this blog, let me briefly introduce it. Go to Blogging Tips and read our mission statement.
Buying a land in Nigeria isn’t the easiest of task, especially if you are new. However, if you are looking to buy one there are some questions that you should ask yourself before making any such investment.
Are you thinking about purchasing a land for residential or commercial purpose? You might have already made the decision to buy a land and are now deciding between different options. The post will help you define your needs, goals, and expectations before buying a land in lagos.
What to know before buying a land in lagos
The best way to confirm if the land truly has an excision that has been covered by a gazette is to get a credible surveyor to chart that site and take it to the surveyor general’s office to confirm whether it falls within the gazette and spell out the exact location where the land can
be found.
The information in this article covers every detail about things to know before buying a landand how to fully utilize it efeectively. You will also be be guided accurately about the questions to ask when buying a land in nigeria on solaroidenergy right here, right now, in this particular post. Please keep reading so you can find out all the details you need regarding buying land in nigeria as a foreigner at the comfort of your. This article is likely to get a thumbs up from you after reading it.
The real estate purchase is one critical step every person who is gainfully employed is bound to make at one time or another. Apart from having a place to call home, real estate has become one of the steady investment alternatives in Nigeria. Nowadays, it seems most people are more focused on buying land in Lagos.
The most middle-class people in Nigeria who are willing to engage in real estate purchase prefer to purchase their properties around the land because of the accelerated increase in the properties around that axis. Buying land in Lekki, especially around Ibeju Lekki could also be a good source of investment for those seeking to simply invest in the real estate in Nigeria.
First, it is advised that anyone seeking to buy land in Lagos engage the services of a lawyer to help trace and search the title of the property he or she intends to purchase.
The fact that the property that is about to be purchased falls within a big estate does not confer a good title on such property. Therefore, everyone buying land in Ibeju Lekki where new estates seem to be developing every day should engage the services of a lawyer to search the history of the proposed land to be purchased and documentation attached to it. There are documents required for land purchase in Nigeria, which every reasonable buyer of land must take notice of or be aware of before committing to a land’s purchase. A Solicitor would determine the specific documents required for each transaction based on the circumstances of the property to be purchased.
By and large, there is a lot of preliminary things to know before buying land in Nigeria. Buying land or real estate in Lagos could become problematic upon purchase or later in the future if no due diligence is conducted before such purchase.
The second precaution that is key is for the buyer is to seek to perfect his or her own title. Subject to the provisions of the Land Use Act, Governor’s consent is required in every state except the Federal Capital Territory that falls under the jurisdiction of the Minister of F.C.T. A buyer’s failure to perfect his or her title is as good as no lawful transfer of property has taken place on the purchased land in accordance with the registry of the state.
Section 1 of the Land Use Act states that all lands in each state are vested in the governor of such state to hold in trust and administered for the use and common benefit of all Nigerians. Where a buyer has neglected to perfect his or her own title, or the developer or assignor has also neglected to perfect his own title too, the governor of such state might still lay claim to such property for overriding public interest without any compensation to the affected owner.
The third but not the least precaution a buyer should take while buying a land in Lagos from the developer or any other seller is to insist on a contract of sale, especially where a developer or seller is asking the buyer to pay a premium on the land for some proposed infrastructures such as electricity, road network among others.
In considering how to buy land in Lagos, contract of sale is a preliminary agreement in a land transaction before a deed of assignment. In a situation where the developer is offering a buyer 6 months or 2 years payment option plan, the buyer is at mercy of such developer if there is no contract that defines the rights and obligations of both parties. There are have been cases of people who have cried out severally to complain that their developers arbitrarily increased the price of an agreed property, especially a bare land after they have made deposits for such property. Contract sale will usually prevent gazumping i.e. owner or developer can not unilaterally increase the price of the property again as long as the purchaser is still keeping to his own side of the bargain by making timely payment as agreed.
In conclusion, it is advisable for anyone buying land in Lekki or any part of Lagos should firstly consult with a legal practitioner who can properly ascertain the risks associated with such a transaction or property in question. Although there are so many good developers and sellers that have kept to their promises by delivering what they promised as when due, however, one can not predict when he or she would run to the hands of a rogue or unprincipled developer or seller with an intention to defraud someone. But it suffices if as a buyer, you have done the right thing from the beginning.
Buying property is one of the important steps most people wish to take at one point in life. There is some information to know before buying land in Nigeria. Some of this information would ultimately guide any prospective buyer of landed property in Nigeria. Some of this important information to know before buying a house in Lagos and other parts of Nigeria will be briefly discussed below.
Vendor’s Root of Title
When a vendor’s root of title is defective, the buyer also acquires a bad title upon acquisition. A good root of title must confer both the legal and equitable interest of the land in question, clearly describe the land and extent of interest being conveyed, state the owner of the land and nothing on the face of the document should cast any doubt on its authenticity. An example of a good root of title includes a deed of gift, deed of legal mortgage, assent and probate. Certificate of Occupancy can sometimes be a bad root of title in cases where there is existing interest on the land, this was the decision of the court in the of Ogunleye v. Oni (1990) 2 NWLR (Pt. 135) 745. This is because Certificate of Occupancy is only a prima facie evidence and raises a presumption that the holder is in exclusive possession and has a right of occupancy over the land in dispute. This presumption is rebuttable because it can be displaced by evidence of a better title.
The capacity of The Vendor
The buyer should know the capacity in which the vendor is conveying the interest in the title of the land. The capacities in which the vendor may convey are as beneficial owner, mortgagee, trustee, settlor, or personal representative. Where the vendor is conveying as beneficial owner certain covenants would be implied such as;
That the vendor has a good title and grants quiet possession of the land
The vendor agrees to indemnify the buyer in the event of a claim buy another claimant on the property
That the property is free from any encumbrances.
Encumbrances
An encumbrance is a burden, hindrance, or claim against a property by a party that is not the owner. It may also be a financial obligation such as a mortgage, that is attached to the title of the land and is transferred with that right. Before buying a land, one must ensure that such land is free of such encumbrances.
Vacant Possession
This means land to be conveyed must be free from any claim of right of possession by a third party. The land must be free of a legal impediment to the enjoyment of the property. The property must also be free of any physical impediments, which are removable or will substantially interfere with the enjoyment of the property. Physical inspection of the land can show whether there is vacant possession or not.
Land Use
Land use is the categorization of land based on what can be built on it and what the land can be used for. There are many different categories of land use. The most common uses are residential, commercial, agricultural, recreational, and transport. It is good to understand the land use has various benefits such as preventing an expensive misunderstanding when it comes to what can be built on such land. It would be detrimental for a buyer who buys a property designated as residential to build a club.
Town Planning Laws and Regulations
Town planning laws and regulations may restrict the conveyance of certain land where the purpose for which they are intended to be used is contrary to the purpose of town planning law.
Family Land
Before buying a land, one must try to know whether the land is a communal or family land. When purchasing a communal land, the consent of the head of the community must be obtained while the consent of the family head and principal members must be sought and obtained when buying family land. Any purported sale by a member of a community or family without the necessary consent is voidable.
The doctrine of Lis Pendens (Pending Lawsuit)
Finally, where land is a subject of a pending lawsuit, the power of control is vested in the court. The effect of this is to put others on notice that there is a dispute concerning the property and restrict the sale of any interest in the land. Some vendors may intentionally hide and mislead buyers to purchase a land which is the subject of a lawsuit. This is why a thorough investigation must be conducted before buying any piece of land.
Above all, land transactions is never a seamless one in Nigeria, and it advised that every intending property’s buyer in Nigeria retains the professional service of a property solicitor to navigate through the process.
