How to shop for property in Lagos without being duped
Nigerians overseas and people living in u . S. Have been scammed several times looking to purchase belongings. This can be traced to either they don’t recognize the manner worried in acquiring belongings or choose not to carry out due diligence. As a assets expert, I actually have seen human beings fall prey to scams and other dubious acts, making them lose millions of Naira. Even though we recognize that the government has no longer performed its position in presenting low-priced housing, the onus is as much as individuals and company agencies to understand the procedure involved in shopping for a property. With this expertise, they would recognize if they’re concerned with the proper transaction or are being scammed.
After numerous years as a real estate consultant, it is no information that the government isn’t taking the correct step to combat the bureaucratic technique concerned in verifying belongings and the dearth of low-cost housing in Nigeria. Abraham Maslow’s Hierarchy of Needs places refuge as a fundamental need for each human. Without shelter, a man’s social sports and different areas of lifestyle can be distorted. Also, adding to the reality that man desires an area to rest after the day’s paintings. What must have been a simple provision using the government has become a den of lions for scammers and fraudsters who declare to be Real Estate experts.
According to a 2011 housing survey report, there may be a 17million housing deficit in Nigeria. These challenges of housing in Nigeria additionally existed in preceding administrations. In 1991, the government of Ibrahim Babangida promulgated the National Housing Policy aimed at making housing low cost and reachable; but the coverage failed. I would now not bore you with the failures of the beyond administrations. Even the modern administration underneath the leadership of Babatunde Fashola because the Minister of Works, Power and Housing additionally added coverage to address the challenge of housing within the united states of America, you could inform the result. The foregoing suggests that Nigeria isn’t always bereft of guidelines. And I am positive it isn’t preventing quickly; this is the reason I believe you should recognize the system worried about purchasing a property of your very own so that you aren’t scammed. Both the nation and federal authorities have not dealt with a hallmark of the various abnormalities that are going on in the housing enterprise. Every adult at a time or every other might get involved in a housing transaction, either for outright acquisition (buy) or lease (rent).
My recognition as working towards an actual estate expert is to explain the technique worried in purchasing properties (Virgin Land or a House). And to assist individuals and company companies who need to shop for houses have the simple knowledge of what to appear for whilst involved in buying assets. I tailor this article to houses in Lagos, but I am sure it could be implemented in other parts of the country.
When thinking about buying an asset, the primary process is to type out the finance, location & housing type. Immediately you discover belongings of interest and feature agreed on a purchase price, quickly request the replica of the subsisting identify or registration information of the assets for a identity search at the Lagos State Lands Bureau.
The essence of name verification on the Lands Bureau is to ensure no encumbrance(s) at the belongings. You might not do this yourself; the carrier of an expert is required inside the verification of Title. This is one of the maximum essential elements of buying belongings. Within the real sense, it is the residual interest inside the belongings so one can be transferred. This factor needs to be treated with utmost professionalism. The realtor managing this method needs to be detailed & make sure that the customer is blanketed from any provision(s) that can serve as an extra burden if the property is received. If viable, follow the Certified True Copy from the Lagos State Land registry; the client and the realtor should be glad about the prevailing name before going in advance with the transaction. Most capability transactions stop at this stage when the client isn’t pleased with the files supplied.
However, the method is special, where the belongings no longer own a registered name and call for a Certificate of Occupancy (C of O) after buy. A duplicate of the survey is taken to the Surveyor-General’s office for charting in such a state of affairs. This is to establish whether the belongings fall inside the Government Acquisition Scheme or not. This is because now, not all residences in the government acquisition scheme are rectifiable.
Another fundamental consideration while buying a property is the issue of development allowed. The motive of purchasing assets is specific; it is miles satisfactory to determine whether the improvement allows for that vicinity will allow the intended improvement. Things to keep in mind include triumphing land-use zoning, peak restrictions (permissible variety of floors), the allowable number of devices, vehicle parking requirements, Setbacks/ Airspace considerations, and Landscape necessities. If all the issues said above aren’t considered, the utility for Town Planning approval to increase from the Lagos State Ministry of Physical Planning & Urban development might not be granted. This is a critical difficulty.
The subsequent is to carry out due diligence on the proprietor of the property. It is critical to set up that the person promoting is the proprietor or has guidance. Sometimes people endure identical names, impersonations, or fraud. Where it’s miles set up that the Assignor (The person assigning their interest in belongings) is not to be had and has shown their representative to the Assignee (The character acquiring the residual hobby in a property), a Power of Attorney is needed, authorizing the person to act on behalf of the assignor. When the property belongs to a circle of relatives, there’s want to set up that the human beings promoting are the accepted representatives of the own family, to keep away from the dispute from an aggrieved member of the family(s) Litigation after the purchase.
After you have got the files, ensure that your price is going through financial institution clearing. The fee is recounted as soon as received via the assignor/his representatives, and the signing of the Deed of Assignment is finished. In contrast, the assignor has received the price at the fee.
Finally, once the Deed of Assignment has been signed, the assignee takes physical ownership of the belongings and commences the Title perfection method on the Lagos State Lands Bureau. I’ll recommend you follow these tactics to ease your transaction. Olusola Oduleye has a Masters’s Degree in Urban & Regional Planning from the Centre for Planning Studies, Lagos State University. He has over 19 years of revel in Town Planning & Real Estate Practice. He can be contacted on 08023026848, 08098213273.