Owning a land is a dream of many people. However, most people are scared to buy Land in Lagos because of the risk of fraud. In the real estate market, fraudsters are everywhere. They come in different camouflages you might only easily detect with the correct information.
How do you ascertain the authenticity of a land? What Land documents should be given to you when ownership is transferred? What should you do before you buy Land in Lagos? Failure to answer or seek answers to these questions could make you fall victim to their tactics.
We will walk you through answers to these questions and essential tips you need to buy land in Lagos. All you need to do is continue reading and reference this article when buying land in Lagos.
Land Documents to Know Before you Buy Land in Lagos
Gone are the days when a receipt is enough proof of land ownership. Recently, forgery of receipts has become rampant, and several investors have lost millions of naira. While receipts are important, they should be accompanied by several important documents to prove land ownership.
There are about 11 legal documents in total. However, with about four of these documents, you can verify land ownership by an acclaimed owner. Some of these land documents include:
1. Land Purchase Receipt
A land purchase receipt is a document acknowledging the receipt of funds for land. Like most receipts, it bears the initial seller's name, the purchaser's name, the amount paid and the seller's signature. Before you buy Land in Lagos, ensure you see the receipt issued by the seller at the time of purchase. You may not need to see the receipt if the document transferring the land contains a clause for the receipt. However, it is essential to remember that the land receipt is not an ultimate document proving land ownership.
2. Certificate of Occupancy
The certificate of occupancy is popularly known as C of O. It is more credible than the land purchase receipt because the state government issues it. Consequently, with proper research, the forgery of the document can be easily detected.
The state government issues the C of O to individuals who have owned a piece of land after 1979. It is also issued to people who are allotted Government land. When you purchase new land with an existing C of O, you would not need to get a new C of O. Rather, you need a deed of assignment with the Governor's consent. Details about obtaining the deed of assignment when you buy Land in Lagos will be discussed later.
3. Deed of Assignment/Deed of Conveyance
There is no clear-cut difference between the deed of assignment and the deed of conveyance. Either of the two could be used interchangeably. The deed of assignment is a document used in land transactions to permanently transfer ownership from the seller to the buyer. The seller is usually addressed as the assignor, while the buyer is the assignee.
Either party could draft the deed of assignment. However, the document should be recorded at the Land Registry for proper documentation after duly signing it. The deed of assignment contains vital details that are spelt out. That way, every form of confusion or ambiguity will be ruled out. The vital details in the deed of assignment include:
- The names and addresses of both parties
- The history of the land detailing how it was first obtained and the downlines of purchase since it was initially obtained.
- The cost of the land and the assignor's willingness to accept the stated price.
- The description and size of the land.
- The oath of promise by both parties to engage in the transaction
- The signature of both parties and witnesses of the land transfer.
- A section for the Governor's consent. This would either be signed by the Governor or any official appointed by the Governor.
4. Grant of Probate
If the owner of the land dies without the sale or transfer of land in such owner's possession, all documents of such land become obsolete.
If the land owner wrote a will, the probate registry has the right to transfer the land to the beneficiaries listed. However, the executor of the deceased's will is responsible for proving the will's validity before the probate registry.
When the validity is successfully done, the probable registry vests the property owned by the deceased to beneficiaries of the will. Afterwards, they present a grant of probate to the beneficiaries as proof of their ownership of the land.
5. Survey Plan
Before you buy a Land in Lagos, it is important to see the approved survey plan. The survey plan shows information about the size and location of the land. Using its description and coordinates, you could confirm the validity of the land at the Surveyor-General's office. The Survey plan could also help you know if the land is under Government acquisition.
6. Letter of Administration
A letter of administration is similar to a grant of probate. However, these two documents are not the same. Unlike the grant of probate, the letter of administration is issued when a landowner dies without a will. Since the deceased did not establish an executor or inheritor of his estate, the law establishes eligible people on the deceased's behalf. Such eligible persons would be required to apply for a letter of administration. After this, a court of law would consider and approve their requests.
Essential Steps Before you Buy a Land in Lagos
Before you buy a Land in Lagos, there are essential steps you should take. Following these steps will greatly increase your chances of buying credible Land in Lagos.
1. Decide on a Budget and Location
Buying land will require huge financial commitments from you. Before you take a step towards the acquisition of land, you should count the cost. Not only should you prepare money for the purchase of the land, but you should also prepare to attend to associated expenses.
Some of these expenses would include the legal fees. The legal fees cost about 5% of the purchase cost of the land. Additionally, you will need to pay the agency fee, which is about 5% of the land cost. After settling these two expenses, you should get a new survey plan and barricade the land.
The survey plan and land barricade cost varies from location to location. Aside from the barricade and survey, you should get your other land documents like the C of O. You should factor All these additional expenses into your budget before purchasing land.
Additionally, before you buy Land in Lagos, ensure you like the location. This is very important, especially if you intend to live on the land. If you won't be living on the land, ascertain that the land can achieve the purpose of purchasing such land.
2. Familiarize yourself with the Different Land Sizes
There are different standard sizes for measuring land. These sizes affect things like the price of the land. The standard measurements of land are plots, acres, and hectares.
A standard plot of land is usually about 100 ft x 100 ft. This is synonymous with 30 m x 30 m = 900 square meters. An Acre consists of 6 plots of land. It is about 60 x 120 ft (4,046 square meters) in dimension.
A hectare is the largest land dimension used in the measurement of land. It is about 2 and a half acres and totals 15 plots. In dimension, a hectare is 100 m x 100 m or 328 ft by 328 ft. This totals 10,000 square meters.
3. Inspect the Land
Inspection of the proposed Land is very important before you buy Land in Lagos. You need to inspect so that you can be sure that the land is as described. You should visit the land with a trusted real estate agent to get the most out of the inspection phase. Before the visit, request to see the land documents and ensure a substantial number of these documents are available before your visit.
4. Investigate the Validity of Ownership
Aside from the presented ownership documents, you must conduct background checks before buying Land in Lagos. Except if you are a lawyer, surveyor, or real estate agent, you might be unable to do this effectively. As a result, you should hire an expert to assist you with the validity check.
The expert will submit an application letter and an affidavit of the applicant's status and the purpose of the search. These documents are usually submitted to the real estate registry so that they can check their records on your behalf.
Conducting this background check will help ascertain if the seller is the rightful land owner. Additionally, the check will help you know if the title is genuine and if the land is not under dispute.
Conclusion
You can buy Land in Lagos without being defrauded with the right checks and due diligence. Land Republic is committed to giving you a hitch-free real estate investment. We have several resources you should use to your advantage. You can start with the benefits of investing in real estate and the ABCs of Real Estate Investment. For further enquiries and questions, contact us today via +2348122222283 and support@landrepublic.co.
