Owning land is a dream for many. 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.
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 you must recognise the importance of the receipts, several important documents are required to prove land ownership.
There are about 11 legal documents in total. However, with as many as four of these documents, you can verify land ownership by an acclaimed owner. Some of these land documents include:
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 to see the receipt issued by the seller at the time of purchase. In situations where the clause for the receipt is contained in the document transferring the land, there may be no need to see the receipt. However, it is essential to remember that the land receipt is not an ultimate document proving land ownership.
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, you can easily detect the forgery of the document.
The state government issues the C of O to individuals who have owned a piece of land after 1979. It is also given to people who are allotted Government land. When you purchase 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.
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 known as 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 essential information in the deed of assignment includes the following:
a. The names and addresses of both parties
b. The history of the land details how it was first obtained and the downlines of purchase since it was initially acquired.
c. The cost of the land and the assignor's willingness to accept the stated price.
d. The description and size of the land.
e. The oath of promise by both parties to engage in the transaction
f. The signature of both parties and witnesses of the land transfer.
g. A section for the Governor’s consent. This would either be signed by the Governor or any official appointed by the Governor for such purpose.
If the owner of a land dies without the sale or transfer of land in such owner's possession, all documents of such land become obsolete. By implication, they can no longer be used to transfer the land because the owner won't be able to authorise the sale.
If the land owner wrote a will, the probate registry could 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 probate 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 land ownership.
Before you buy land in Lagos, it is vital 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. Additionally, the Survey plan could help you know if the land is under Government acquisition.
A letter of administration is similar to a grant of probate. However, these two documents are different. Unlike the grant of probate, the letter of administration is issued when a land owner 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 which their requests would be considered and approved by the court of law.
Before you buy land in Lagos, there are essential steps you should take. Following through with these steps will significantly increase your chances of buying credible land in Lagos.
Buying land will require substantial financial commitments from you. Before you take a step towards the acquisition of land, you must count the cost. Not only should you prepare the money to purchase the land, but you should also prepare to attend to associated expenses.
Some of these expenses would include legal fees. The legal fees cost about 5% of the purchase cost of the land. Additionally, there would be a need to pay for the agency fee, which is about 5% of the land cost. After settling these two expenses, you need to get a new survey plan and barricade the land.
The cost of the survey plan and land barricade varies from location to location. Asides from the border and survey, it is crucial for you to get your other land documents like the C of O. You should factor the cost of all these additional expenses into your budget before purchasing land.
Additionally, before you buy Land in Lagos, ensure you like the location. This is important, especially if you intend to live on the land. If you aren't living on the land, ascertain that the property can achieve the purpose of purchase of such land.
There are different standard sizes for measuring land. These sizes affect things like the price of the land. The standard measurements of land are in plots, acres and Hectares.
A standard plot of land is usually about 100 ft x 100 ft or 30 m x 30 m. This amounts to a total of 900 square meters. On the other hand, an Acre has 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 size, a hectare is 100 m x 100 m or 328 ft by 328 ft; this totals 10,000 square meters.
Inspecting the proposed land is very important before you buy Land in Lagos. It would be best if you examined it to ensure 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.
Asides from the presented ownership documents, it is vital you conduct background checks before you buy Land in Lagos. Except you are a lawyer, surveyor or real estate agent, you might need help 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 coupled with an affidavit of the applicant's status and the purpose of the search. These documents are usually presented 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 any dispute.
With the proper checks and due diligence, you can buy Land in Lagos without being defrauded. There are several benefits of buying land in Nigeria and more than enough tips to go round. However, more than a single post will be required to tell you about it. To maximise the benefits of land purchase, ensure that you buy it through a reliable real estate company.
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