What not to do when buying “Lands for Sale” in Lagos
Lagos is the largest metropolitan city in Nigeria and Africa as a whole. Lagos has the highest number of visitors and investors. Companies that want to invest in Nigeria start by investing in Lagos before spreading to other parts of the country. Millions of persons reside in Lagos state and more people will keep relocating into the state from different parts of the World. This has made property and landed businesses very lucrative as lots of people want to acquire their own property either for business or residence in this very prosperous city.
In other not fall victim of fraudulent realtors who recycle lands they’ve already sold, there are things you need not do to avoid scam when you intend investing in landed properties in Lagos state.
1. NEVER BUY LAND WITHOUT A BUDGET:
Buying lands in Lagos with savings can be easy but it is wise not to be carried away by just being a landowner. There is more to this; a lot of land documentations is required in other to authenticate the land as yours. This documents need to be registered and gotten from Lagos State Land Registry. They are: C of O, Survey Plan, Governor’s Consent. Upon verification of land documents, it is also advised that you secure your property by either fencing or laying a structure on your property it to avoid Land grabbers.
2. NEVER BUY LAND WITHOUT SEEING DOCUMENTS:
Before releasing your money to anyone to buy land in Lagos, make sure you see certain legal documents which indicates the rightful owner of the property. Don’t just believe the words of the seller who lie to sale properties by convincing you with word of mouth only that they own relevant property documents without you seeing any of these documents physically. Documents such as Receipt of Ownership, Land Survey or Deed of Assignment.
3. NEVER BUY LAND WITHOUT VERIFYING DOCUMENTS PRESENTED
Upon seeing documents which look genuine, it is much more wise to go to Ministry of Lands in Lagos located at Alausa to verify that the documents presented to you by the realtors are actually original. Be sure to also make findings that the land does not have any form of communal crises. Discover how the seller got the land and why he wants to sell it.
4. NEVER BUY LAND IN LAGOS WITHOUT PHYSICALLY VIEWING THE LAND:
Many have made the mistake of purchasing lands in Lagos without physically viewing the exact location of the land that was sold to them. This has resulted in crises as upon their arrival realtors show them a different property from the one they paid for. Apart from this, you have to be certain the environment you are investing in.
- Is it a place fit for habitation in the present or nearest future?
- Does it have good road network?
- Is it far from basic amenities?
- Is there electricity?
- What is the security state?
- What is the economic value?
- What are the future prospects of the environment?
You can only determine this by physically viewing the land before buying. You cannot know this by just word of mouth and pictures only, as pictures can be faked.
5. NEVER BUY LAND IN LAGOS WITHOUT INVOLVING PROFESSIONALS:
Land business is very complicated, to avoid being cut in the web of it all. It is advisable to involve land professionals when investing in lands. The major professionals are Lawyers, Surveyors and Architect.
- A Lawyer guides you on all the legal documents you need and prepares them for you. He/She tells you what to do, how to fill the documents and the steps to take to complete the legal processes. Without a Lawyer, Land Registry won’t let you process your documents.
- Without a Surveyor, you cannot have a Survey Plan. Without a Surveyor, you cannot be sure if the Survey Plan presented to you by the seller is genuine. This is how important a surveyor is when buying a landed property and cannot be ruled out. Be sure to make use of only a licensed Surveyor.
- An Architect will guide you on the structure to put up due to the soil of the land. An architect will help you determine the cost of putting up a structure and the type of structure that best suits the property. An Architect will also guide you on the quality of building materials to use depending on the soil type.
6. NEVER EVER PAY FOR LAND IN LAGOS WITH CASH:
This is a very risky thing to do as a record of your transaction has to be established for you to secure your property in the long run. No matter the cost, make sure all your steps are documented from the cost of the land to the receipt through a recognized bank. Any seller that insists on cash payments indicates signs of fraud and should be avoided as your money is at stake. The only payments that should be made to your seller are that of Draft or Cheque, where records will be kept.
7. MAKE SURE ALL YOUR TRANSACTIONS ARE CARRIED OUT IN WRITING:
Again and again, do not carry out any landed property transactions without it being put in writing. Make sure all transferable documents are done in your name. Documents such as Title of the Land, Deed of Assignment, Contract of Sale, Survey Plan, Letter of Allocation, Purchase Receipts, Affidavits and others should all transferred to your name. Now, you know what not to do when purchasing a land in Lagos and you are ready to make payments of the land of your choice. Once you have made payments and you legally own the landed property, it is time to Act fast and secure your property to avoid land grabbers from spying into your property and claiming what belongs to you.
All you need to do is little precautions like fencing your property and adding a gate. You can also lay a foundation even if you have no intention of completing the structure immediately.