Lagos isn’t just the economic capital of Nigeria, Lagos has described over time as the economic capital of west Africa and even Africa as a whole. With its reputation and the economic impact, it is therefore no surprise that millions of people within and outside Nigeria would want to own property in Lagos.In this guide you’ll learn how to buy land in Lagos without falling into the hands of land grabbers or fraudulent agents.
From the mainland to the Island, people are looking for property to own and invest in all around Lagos. Buying property in a city like Lagos can be a bit of a problem especially landed property. You have the Land grabbers also known as omo onile, fraudulent agencies posing as genuine real estate company and even sometimes you have to contend with government when buying land in Lagos.
So here’s how to buy land in Lagos – stress free.
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How to buy land in Lagos
Have a budget
I can’t stress this well enough. Ensure you have a budget no matter how much you have saved.If you don’t have a budget, you might end up spending all your savings. Agents know how to show you the priciest available property in the best locations (they are all after their commission)
Research and Verify
First time buyers are usually the victims of fraudulent land situation in Lagos. Ensure that you verify that the land is free from of any problems and government acquisition. You have to go to the State’s Ministry of Lands and Survey to conduct a search to be sure of the legal title owner of the land you intend to buy.
Involve Real estate professionals
In a city very notorious when it comes to the sale of landed property, you need to take necessary precautions so you don’t lose your hard earned money to fraudsters and land grabbers buying land in Lagos.Having an experienced Lawyer or real Estate Agent assist you in this regard will be helpful in ensuring a smooth and successful process.
Inspect the land physically
This should be a no brainer, but many people fail this important step (especially when they are buying from “real estate companies” This is one of the most important steps you must take before you make payment. you would be opening yourself to being scammed by dubious real estate agents or sellers if you fail to do so.
Verify Land Documents
Look for all the accompanying documents that a land seller must have. Such as: receipt, land survey and or deed of assignment
Do not pay for lands in Lagos with Cash directly. Everything must be properly documented from the cost of the land down to the Receipt or survey fees. This is the only thing that can save you from problem (in future) in case you want to track down a fraudulent seller of land.
Lagos State ministry of lands at Alausa is in charge of registering titles of every land within Lagos State. Survey plans, registered conveyance, registered deed of assignment and certificate of occupancy are the various approved titles every land owner must ensure he/she has intact.
Securing the asset
after making payments and getting the necessary land title, it is very essential to fence your land. This will help secure your asset and scare away potential intruders
Put up a structure to avoid land grabbers
After fencing and foundation work has been done, it is best to gradually start putting up a structure to send a strong message to land grabbers. The first step is to mold as many blocks as possible that can take the structure from foundation to lintel level.
Legal fees- 5% of the cost of the land
Agency Fees- 5% of the cost of the land
Survey Plan ( N100,000-N300,000) Depending on the location of the land
Cost of signing the documents- ( A very strange tradition in Lagos)
Cost of putting up a fence to secure your land immediately you purchase it.
Cost of Perfecting your documents with the Government at the land registry