Lagos is the most populated state in Nigeria with a lot of business opportunities, just like its slogan, Lagos is indeed the center of excellence, owing a piece of land in the most developed part of Lagos could be regarded as one of the best investment
Here’s a guide to explain every step necessary in buying a piece of land in lagos.
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1. Make a Budget
Before you go into Land hunting, it is important to decide on your budget. You have to consider the amount of money available. This will help you determine a lot ranging from the size , location and type of land you’ll purchase. Averagely, in order to get a standard plot of land in the rural areas of Lagos , a budget of 5,000,000 – 35,000,000 is needed
2. Decide on Location
After deciding and concluding on your budget, the location should come next. This could be a very tough decision , in most cases get a good relator to give you a proper analysis of each area in lagos . If you intend to live on the property or want a place that will appreciate over time, then the location should be of utmost importance to you. Check for different locations and the advantage of these locations over others before you come to a conclusion on which area to choose
3. Investigate the property and the agent .
Right after you’ve decided on the property and the location it’s situated, the next stage is to investigate the property and the agent or vendor. This stage is vert crucial in buying properties in order to avoid fraudulent transactions. Involve your lawyers or solicitors to carry out investigation to verify the vendor’s name and to also ensure there is no existing claim of ownership already on the property.
4. Visit the property
After you’ve confirmed the identity of the vendor you are dealing with, visit the property in person with a Surveyor. The surveyor should take a good look at the land and give you advice on it before purchase.
5. Negotiations with the vendors
After both the sellers and buyers have come to an agreement, the deal can then proceed. Your lawyer will be very useful in the negotiation process. he or she will give you a list of future liabilities that may be encountered on the property. These liabilities will serve as factors to aid the negotiation process.
6. Documentation
After negotiation is done and both parties are satisfied, the lawyers of both parties that is your’s and the seller will then draft out ”A Deed of Agreement ” . This agreement will be checked and agreed upon by both you and the seller. The seller will then submit all original documents relating to the land to the buyer after the agreed payment has been made.
Once you acquire physical possession of the property, the next step is to get the necessary documentation from governmental authorities. These documents will assess that you are the rightful owner of the land.After this, you’ll then start the processing of obtaining the government’s consent of the state where the land is located. Once you obtain governor’s consent a certificate of occupancy is then issued to you.
The process of getting approval and ownership of land in Lagos takes about three months provided all documents required is presented. Once you’ve completed all the process involved, you then become a bonafide land owner in Lagos state
