Despite these challenges, some individuals have successfully acquired property in Lagos without encountering problems
By Dennis Isong
Owning land or a house is a common aspiration among Nigerians. While it’s exciting that some can afford this dream, a significant challenge lies in avoiding scams during the process. After dedicating considerable effort to save for property acquisition, falling victim to fraudulent schemes, often referred to as “419,” can be devastating.
Lagos, in particular, has gained a reputation for its complexities in property transactions. The pervasive issue of “omo-onile” (land grabbers) has become deeply entrenched in the system, instilling fear and mistrust in potential buyers. Many view property purchases as a risky endeavor due to these concerns.
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Despite these challenges, some individuals have successfully acquired property in Lagos without encountering problems. Their experiences demonstrate that while caution is necessary, it is possible to navigate the real estate market safely and achieve property ownership in the city.
What did they do differently? Let’s find out…
1. The first thing to do is to have a budget and decide on a location
When considering property purchase, prioritize your budget. Buying real estate is a significant investment, particularly in high-demand areas like Lagos. It’s crucial to assess your financial capacity carefully, as this is a long-term commitment. While working within your budget constraints, remember that location is paramount. Strive to find the best possible area you can afford, as it significantly impacts the property’s value and your quality of life.
2. Hire a competent lawyer
When purchasing property, it’s crucial to recognize that not all lawyers are equally equipped to handle real estate transactions. Specialization matters, which is why seeking out an expert in property law is essential. Such specialists possess a deep understanding of property matters and can navigate the intricacies involved with precision. The process of acquiring property involves multiple stages, each requiring careful attention. Entrusting this process to just anyone could lead to costly mistakes or oversights. Therefore, it’s imperative to engage the services of the right legal professional. Your best course of action is to hire a property lawyer who is both competent and experienced. Their expertise will ensure that your interests are protected throughout the transaction, from initial negotiations to the final transfer of ownership.
3. Look for the perfect property that suits your need and fit into your budget
Once you’ve secured a property lawyer, the next phase is property hunting in your preferred area. This is where an estate agent becomes crucial. They play a key role in:
1. Identifying properties that match your requirements
2. Creating a curated shortlist
3. Arranging viewings for the selected properties
It’s worth noting that your lawyer may also be able to recommend a reputable estate agent to assist you in this process.
4. Find out more about the seller
When purchasing property in Lagos, it’s crucial to verify the legitimacy of the seller to avoid falling victim to fraud. Many unscrupulous individuals falsely claim ownership of properties, particularly family land, and attempt to sell them to unsuspecting buyers. To protect yourself, it’s essential to thoroughly investigate the seller’s credentials and their authority to sell. This is where the expertise of a qualified lawyer becomes invaluable. Your legal representative will conduct comprehensive searches, pose pertinent questions, and request necessary documentation to establish the true ownership of the Lagos property you’re interested in. By taking these precautionary steps, you can significantly reduce the risk of engaging with fraudulent sellers and ensure a safer property acquisition process.
5. You need to investigate the property
After completing due diligence, your lawyer:
1. Performs relevant searches
2. Reviews documentation to verify the property is free from encumbrances and pending litigation
3. Confirms the property is not subject to government acquisition
4. Ensures there are no overriding interests affecting the property
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6. Inspect the property physically
Once all obstacles have been cleared, make sure to visit the site in person for a firsthand inspection. This step is essential to ensure the location meets your expectations.
During the visit, bring a certified surveyor with you. They can examine the survey plans and provide expert advice on the property.
7. Negotiation
Once the buyer and seller have reached a mutual agreement and are confident in proceeding with the transaction, they move forward with the deal. At this stage, the price of the property has already been negotiated and settled upon. It’s crucial to note that legal representation remains essential throughout this process. Your lawyer will provide valuable insights into your future financial obligations, including stamp duty fees and other government charges. These additional expenses must be carefully factored into your overall budget for the property purchase.
8. Documentation
If the negotiation reaches a conclusion, then both your lawyer and the seller’s lawyer can move to the stage of drafting and negotiating all the completion documents.
For Lagos land transaction, you should expect 3 main documents which the lawyers deal with:
-The contract of sale
-The receipt
-And the deed of assignment.
9. Completion and Post-Completion
This is where both parties have concluded, signed, and exchanged contracts, made payment and the buyer is now in possession of all the original title documents. Once all that is complete, the buyer becomes the owner of the property and can take possession.
Once the buyer has taken physical possession, the next step is to file all the necessary documentation with the appropriate government authority and then commence the process to obtain the Governor’s consent for the transaction. Once the Governor’s consent is obtained, a Certificate of Occupancy is issued, and the property transaction is then complete.
