Fundamental Preparation & Research You Should Carefully Take Note Of Before Buying That Property (Part 1)

Fundamental Preparation & Research You Should Carefully Take Note Of Before Buying That Property (Part 1)

Having decided to use REAL ESTATE as an INVESTMENT INSTRUMENT, it’s fundamental to answer certain questions in order to guide and prepare you against creeps and hiccups.

I’m aware you would be expecting me to talk about the budget as no1 in this ARTICLE which has been the major reason why a lot of investors make mistakes by failing victims of scammers who were ready to provide them with something quite cheaper.

This happens often because of the way we are naturally forming. Every individual or organization is interested in doing a smart business that helps you spend less and achieve more.

Due to the fact that some realtors and developers are aware of this HUMAN NATURE, some take advantage of their clients by introducing properties with lesser budget but with No TITLE, and we all know what happens when you buy a property without a TITLE in especially Lagos Nigeria.

So, therefore, I would be talking about COGENT areas you should pay attention to before investing in REAL ESTATES.

LAND TITLES & DOCUMENTS. Irrespective of the Location you intended acquiring your properties, the title of the property should be your No1 focus as it proves you own the property or not.

Literally, The lands in Nigeria belongs to the Federal and State Government according to the LAND USE ACT 1978 CAP L5, LFN 2004, and the amended constitution of the FEDERAL REPUBLIC OF NIGERIA 1999 CAP C23 laws of the Federal Republic of Nigeria (LFN) 2004 but some are said to be free and not under government acquisition as the government also promotes Community Expansion and development.

Talking about TITLES, We have some very common once and I would love to talk about them.

-Excision / Gazette: A title that states that the portion of a vast land has been released to a family or a community by the Government from an area that was formally under a particular ACQUISITION.

-C ofO: A big title that allows an investor to OCCUPY a portion of land for 99years.

-Governor’s Consent: A Title that indicates that a property has either been transferred from an initial investor who acquired a CofO to another investor which the Governor must attest to as two investors don’t get a CofO on the same portion of land or the government declares an area as Government Residential Area (GRA) and grants a Governor’s Consent as Title.

The most important Documents are:

-Registered Deed of Assignment: This is must carry the seal of a registered law firm and the signatures of previous vendors if there are any.

-Receipts and Invoices: This should be given immediately after purchase and make sure a Witness also signs a part of the documents.

-Registered Survey: Surveys without the signature and stamp of the surveyor-general of the land registry of the state you’ve your property is either fake or Provisional.

On a final note this Friday, kindly take my advice by making sure you carefully scrutinize the titles offered to you when you’re about to buy those cheap estates. You could be lucky to get a good property with freehold and very affordable or you could be deceived.

Always employ the service of professional Realtors.