How To Avoid Being Duped in Your Next Land purchase Transaction.

Many people, especially those who are about to make their first land transaction get confused when it comes to asking the right questions.

In some cases, intending investors ask questions like “where is the place?”, “Is it far?” and lots of other questions.

All these questions are not out of place and arise as a result of people trying to be careful so that they don’t make a financial commitment they would later regret, wouldn’t it be better if they knew the right questions to ask?

That brings us to the first question anyone intending to buy land should ask which is “what is the status of the land?”

See, before you buy land in Nigeria, it is very important that you know the status of the land!

Knowing the status of the land you are about to buy can save you a lot of money and unnecessary hassles.

Imagine buying a piece of land and erecting a building on it, just for the government to come some years after, and tell you to move out, with claims that your building is illegal because it is sitting on government property.

All these can be prevented if you know the status of the land you are investing in before sealing the transaction.

Land Classification

Land can be classified as either free or acquired. A parcel of land is considered free if the government has not indicated any interest whatsoever in that land.

Such land is safe to buy because the title on the land can be perfected without issues.

In most cases, such lands will either have a gazette, a C of O or a governor’s consent.

Now that you understand what it means for land to be free, you should also know that all lands that fall within areas that are designated as urban areas are under government acquisition until deemed committed or free.

There are two types of acquisition; committed acquisition and general acquisition.

Committed acquisition

A parcel of land is said to be under committed acquisition when the government has indicated an intention to use that land for a specific purpose such as provision of amenities.

Such lands belong to the government and can never be available for use by individuals.
If you purchase land that is under committed acquisition, it will be impossible for you to perfect your land title and you’ll only be occupying the land until the government comes to kick you out.

General acquisition

Lands that are under “general acquisition” or “global acquisition” can later be confirmed ‘free’ or ‘committed’.

A land under general acquisition can become free by a process called excision.

“Excision is a process whereby the government releases a portion of an expanse of land that is not committed”

If a parcel of land that was formerly under acquisition becomes excised, it is then considered free and becomes gazetted.

The gazette then becomes the title on the land and such land is safe to buy because a proper title can be processed on the land.

A second case where lands under general acquisition can be released is if an individual purchased a land that was under acquisition without going through an excision process.

Such lands can go through another process called “ratification” or “regularization” in which the land owner pays for the land to be ratified or regularized.

The only conditions in this case are that the land in question must not fall within a committed area and that the purpose for which the land was bought does not disrupt the original plan of the state.

Conditions for ratification may differ from state to state.

I  believe I have presented to you the most important question to ask when buying land in Nigeria and the kind of lands you should avoid.

If you got value from this article, please share it with others, you might just be saving someone from possible demolition in future.

What other questions do you think first time investors should ask?

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COST OF SAND FILLING YOUR PLOT

If you are building on a water logged plot, your foundation is likely to be a ‘raft’ foundation which shoots out of the ground instead of the strip foundation where the contractor digs into the earth. 

In addition, to ensure that the site is well drained, the raft should be well above the road level and this means that the compound has to be filled with sand.

There are two types of materials used to fill the site: laterite earth filling (a reddish ‘sand’) which is usually transported from the Shagamu axis and sharp sand filling (a finer white sand) which is pumped from the lagoon bed.
The laterite earth filling costs an average of N15,000 per 10 ton tipper while the sharp sand filling costs an average of N45,000 per 20 ton tipper. The amount of sand required for sand-filling varies from site to site and is dependent on factors like size of the plot, height of the raft etc.

Typically for a private detached house on plot of about 600sqm, an average of 5 nos 20 tons tipper loads is about the quantity required.

As usual, our Layman Builder readers are advised to consult a quantity surveyor for the right measurements.

For more Information call +2347032949994.

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THERE IS NO SHORTAGE OF CASH

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What Are the Type of Land Title Document given in Land Transactions.

There are a lot of title documents involved in the buying and selling of landed properties around the world most especially Lagos State. It is very important to know the various types of titles available in a state, the value each of the titles carry, to know what the status of the land is.

They following are the various land title document in Lagos state.

SURVEY PLAN

A Survey plan is a document that measures the boundary of a parcel of land to give an accurate measurement and description of that land. The people that handle survey issues are Surveyors and they are regulated by the office of the Surveyor general in Lagos as it relates to survey issues in Lagos. A survey plan must contain the following information:

1. The name of the owner of the land surveyed

2. The Address or description of the land surveyed

3. The size of the land surveyed

4. The drawn out portion of the land survey and mapped out on the survey plan document

5. The beacon numbers

6. The surveyor who drew up the survey plan and the date it was drawn up

7. A stamp showing the land is either free from Government acquisition or not

EXCISION

Land Use Decree on the 28th of March, 1978 that vested all lands in every state of the Federation under the control of the State Governors. The Land Use Act coupled with other laws made it possible for the Governor who was now the owner of all lands in the state to actually have the power to Acquire more lands compulsorily for its own public purpose to provide amenities for the greater good of the citizens.

Fortunately, the government recognizes that indigenes of different sections of the country have a right to existence . . . a right to the land of their birth. Hence, it is customary for state government to cede a portion of land to the original owners (natives) of each area.

An Excision means basically taking a part from a whole and that part that has been excised, will be recorded and documented in the official government gazette of that state.

GAZETTE

A Gazette is an Official record book where all special government details are spelt out, detailed and recorded

A gazette will show the communities or villages that have been granted excision and the number of acres or hectares of land that the government has given to them. It is within those excised acres or hectares that the traditional family is entitled to sell its lands to the public and not anything outside those hectares of land given or excised to them.

A Gazette is a very powerful instrument the community owns and can replace a Certificate of Occupancy to grant title to the Villagers. A community owning a gazette can only sell lands to an individual within those lands that have been excised to them and the community or family head of that land has the right to sign your documents for you if you purchase lands within those excised acres or hectares of land.

DEED OF ASSIGNMENT

A Deed of Assignment is an Agreement between the Seller of a Land or Property and a Buyer of that Land or property showing evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to that the Seller that has just bought land.

The Deed of Assignment has been exchanged between both parties, it has to be recorded in the land registry to show legal proof that the land has exchanged hands and the public should be aware of the transaction. Such recorded Deed of Assignment come in the form of either a Governor’s Consent or Registered Conveyance

CERTIFICATE OF OCCUPANCY

A Certificate of Occupancy (C of O) issued by the Lagos State Government officially leases Lagos land to you, the applicant, for 99 yrs. As already indicated above, all lands belong to the Government.

A C of O however is the officially recognized Document for demonstrating Right to a Land.

What happens after 99 years? That question is still subject of debate among experts. Most have adopted a wait-and-see attitude. Others postulate that as the new owner of the land, you the buyer, can renew the certificate of occupancy when it expires. That makes sense, but for now is largely a case of “We shall see when we get there”.

For more information about how to get the best title for a landed property call 07032949994 or visit the link below.

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Invest in the Lagos Free Trade Zone

A Free Trade Zone or also known as Export Processing Zone, is an area where goods may be landed, handled, manufacture or reconfigured and re -exported without government interference.

The idea location to set up a Free Trade Zone is in an area that is accessible to the sea and access to an international airport. It can also be called a Foreign Zone, Foreign Zone in the sense that countries can bring in raw material in the zone, it will be processed and made to finished goods and finally sent back to where it is ordered.

There are Free Trade Zone all over the world and among them is the the Lagos Free Trade popularly called the Lekki
Trade Zone. https://m.youtube.com/watch?v=7mKD5fSnTQI

The Lagos Free Trade Zone is located close to the Atlantic Ocean and will be connected to the new proposed international airport and the fourth main land bridge.
The Lagos Free Trade Zone is on 800 hectare of land. The project that will be built in the Free Trade Zone includes the Deep Sea Port in alliance with the Marine industries, the Petrol - Chemical Hub which has Dangote as a lead investor who is currently constructing a Refinery and a Fertilizer plant which is reputed to be the biggest in Africa. The Food Processing Industries, Warehouse park, Tank Farm, Gas pipeline and Storage, Cooperate and Residential Zone.

With these massive projects going on you will agree with me that the environs will also play a major part in the economic activities of the Free Trade Zone. Investors can also act like Dangote and acquire properties that are available for investment.

For more information on investment opportunities in the Lagos Free Zone and environ click the link below
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Three Important points to Consider when Buying a House in Lagos Nigeria

Buying a house is a very a major decision making for lots of individuals who wants to avoiding making mistakes at a cost. while others, it takes time and patience to search for a home because the process is usually time consuming and hectic.

Here are three useful tips to consider when buying a house in Lagos State Nigeria.

PLUMBING:
This is a very important area you should really focus on. Carefully examine all the taps and showers if water flows freely. Check for leakages especially in the kitcgen, examine the water closet if it flushes freely and if there effectively water supply from the reservoir back into the house.
Most times sellers of houses will tell you that there is no issue with the plumbling, just buy it and move in but if there is an issue we will fix it. Please dont fall for this cheap talk because if you do you will soon discover that the promise of fixing any issue was merely a sell pitch and you will end up spending your money to to fix this issue.

Another important factor to consider is FLOODING.you should check to see if the place you are planning to purchase that house is not in a higher risk flooding area. It is important to do your house search during the raining season because it will give you the true picture of the area.

Here are some areas in Lagos Island you should think very carefully before you buy a house. This areas includes Ilasan after the fourth round about on the Lekki - Epe express way, Jakande on the same location, Osapa London after the fifth round about, the inner part if Agungi and some part of Badoree.

Lastly, one should consider the anti - social behaviour, noisy and disruptive neighbours. It will be very painful if these point is not critically considered. Don't take what the agent tells you about the area as final. Conduct your own investigation, ask around about the behavior of the people who would soon become your neighbour. Ask questions about the type of generator that is used in the area. It is only in some selected area  that must have  a specific type of generator.

To get get more information about how and  where to Invest in properties in Lagos state and environ visit http://bit.ly/2eWjf9H

Or Call 07032949994

TGR Properties.