HOW TO BUY LAND & HOUSE IN LEKKI LAGOS

Over time, Lekki has become a respectable commercial hub, a residential zone, and a go-to tourist spot, thereby making It a rave in the real estate industry. Lekki is one of the areas in Lagos State with various vacant lands for development. Also, there are tens of thousands of properties developed or under development in Lekki that are currently being marketed to prospective buyers.

Notably, the government acquires most of the lands in Lekki and usually releases them by way of excision, which is thereafter gazetted.

Due diligence and proper checks must be conducted to buy a house or land in Lekki. After the proposed property has been duly verified, appropriate documents must be prepared to evidence agreement between parties and transfer title.

HOW TO INVESTIGATE BEFORE BUYING LAND IN LAGOS

Generally, it is advised that before contracting to purchase a property, a buyer shows great care, attention and diligence. The guidance of a property lawyer should be sought to conduct a property search before proceeding with any purchase of land or house in Lekki due to the huge risk involved in such a transaction. Below are places where an investigation of property title can be conducted before purchase.

  1. Lands Registry

Nigeria has no state without a land registry, which is often under the Ministry of Land.

  1. Surveyor General Office

It is essential to chart landed property at the Surveyor General Office, especially where it is not yet registered. Property charting is crucial in Lekki because so many lands in this area are under one form of government acquisition or land. Charting at the Surveyor General’s office will reveal whether a property proposed to be purchased has been acquired by the government for any purpose.

  1. Corporate Affairs Commission

The C.A.C. records all charges on limited liability companies in Nigeria. Investigating in the commission will help disclose whether there are any registered charges on the property of a company. The search at CAC is only relevant where the owner of the property to be purchased is a corporate entity.

  1. Physical Inspection

It is very important to conduct a physical inspection of the proposed property to be purchased before such a purchase. A physical inspection will reveal things that cannot be found in the search of any government archives. A physical may reveal whether the proposed land seller has a possessory right on the property himself. It may also reveal defects such as proximity to a proposed road or ocean.

STAGES INVOLVED IN SALE OF PROPERTY

Various stages are involved in buying a property in Lagos, which will be summarized below.

  1. Pre-Contract Stage:

It is expedient that before buying a property in Lagos, a preliminary meeting with the property owner is done. This will allow one to delve into the nature of title on the land, easements, fixtures, restrictive covenants, nature of the transaction, reversionary interests, etc. Occasionally, properties are available in Lekki for purchase even before being constructed. These properties are known as Off-Plan Properties. Buying an off-plan property can be extremely risky and, at the same time, highly profitable. The success of buying such properties depends on the measures taken by the buyer. This stage is to elicit special knowledge of properties which will help reveal any encumbrances. Also, the parties can negotiate and deliberate on the price, mode of payment, and whether payments would be made outright or in instalments.

  1. Contract Stage:

This is the stage where the parties execute the contract of sale agreement. Here, the parties have agreed to transfer interest in the property but are yet to be satisfied. For this stage to be valid, there must be an offer, acceptance, consideration, intention to create a legal relationship, etc.

  1. Post Contract Stage:

Here, the buyer is expected to conduct a thorough investigation of the root of the title, which is the basis for the completion stage. Then, the buyer’s solicitor prepares a deed of assignment, which is sent to the vendor’s solicitor in copies.

  1. Completion Stage:

As the name implies, it is where both the vendor and seller perfect their transaction, subject to payment of full purchase price and delivery of the property to the buyer with the original title and documents of the property purchased.

  1. The Post-Completion Stage- Perfection of Title:

It is well known that a land transaction is yet to be finalized and legal until the consent of the state’s governor has been obtained. All that vests a legal title on the buyer is the Governor’s consent, Stamping and Registration of the document. Hence, it is advised that a buyer obtains the application for the Governor’s consent through the State’s Ministry of Lands. Thereafter, the payment of stamp duties on the approved deed of transfer is made. Stamp duties must be paid within 30 days of executing the deed. The final stage of this perfection is the registration of the deed of assignment. The three stages of perfection of the title are to be done simultaneously.

Finally, buying land or a house in Lekki Lagos can serve as a good investment option or opportunity to secure a befitting accommodation. However, every prospective buyer must conduct due diligence by engaging an expert, especially a property lawyer, who can verify and ensure a seamless transfer of title before jumping into any property purchase. This is very critical for three main reasons: first, to detect and avoid buying property under any form of acquisition; to facilitate a seamless transfer of property title; and lastly, to avoid some deliberate property fraudsters who often try to reap off unwary buyers.

 

By Real Estate Law Team at Resolution Law Firm

Email: info@resolutionlawng.com