It must be stated that purchase of land in Lagos is not only about having the financial wherewithal, it also involves having a basic understanding about land issues in Lagos. By the rule of thumb, if you want to buy an asset, all you need to do is to gather enough money that can purchase the asset, then approach the vendor and possibly after haggling, you strike the deal and the asset is yours!
However, with the purchase of land especially in a place like Lagos, it is a different ball game. This is because a countless number of people have lost their hard earned money after paying for a land that they thought was otherwise genuine. At the same time, some have had to pay twice for the same land due to the activities of land speculators otherwise known as ‘Omonile’. This therefore necessitates that one takes discreet measures before paying for a piece of land in Lagos.
Three Most Important Steps To Be Taken Before Making A Commitment.
- Location and nature of the land. Is the land location in sync with your desire or are you just jumping into the purchase without finding out where the land is located and its nature? Some people have paid for land in the past only to start regretting after they eventually visited.
- Inspection of the land. This is necessary in order to ascertain that what you were told is what is on ground. If possible, it is better you inspect the land with an expert like a surveyor or an estate agent or any other person that can give you an independent opinion about the land. Through inspection, you will also have a good knowledge of the neighborhood of the land and the nature of the road leading to it.
- Find out the title to the land and validity of the ownership. It is important to know if you are repurchasing the land or buying from the original owner. Whichever is the case, the existing title is of paramount importance. It is vital you conduct background checks before you buy land in Lagos. You might need the services of a lawyer, surveyor or real estate agent to enable you do that. The expert will submit an application letter with an affidavit of the applicant’s status and the purpose of the search. These documents are usually represented to the real estate registry so that they can check the record on your behalf.
The check will enable you know if the land is encumbered, the seller is the rightful owner and the authenticity of the title. It must be pointed out that in the recent past, some people had their properties demolished after building on the land they previously purchased because those properties were situated either on the drainage channel or a proposed road by the government, hence it is important to get the layout of the area and possibly confirm from the land registry that the land is without encumbrances.
Conclusion .
Given the metropolitan nature of Lagos, it is encouraging to invest in land therein because of the high return on investment. However, due diligence must be carried out to avoid regrets. It is advised that you liaise with a trusted company that can lead you only to a genuine land. Visit: https://fomayproperties.com
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