Dennis Isong: Before you Buy that Property in Lagos, Here’s What you Should Do 

Many people dream of purchasing a piece of land or a house. Unfortunately, many people fall into the hands of scammers once they have saved enough to make the purchase.

Acquiring a piece of land in Lagos can be a herculean task. The menace of omo-onile has eaten deep into the system so much that people get scared to buy or trust any seller because of the risk of getting duped.

Nonetheless, some people have been able to buy a property in Lagos without any issues. The question is, what did they do differently? Let’s find out:

Having a budget and deciding on a location

Before you buy a property, think about what you can afford and if your budget can cover the location you want. Buying a property is not a walk in the park; your pocket has to be ready for it, especially in a city like Lagos. It’s easier to fall prey when you’re hellbent on getting a property in a high brow area but your pocket is saying otherwise. Be realistic and honest with yourself enough to know what your money can purchase. Besides, purchasing properties is a long-term financial commitment, so deliberate on what you can afford.

Hiring a competent lawyer

Not every lawyer can handle property transactions. This is why it’s important to look for an expert in property law who understands property matters. 

Looking for the perfect property that fits into their budget

After hiring a property lawyer, the next step to take is searching for a property in your chosen location. This is where an estate agent is important. The estate agent helps you find a property that fits into what you need, and creates a shortlist for you to view.  This agent can be introduced to you by your lawyer.

Finding out more about the seller

There are too many fraudulent individuals posing as owners of properties in Lagos, it will save you a lot of pain to investigate the seller to know if they are genuine owners and have the valid authority to sell the property or not.

These fraudulent people try to sell property, especially family land that they do not own, to unsuspecting buyers. This is where your lawyer comes in. The lawyer will conduct the proper searches, ask the right questions, and request the right documentation to determine if the person you are speaking to about the property is the real owner.

Investigating the property

After doing your due diligence, your lawyer then conducts the following:

• Relevant searches.
• Examine the appropriate documentation to ensure that the property is free of any encumbrance or pending litigation. 
• Find out if the property is not the subject of any government acquisition.
• Make sure the property is not subject to any overriding interests.

Inspecting the property physically

After the property must have been cleared of any hindrances, then you should visit the land to physically inspect it. This is to ensure that the environment meets your expectations. It is advisable to conduct a site visitation with a registered surveyor who will look at the survey plans and advise on the property as well.

Negotiation

This comes up after the buyer and seller must have reached an agreement and feel the deal can proceed. This means that there’s an agreement already on the price of the property. Also, you can’t do away with your lawyer here as well. He/she will give you a solid indication of what future liabilities will exist for you (stamp duty fees, and other government fees). All of these expenses have to be put into consideration.

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:

• Contract of sale
• Receipt
• Deed of assignment

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 of the property, 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 (C of O) is issued, and the property transaction is then complete.