Honestly speaking, before one can buy a plot of land in Lagos can be very scary at times and this is due to the fact that investors are afraid of the fear of failure of investing with the wrong people. This is why it’s pretty good to always carry out the due diligence before buying a property in Lagos Nigeria.

This is why we have gathered the following tips that will help you make investment decisions when investing in real estate.

Legal Steps To Follow Before You Buy Land In Lagos

The following are steps to consider before you buy land in Lagos

1. Have a budget in mind: This step is crucial as it makes you know what you are capable of buying. This also makes you avoid waste of time and energy because you have clearly defined your goals before you start.
2. Begin to search for the right landed property that suits your needs: At this stage, you might want to work with a real estate agent or consultant, better still you might want to check online for the best one that suits your budget. A professional real estate agent will identify your needs and match you with the right property. In addition, you might hire a lawyer to confirm what the estate agent is bringing to the table.
3. Research the developer or owner of the property and the property itself: This is the duty of your lawyer, he researches the owner of the property. He needs to be sure the property is not owned by omo-oniles or fraudulent people. The lawyer asks the right questions and requests the right documents. This stage is also vital when you want to buy land in Lagos. Furthermore, the lawyer also needs to investigate every document the land has. Though, this is usually carried out in the Lagos land registry in Alausa Ikeja. These searches conducted on land make you aware of any encumbrances whatsoever that the land might have.

Also read: Tips on how to conduct search on property titles in Lagos

4.  Physical inspection: This is necessary too. Nowadays, inspections are done virtually that you don’t have to be physically present to see the property. Thanks to technology that has made property viewing so easy. Virtual reality is another device you can use to inspect the property from anywhere. Property inspection makes you see the defect the property might have whatsoever.

Also read: Why you should not underrate physical inspection 

4. Beware of statutory fees: These fees are charged by real estate companies and it covers the documentation fee; developmental fee: development of the estate such as drainages, water, electricity, maximum security, etc and; survey plan fee which will spell out the size of your land. Some of these fees are negotiable depending on the company you are dealing with. If you are dealing with omo-oniles, which I wouldn’t advise you should. Their fees are so deadly.

6. Property documentation: After negotiating the statutory fees and you have made payment for the property. The three documents required after a successful real estate transaction are; deed of assignment, survey, and contract of sale.
7. Taking possession: After you have made your total payment for the land, then you can take possession after your property has been allocated to you. At this stage, you have all your necessary documents to show that you are in total possession of the land.
8. Title perfection: This stage is not compulsory, it all depends on if you want to file your land document with the government. This is necessary if you want to process your Governor’s consent.

Check: Cheap land for sale in Lagos

In conclusion

If you want to buy land in Lagos, this is one good step you need to follow so as to avoid being a victim of land fraud. However, if you want to buy property or land in Lagos, Thinmint Nigeria is your best plug because we facilitate easy real estate transactions.