Real Estate Sponsorship

HOW TO ACQUIRE LAND IN BULK WITHOUT PAYING FOR IT

Believe it or not, a lot of real estate companies selling land in Nigeria acquired their lands from families without paying for the land. Yes, they did not pay for the land! Instead, they paid for something that the family wanted and in return, the family gave them land. This method of land acquisition is generally called Sponsorship and in most times, it is far…

Land verification issues in Lagos

PROPERTY OWNERSHIP VERIFICATION ISSUES IN LAGOS STATE

People often ask me to use the coordinates picked on a property they are interested in to verify the true owner at Alausa. They are always surprised and disappointed when I say I can’t verify the ownership of a property at Alausa except the property has a registered deed/existing title. The truth is, in most cases, if you take the coordinates of a land to…

Village Excision Issue

WHEN WILL LAGOS STATE GOVERNMENT RESUME GRANTING OF EXCISIONS?

I am beginning to wonder when Lagos State will resume granting excisions to villages in the Ibeju-Lekki/Epe axis so that their lands can have more value and can attract reputable investors. The most recent gazette I have seen were issued in 2012. For years now, through the help of real estate companies and land title sponsors, a lot of villages/communities have submitted applications for excision…

Acquire a property without paying the full cost

HOW TO ACQUIRE A PROPERTY WITHOUT PAYING THE FULL COST

If you have been saving money for a while for property acquisition, keep saving your money until you have at least 60% of the cost of the type of property you want. 60% is reasonable.  With this amount, you open yourself up to three options for acquiring the property. Mortgage Distress Sale Off-Plan Sales For Mortgage, with 30% payment you can access some mortgages. It…

Amuwo-Odofin Drone Survey

HOW TO USE DRONE SURVEY TO FIND VACANT LAND OF A DESIRED SIZE

We recently completed a drone survey in Amuwo-Odofin, Lagos for a client who wanted to see all the roads that connect to their off-dock container depot and their dimensions. While analyzing the final orthomosaic (georectified images stitched together to form one seamless image) we realized that if we were looking for vacant lands of a certain size to serve as depots (they need more space),…

Questions to ask before commencing your construction project

THE RIGHT QUESTIONS TO ASK BEFORE EMBARKING ON YOUR BUILDING CONSTRUCTION PROJECT

A lot of resources are being lost in the real estate sector because of a lack of knowledge.  There are just too many people who think all they need to do when they want to build a house is to purchase a piece of land, mold blocks, and hire labourers! You will hear them ask questions like “how many blocks will I need to build…

Site Survey at Imota, Ikorodu

WOES OF ACQUIRING LAND IN LAGOS STATE – OMONILE ISSUES

Over the years I have seen and heard stories of people who struggled to acquire land, acquired land and struggled to keep it, acquired land and lost it, acquired land and never set eyes on it. The stories are just too many. Investing in real estate is usually straight forward but in Lagos, sometimes, it can be unnecessarily difficult. You need to investigate, use professionals…

The Most Important Element in Real Estate Transaction

THE MOST IMPORTANT ELEMENT OF A REAL ESTATE TRANSACTION

There are several pitfalls in acquiring real estate but there is one that is extremely important to avoid. I have come to realize that the most important thing in a real estate transaction is to buy from the right person. The importance of every other thing in a real estate transaction pales in comparison to this. Mistakes in most other things can be corrected. If…

Boundary Survey at Okun Ajah

BUYING PROPERTY WITHOUT INFORMING YOUR FAMILY MEMBERS OR FRIENDS

I have never really understood why people abroad buy land/property without informing their family members or friends. I believe it is mostly due to trust issues but I wonder which is safer – to completely trust a seller who you don’t know well or your family member or friend you have known for years. People who do this often find that when there is a…

Court judgment

READ THIS BEFORE YOU MARKET OR BUY A PROPERTY WITH COURT JUDGMENT TITLE

Last month, I had two separate discussions with 2 of my realtor friends about Court Judgment in property transactions. The first one called me and said he had a client who wanted to purchase a parcel of land in Epe and the client said he was told by the seller that the title the land has is court judgment. He was confused and wanted to…