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…

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…

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…

Last Will & Testament in Property Matters

A WILL DOES NOT CONFER PROPERTY TITLE ON BENEFICIARIES LISTED IN IT.

Some people invest in real estate solely for the sake of their children. In fact, I know a man who doesn’t have a single property in his name. Every property he owns is in the name of his wife and children. In the Holy Bible, Prov. 13:22 says: a good man leaves an inheritance to his children’s children. So leaving an inheritance for your children…

Collapsed wall fence

Monitor your Construction Project

If you are willing to work hard to make money to build your own house, you should equally be willing to monitor every stage of its construction. In the past year, I have seen 5 different cases of people who wasted money on their building project because of poor construction work. The first case is a compound of 2 buildings constructed in an estate in…

Site work at Ikate, Lekki

THE IMPORTANCE OF PATIENCE IN REAL ESTATE TRANSACTIONS

One of the most important qualities needed for progress/success in real estate business is patience. Without it, success is almost impossible and constant frustration is inevitable. Some transactions take years to conclude and some a few months and others a few days.  What is important is you are sure the client is SERIOUS and you don’t lose faith during the waiting period. Recently, one of…

Site work at Ibeju-Lekki

Your Lawyer is not a Registered Surveyor

Over the years, I have observed something in the real estate industry. A lot of clients believe that their lawyer knows everything about property acquisition. This is not right. The fact that your friend is a lawyer does not mean that he is a real estate lawyer. Not all lawyers are skilled in real estate matters. Lawyers have specialties. Your friend can be an intellectual…

Consider a Mortgage for Property Acquisition in Lagos, Nigeria

In most cases, buying a property in Nigeria usually requires a large capital outlay. Real estate is not cheap in Nigeria, especially in Lagos and Abuja. These days, real estate firms give their customers the option of paying a certain percentage of the total cost of the property and spreading the balance over a short period of time by making monthly payments. This works well…

Right of Ways and Setbacks for Proper Building Planning

Right of Way and Setback knowledge are important to avoid building illegal structures (structures that don’t conform with urban planning rules) . According to the Ministry of Physical Planning website, a setback is the distance to be observed between the building line and property boundary, water bodies, right of ways of infrastructure facilities and utilities. Below are the setbacks for the different right of ways.…