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Things You Must Watch Out For
Have you been to Ibeju-Lekki axis recently? Ibeju-Lekki is gradually becoming a new commercial hub in Lagos where big and multinational companies do business.
Investing in Ibeju-Lekki is a no-brainer. When you consider the Lagos State master plan and the on-going developments in the area, you just know that owning a portion of land in Ibeju-Lekki is a must.
One of the things you should know is that, most of the land in Ibeju-Lekki are not designed for estates or structures.
A few weeks back, the Lagos State government revealed that 80% of buildings around the Ibeju Lekki and Epe corridors do not have government approval.
This was made known by the Lagos State Commissioner for Physical Planning and Urban Development, Dr Oluyinka Olumide, during a recent interview with newsmen.
This is coming at a time when the Lagos State government is facing a lot of criticism for the way and manner it has been handling the demolition of buildings and shanties across the state.
Another one is that, there is also the need to take precautions against fraud in various shades and forms. One area to note is to ensure that the seller is properly identified and actually signed the documents. This did not matter a few years back because the sector wasn’t this porous.
The need for due diligence and or understanding the procedure is not limited to land transactions with individuals or private companies alone. In fact, you need to be more careful when dealing with the government because they possess the machineries of the state which they could enforce on anyone at their will. Always ensure that the land you want to buy is not under government acquisition and find out what is the approval use.
If you have a Certificate of Occupancy on the land, it is important to understand that there are several clauses written on it specifying your responsibilities. If you fail to carry out any of these obligations you may provide the government with the reason they need to revoke your Certificate of Occupancy. You need to be extremely careful in these regards if your land is located in a prime area.
Again, if a land seller tells you that the only document he has is a Contract of Sale, walk away. He has no good title to pass to you. If the Land Seller has no Deed of Assignment that shows he has fully paid for his land from the previous owner, don’t buy that land. You are only jumping from frying pan to fire. He has no title on that land neither would you also. Most Real Estate companies especially, in the Ikorodu, Ibeju Lekki, and Epe axis are fond of marketing their lands to unsuspecting buyers with very shabby titles.
Another thing is for you to find out if there is any zoning restriction on the land.
It’s essential to know neighbourhood zoning limitations. In case you’re intending to erect a structure, you would prefer not to discover that your plans disregard neighbourhood rules after you’ve begun, or even after you’ve purchased the property. Discover in advance what you can and can’t legitimately do on the land and ensure this fits in with your requirements previously.
Is the land surveyed?
To be sure you are getting exactly what you paid for, a certified surveyor can tell you and show you the exact boundaries of the land you are considering, so you can purchase with confidence.
How much is the total cost involved?
Real estate generally cost money and time. Before you go into buying a piece of land, you need to prepare and ask questions so you can spend your money wisely. Cost of land in Nigeria varies as it is determined by the size of the property, the area and other factors.
Don’t buy land with excision or C of O in process in Lagos, especially.
Firstly, you need to know that the term ‘excision in progress‘ or ‘excision in process‘ is not a legitimate land title.
Though, despite the fact that the land may not be committed, government may or may not give consent to the excision application. The reason is best known to them- Government.
Government does not always give consent to an excision application on the whole area of land being submitted and the reason for this is best known to the government.
The truth is that, a land that is awaiting excision cannot be given a red copy survey from the surveyor general’s office because the land does not have a valid land title.
–ISAAC ABIMBADE
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