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BEFORE YOU BUY THAT PROPERTY IN LAGOS READ THIS!

BEFORE YOU BUY THAT PROPERTY IN LAGOS READ THIS!

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buying real estate

  THE MOST IMPORTANT QUESTIONS FIRST TIME REAL ESTATE INVESTORS SHOULD BE ASKING.

Many people, especially those who are about to make their first Property transaction get confused when it comes to asking the right questions.

In some cases, intending investors ask questions like “where is the place?”, “Is it far?” and lots of other questions.
I’ve even had an encounter with someone who asked for the longitude and latitude of the land.

While these questions are not out of place and arise as a result of people trying to be careful so that they don’t make a financial commitment they would later regret, I think it will be better if they know the right questions to ask and we know the write answers to the questions

That brings us to the first question anyone intending to buy a property should ask which is “what is the status of the Property?”

See, before you buy any property in Nigeria, it is very important that you know the status of the land!

Knowing the status of the land you are about to buy can save you a lot of money and unnecessary hassles.

Imagine buying a piece of land and erecting a building on it, just for the government to come some years after, and tell you to move out, with claims that your building is illegal because it is sitting on government property.

All these can be prevented if you know the status of the land you are investing in before sealing the transaction.
This brings us to Land Classification

Land can be classified as either free or acquired. A parcel of land is considered free if the government has not indicated any interest whatsoever in that land.
Such land is safe to buy because the title on the land can be perfected without issues.

In most cases, such lands will either have a gazette, a C of O or a governor’s consent.

Now that you understand what it means for land to be free, you should also know that all lands that fall within areas that are designated as urban areas are under government acquisition until deemed committed or free.

There are two types of acquisition;
1. Committed acquisition and
2. General acquisition

Committed acquisition
A parcel of land is said to be under committed acquisition when the government has indicated an intention to use that land for a specific purpose such as provision of amenities.
Such lands belong to the government and can never be available for use by individuals.

If you purchase land that is under committed acquisition, it will be impossible for you to perfect your land title and you’ll only be occupying the land until the government comes to kick you out.

General acquisition
Lands that are under “general acquisition or “global acquisition can later be confirmed ‘free’ or ‘committed’.
A land under general acquisition can become free by a process called excision.

“Excision is a process whereby the government releases a portion of an expanse of land that is not committed”

If a parcel of land that was formerly under acquisition becomes excised, it is then considered free and becomes gazetted.

The gazette then becomes the title on the land and such land is safe to buy because a proper title can be processed on the land.

A second case where lands under general acquisition can be released is if an individual purchased a land that was under acquisition without going through an excision process.

Such lands can go through another process called “ratification” or “regularization” in which the land owner pays for the land to be ratified or regularized.

The only conditions in this case are that the land in question must not fall within a committed area and that the purpose for which the land was bought does not disrupt the original plan of the State.

At Nedcomoaks, we are the Best Real Estate Company in  Lagos, Nigeria. We have won the AWARD (REAL ESTATE COMPANY OF THE YEAR) Multiple times. You can trust us to deliver on anything about lands, houses in LAGOS and its Environs.

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