How to Buy Property in Lagos in 10 Proven Steps

The article on how to buy property in Lagos in 10 proven steps discusses all you need to know before buying a property in Lagos and how to go about it. If you are looking to buy property in Lagos, Nigeria, the bustling and beautiful city on Africa’s south coast- there are a few things you should know before making any decisions. First, it is recommended that people intending to purchase real estate read up extensively beforehand about what they are buying into. Here are 10 steps for doing just that.

10 Proven Steps to Buying Property in Lagos

We will explore 10 Proven steps to buying property in Lagos. It is the dream of every Nigerian, both at home and abroad, to own land or developed property. Actualizing this dream can be scary and wonderful at the same time. It is so because of the risk of fraud and duping, especially in Lagos, Nigeria. Therefore, we will walk you through how to buy property in Lagos in 10 proven steps in Nigeria. We will break it down for you.

Research and choose a favourable location
Get the services of a reliable and competent lawyer
Source for a valid and perfect property
Investigate the seller and know the root of the property
Ask around about the property
Check out the property properly
Carry out a proper negotiation
Do your documentation
Exchange and property possession
Continue with your post-completion and filling

Step 1: Research and choose a favourable location

In researching and selecting a location, remember that property transaction is a long-term commitments. Investigate to know the neighboring areas around the location. Look out for what you can afford and check out proximity if you would work from there. Decide on the budget and location and make sure you are happy with the location and can afford the price.

Step 2: Get the services of a reliable and competent lawyer

Competency is the key when delivering services. Not all lawyers have adequate knowledge and experience in property transactions. Make sure to note that the lawyer is an expert in property law to not miss some issues that may arise in the future. Therefore, it is pertinent to demand proof of expertise. Lawyers are key agents to legal property ownership in Lagos, so it is better you hire someone who knows about property acquisition. The lawyer must be reliable, competent, and experienced in the field.

Step 3: Source for a valid and perfect property

After hiring a lawyer, the next step is sourcing a valid property. The property in question must match your expectations, location, and budget. However, it is required that at this stage you can not do it alone. You have to also employ the services of a property agent. Most agents often have lists of property shortlisted in Lagos. Go through these lists and make a choice. Your lawyer can also help you choose.

Step 4: Investigate the seller and know the root of the property

It is important in property transactions to buy a property from someone who has a valid authority over the property. Some individuals pose as owners of the property to dupe the buyer. Avoid these categories of fraudsters. Therefore, this is the stage that your lawyer starts his/her duty officially. He/she conducts a proper and valid investigation over the property, bearing in mind that some sell most family lands out, without the notice of other family members.

Step 5: Ask around about the property

Ask people about the property and take note of written warnings on the property. Be sure to conduct proper research. Engage your lawyer also and your agent so as to avoid future problems that may occur.

Step 6: Check out the property properly

This stage is continued when you have confirmed that you are dealing with a valid property seller. View the property and other physical aspects of it. Go with a surveyor who will look at the property and recommend things missing. Surveyors advise and carry out survey plans. Listen and pay attention to all details at this stage.

Step7: Carry out a proper negotiation

At this stage, both the seller and the buyer have attained maximum satisfaction with the property. Here, the lawyer plays a vital role. He negotiates, considering many future liabilities. Liabilities like stamp duty fees and other government fees may arise. Moreso, an independent valuation of property can be carried out. The valuation officer can be deployed to help reveal the fair market value of the property.

Step 8: Do your documentation

Documentation involves gathering signed contracts and papers and binding the transaction between the seller and the buyer. If the negotiation was agreed upon and effected properly, both parties’ lawyers move into drafting, signing, and negotiating all relevant documents. All documents are collected, filled, and transferred to the buyer.

Step 9: Exchange the property possessions/documents

At the second to the last stage, the transfer process is accumulating pace. The buyer is now in possession of all the original documents concerning the property. He/she has also made the payment for the property at this stage. After all these processes, the buyer is the owner of the property.

Step 20: Continue with your post-completion and filling

After the exchange and property possession, the next step is filling all documents with the appropriate authority. Then begin to get the Lagos state Governor’s consent. When this stage is completed, a certificate of occupancy is gotten and the journey of property ownership is then sealed and complete.

Legal guide to buying property in Lagos

Purchasing a property in Lagos, Nigeria, involves several legal processes and requirements. The first step to buying a property in Lagos, Nigeria, is to hire a lawyer to verify the title of the property. Lawyers ensure a person does not run into legal trouble with a property title after purchase. In Nigerian law also, only lawyers can prepare legal documents (instruments) for transferring an interest in a property.

Another essential component of a property purchase in Lagos is the involvement of the agents, surveyors, valuation officers, and the buyer. A real estate agent assists the buyer in researching properties in Lagos that are available for sale. The registered surveyor examines the property and the survey plans and advises where necessary. In the next step, the valuation officer assists the negotiation of the property and values it to determine its fair market value. Finally, the buyer starts the whole legal property transaction process. He/she decides the budget, location, controls, and sources, and monitors all activities till the last stage of the property purchase.

4 Things to know before owning a property in Lagos

You are moving to Lagos, Nigeria, and dreaming of buying property. The following are 4 things you should know before engaging in the process:

Check out for a lawyer
Research housing or property laws and regulations in Nigeria
Know the currency exchange rate
Get all your papers together

1. Check out for a lawyer

Getting a lawyer will cost a certain percentage in naira, depending on the individual. Lawyers are familiar with the rules and regulations guiding mortgages and property transactions. With their skills and proper usage of their knowledge in property law, you will get the best deal.

2. Research housing or property laws & regulations in Nigeria

You need to research housing and other property laws & regulations. Find out how much your local government and states charge as taxes. Research different neighborhoods or areas where you can get your property. It is also recommended you choose based on proximity. Proximity helps you get houses and other properties closer to your workplace, shops, house of worship, etc.

3. Know the currency exchange rates

The currency exchange rate will be relevant when dealing with foreign investors abroad who have dollars but need naira. This might affect your property rate significantly. Investigate whether citizens, foreigners, or citizens living abroad really own their properties outright after purchase.

4. Get all your papers together

Make sure that they check your papers out and if not, fix them up before submitting them because they won’t be able to proceed without valid documents submitted with the consent of the seller on their behalf.

7 Documents relevant to buying a property in Lagos

Property purchases in Lagos require the seller to provide several relevant documents in order to transfer a valid title to the buyer. The sellers’ ownership interest in the property is proved through these documents. Property documents in Lagos, Nigeria, can take many forms. Here are the documents:

Relevant and approved survey plan: this shows the location and the boundaries of the property. It reveals government involvement in the property and other relevant information.
Contract of sale: this is the binding agreement, signed and sealed legally serving as a backup for the property sales transaction.
Probate & Letter of Administration: A buyer who is in the process of purchasing a property and the owner is late needs to request the grant of probate or letter of administration for the property. When someone dies, the grant of probate or letter of administration becomes the document that establishes legal title to any land or house they owned.
Receipt: the receipt is evidence of payment made by the buyer to the seller. It shows the price for the property, the date and the name of the buyer, and the signatures of the buyer and seller.
Deed of Assignment: It is an important document, used to transfer an interest in a property from one person to another. It shows where the seller previously purchased the house to be sold by another seller. However, the buyer must demand this document because it traces the history of the property to be purchased.
Certificate of Occupancy (C of O): It certifies the legal ownership status of all land and properties in Nigeria, regardless of use. The government usually delivers land titles to landowners, attesting to their ownership interests on the property. If such interests are actually following the law, then the documents are usually signed by the owner. Not all properties are eligible for the C of O. They usually issue a document like this to people who owned land in Nigeria before 1978 or to those who are receiving direct property allocations from authorities.
Power of Attorney: with agents acting on behalf of homeowners, it is necessary. A power of attorney allows a particular individual to act on behalf of the actual owner of a house.

Where to buy property in Lagos

Properties in different choice areas in Lagos, come with their pros and cons. Some cost enormous sums of cash, while some are lesser. However, it might not be out of place to conduct additional research by looking at the profile and history of the vicinity via online or mainstream media. This helps to find out how such an environment is and other important information. Based on our research, we came up with a compilation of where you can buy properties in Lagos. They are:

Good estates surrounded by security
Buy around towns/big cities like Beechwood Park estate, Lakowe lakes Golf, Ikoyi, Ikeja, e.t.c where the property can be sold out later with a larger profit.
Quiet environment
Areas with less swampy soil

Land use Act ownership of all property in states in Nigeria

The ownership of all property in a state in Nigeria, vests on the Governor. The sole right of occupancy is given to an individual for a maximum of 99 years.

Conclusion

Looking to buy a property in Lagos, or are you already in the middle of the process and need professional help? If so, check out Mixta Africa. Also, follow these simple tips and enjoy becoming a dream come through as the owner of a property in Lagos, one of Africa’s fastest-growing economies. Feel free to add your own ideas and tell me what you think about the article in the comment section.