9 Things You Must Know Before Buying Land in Lagos to Avoid Costly Mistakes
Buying land in Lagos can be a profitable investment, but the process comes with legal, financial and practical risks.
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From verifying ownership to checking government acquisition plans, prospective buyers need to carry out proper due diligence before paying for any property.
Here are important things to consider before buying land in Lagos, according to Resolution Law Firm.
Source: UGC
1. Understand the type of land and ownership
Land in Nigeria can be held under different forms of ownership, including leasehold and customary ownership.
Leasehold arrangements give a person the right to use land for a specified period, often 99 years, while customary land is held under traditional or communal systems.
Such arrangements can involve several stakeholders and require additional checks before a transaction is completed.
2. Research the location
Do not buy land simply because the price appears attractive. Research the area and find out about existing and planned developments.
Check whether the government plans to construct roads, bridges or other infrastructure around the property. Also consider property demand, accessibility and prevailing land prices in the area, as these factors can affect the property's future value.
3. Verify the land title
One of the most important steps is confirming that the seller has the legal right to sell the land.
Depending on the property, relevant documents may include a Certificate of Occupancy (C of O), Governor's Consent or Deed of Assignment. Land with an unregistered title can also be purchased, but it requires thorough legal checks before any payment is made.
A search at the Lagos State Land Registry can help confirm ownership and reveal possible encumbrances such as mortgages, liens or other claims.
All agreements should be properly documented and signed. It is advisable to engage a property lawyer to review the documents and transaction.
4. Use a lawyer and a surveyor
Professional assistance can help prevent costly mistakes.
A real estate lawyer can conduct legal due diligence, review documents and agreements, and help ensure that the transaction complies with relevant laws.
A qualified surveyor can measure the property, confirm its boundaries and prepare or verify the survey plan. This can help prevent disputes over the actual size or location of the land.
5. Know the full cost of buying land
The purchase price is not the only expense involved. Buyers may also have to budget for:
- Legal fees
- Estate agent or agency fees
- Stamp duty
- Registration fees
- Survey and documentation costs
Agent commissions may vary, with some transactions attracting fees of around 3% to 10% of the purchase price. Buyers should confirm all additional charges before committing to the purchase.
6. Watch out for land fraud and disputes
Land fraud remains a major risk in property transactions. Buyers should independently verify the seller's identity, ownership documents and the property's history.
Other problems may include boundary disputes, competing ownership claims and demands from family or communal landowners.
Buyers should also establish whether the property is affected by government acquisition or reserved for future public projects.
7. Understand payment and financing options
Some sellers offer instalment payment plans, but buyers should ensure that the terms, deadlines and consequences of default are clearly stated in writing.
Those seeking mortgage financing should compare available options, paying attention to interest rates, repayment periods and eligibility requirements.
Source: UGC
8. Check whether the land can be developed
Before buying, confirm that the land is suitable for your intended purpose.
Lagos has planning and zoning regulations that determine whether particular land can be used for residential, commercial or industrial development. Buyers should confirm the property's planning status with the relevant authorities before completing the transaction.
9. Keep every document
Keep copies of all documents connected to the purchase. These should include the purchase agreement, receipts for payments, survey documents, title documents and other paperwork used during registration.
Proper record-keeping can be important if ownership is later questioned or the property is sold or transferred.
Conclusion
Buying land in Lagos can provide a valuable investment opportunity, but rushing into a transaction can result in serious financial losses.
Buyers should research the location, verify ownership, conduct searches, engage qualified professionals and confirm that the property is free from disputes and government acquisition.
Thorough due diligence before payment is one of the most important steps any prospective land buyer can take.
Source: Legit.ng
