5 Stages Involved in Buying and Selling Attractive Residential Areas in Lekki, Nigeria
Over time, Lagos has established itself for its commercial and residential areas in Lekki, making it a key player in the Nigerian real estate market. Apart from providing a home for those purchasing property in the neighborhood, purchasing land in Lekki Lagos also offers a viable financial option for investing in real estate in Lagos. Purchasing a home in Lekki has also been noted to provide good rental returns for owners.
Buying Land in Lekki: Where to Find Best Residential Areas in Lekki?
Because of the rapid expansion of the area and the high returns it delivers for real estate investors, Lekki remains the most significant area in Lagos to acquire land. A prospective buyer can target fast-growing neighborhoods like Ibeju Lekki, Lakowe, Abijo, Awoyaya, Sangotedo, Ajah, Lekki Phase 2, Ikota, and other suburbs within the Lekki Peninsula when looking to purchase a property in Lekki.
However, most of the lands in Lekki’s axis are under government acquisition in one form or another. They may be released through excision, which is then gazetted and perfected. Still, those under committed government acquisition may never be released at all, necessitating the need for every prospective buyer to exercise caution before purchasing any property in the Lekki area.
Due diligence and thorough investigations are required before purchasing a house or land in Lekki. After thoroughly verifying the potential property purchased, draft documentation to verify the parties’ agreement and transfer title.
Residential or Commercial Areas: Why Investigate Before Buying a Land in Lekki?
In general, it is recommended that a buyer exercise extreme caution, attention, and diligence before entering into a contract to purchase a property in Lekki. Due to the high risk involved in a transaction, request the assistance of a professional lawyer to conduct a property check before proceeding with any acquisition of land or house in Lekki. Below are several places where you can look into a property’s title before buying it.
- Registrar of Titles
In Nigeria, no state is without a land registry, usually administered by the Ministry of Land.
2. Office of the Surveyor General
A charting of landed property at the Surveyor General Office is required, especially if the property has not yet been registered. Because so many lands in Lekki are under government acquisition or land, charting a property is essential. If you go to the Surveyor General’s office, you can find out if the government has acquired a property you want to buy for whatever reason.
3. Commission on Corporate Affairs
All charges against limited liability companies in Nigeria are kept on file by the C.A.C. Investigating in the commission will reveal whether a company’s property is subject to any registered charges. The C.A.C. search is only applicable when a corporation owns the property being acquired.
4. Physical Examination
Before making a purchase, it is critical to conduct a physical inspection of the offered property. A physical examination may disclose if the putative land seller has a possessory right to the property. It could also identify flaws like proximity to a proposed road or even the water.
Sale of Land Contract in Nigeria
Because the interest in a property is transferred from one party to another, a land sale contract is an essential feature of property law in Nigeria. The contract specifies the terms and conditions that must be met for a property to be sold or purchased. This instrument protects contracting parties, and any party who fails to fulfill shall be held accountable for a breach of contract.
5 Processing Stages of Selling Properties in Lekki, Lagos
Purchasing a property in Lekki Lagos involves several processes; see below.
Stage 1: Pre-Contract:
A preliminary meeting with the property owner is recommended before purchasing residential areas in Lekki. It will allow you to investigate the nature of the land’s title, easements, fixtures, restriction covenants, transactional character, reversionary interests, and so on. Property in Lekki occasionally becomes available for purchase even before it has been built. Off-Plan Properties are what they’re called. Buying off-the-plan can be both exceedingly hazardous and highly beneficial. The buyer’s actions will determine whether or not they are successful in purchasing such homes. This stage is only to extract specific property knowledge that will aid in the discovery of any encumbrances. The parties can also discuss and negotiate the price, form of payment.
Stage 2: The Contract
It is the stage at which the parties sign the contract of sale. The parties have agreed to transfer their stake in the property, but they have not yet been satisfied. There must be an offer, acceptance, consideration, purpose to create a legal relationship, and so on for this step to be valid.
Stage 3:Post Contract Stage
The buyer is expected to conduct a comprehensive inquiry of the root of the title in this situation. The completion stage is built on this foundation. The buyer’s solicitor then prepares a transfer deed, with copies forwarded to the vendor’s solicitor.
Stage 4: The Completion
When both vendor and seller complete their deal, subject to full payment of the purchase price and delivery of the property to the buyer with the original title and paperwork of the property purchased, as the name implies.
Stage 5: The Post-Completion Stage-Title Perfection
It is common knowledge that a land deal cannot be finished and legalized unless the Governor of the State has given their consent. The Governor’s assent, stamping, and registration of the document are required to give the buyer legal title. As a result, it is recommended that a buyer acquire the Governor’s consent application through the State’s Ministry of Lands. Following that, stamp duties on the approved deed of transfer are paid. Stamp duties must be paid within 30 days of the deed of transfer being signed. The registration of the deed of assignment is the ultimate stage of this perfection. Complete those steps at the same time.
Buying Residential Areas in Lekki, Lagos – A Guide To Buying Land In Lekki
Finally, purchasing a piece of land or a house in Lekki can be a good investment or a way to secure a suitable residence. However, any prospective buyer must conduct due diligence by engaging a property lawyer who can verify and ensure a smooth transfer of title before proceeding with any property purchase. It is crucial for three reasons:
- To detect and avoid buying property under any acquisition.
- To facilitate a smooth transfer of property title.
- To avoid property fraudsters who prey on naive buyers.
Process Of Buying Property And Land Registration In Lagos, Nigeria
It is mandatory for buyers of residential areas in Lekki or anywhere else in Nigeria to register the property with the authorities.
The Land Registration Law of Lagos State (2015) and the Land Use Act, which is the primary legislation governing land transactions throughout Nigeria, govern the land registration procedure in Lagos.
It is critical to take specific precautions before purchasing land, or even land with a structure, during the acquisition process and even after the purchase has been completed to protect one’s interest in the property.
To avoid any future legal complications, an interested buyer should check out the name of the actual owner of the indicated land, as well as, in some situations, the track record of that vendor.
Before registering residential property in Lekki, Nigeria, several steps to do when purchasing a home in Lagos are written below.
Stage 1 Property Title Investigation
The investigation of the property’s title supplied by a vendor is the first stage in a property transaction.
- The Purchaser’s solicitor then conducts an inquiry to verify the vendor’s name and ensure that the property’s reported name is correct. Several searches at various registries where records of properties and encumbrances are held are part of the investigation. See below:
- The Land Instrument Registration Law of each State sets a land registration for the State, in which papers relating to land within the territory are stored, and the land registry varies from one State to the next. Such a search may be undertaken in Lagos State at the Land Registry, Alausa Ikeja Lagos, in compliance with the terms of the Lagos State Land Registration Law of 2015.
- The PurchaserPurchaser may ask for the charting of land at the Surveyor General Office if any property purchased cannot be searched at the land registry since the property has yet to be registered. The mapping will show whether or not the land is subject to government acquisition. A land that has already been registered would have gone through this process, and there may not be a need for additional charting at the Surveyor General Office.
- The prior owner or vendor is genuinely a business incorporated under the Companies, and Allied Matters Act, a search at the Corporate Affairs Commission (C.A.C.) is required. Also, search at the C.A.C. to see if the property is encumbered in any way.
- Probate Registry Search – This search is conducted to determine whether or not probate has been granted to any estate, as well as to identify the personal representatives or executors of a testator in the case of property belonging to a deceased person’s estate. The sellers lack the legal jurisdiction to sell a deceased person’s property without a grant of probate and letters of administration.
- Traditional Evidence – This is performed by investigating or possibly verifying from the principal members of a family unit or possibly from the community and heads of the town. The property is genuinely subject to family or community ownership. Before a property is sold, it is critical to establish that all necessary consents have been obtained from the appropriate parties.
- Court Registry — This type of search is used to see if the landed property has been the subject of any lawsuit. If so, what the outcome was, or if the seller is a private representative or beneficiary in a probate dispute, allowing him to convey the property. It is frequently required where the property was acquired as a result of a court order.
- Physical Inspection – This is a private visit to the property in question to see whether there are any issues with it or to determine the actual dimensions of the land and whether they match the dimensions on the survey at the land survey office.
Stage 2: The Assignment
The Purchaser will confirm that the seller has a genuine title to the land or property through his solicitor.
The Purchaser’sPurchaser’s solicitor may prepare the Deed of Assignment and have it vetted by the vendor, or the vendor’s solicitor may prepare it and have it vetted by the Purchaser’sPurchaser’s solicitor. After then, the parties and their witnesses will sign the documents. If the Purchaser has only paid an installment before, some outstanding sum or possibly balance will be paid at this moment. The next stage is for the vendor to hand the original paperwork about the land’s title to the buyer.
It’s critical to remember that the Deed of Assignment must be accompanied by a survey of the property in question, as both are required for the property’s registration, which is the following step.
Stage 3: The Registration
Every deed of assignment must include the Governor’s ascent in the State where the land/property being sold is located.
To complete the deal, the seller must transfer the property to the new buyer, registering the property with the government.
Obtaining the Governor’s consent, paying stamp duties, and registering an assignment or transfer with a state’s Lands Registry are all steps in registering property in Nigeria. It is necessary to ensure compliance with applicable laws and to protect the legal validity of the Purchaser’sPurchaser’s name on the property.
Stage 4: The Governor’s Permit
The Land Use Act forbids the transfer of a statutory right of occupancy without the Governor’s permission. It requires the holder of a statutory right of occupancy to seek and obtain the permission of the Governor of the State in which the land is located before selling or alienating an interest in the land, or the transaction will be null and void.
The following are the necessary documents to obtain a Governor’s Consent in Lagos State, as well as, by extension, to register a property in Lagos:
- A properly completed Land Form 1C application has been dated and signed by all parties to the transaction and sworn to before a Magistrate or possibly a Notary Public.
- A cover letter from the Solicitor/Applicant who is filing the Governor’s consent application.
- The Lagos State Government must be paid the charting and endorsement fees.
- The parties engaged in the property transaction must have a recent tax clearance certificate.
- Four copies of the Deed of Assignment with survey plans are attached.
- A picture of the house.
The above documents should be delivered to the Surveyor General’s office for charting. If the property survey finds no flaws, the Lands Bureau receives a clean report, and the Applicant receives a demand notice for the following costs, which are the percentage of the assessed worth of the land:
- 1.5 % consent fees
- 0.5 % capital gains tax
- 0.5% stamp duty
- 0.5 %registration fees
Actual Steps of Land Registration of Residential Areas in Lekki, Nigeria
- The Applicant must get the application and related documentation from the Land Bureau.
- Each application is individually referenced for identifying purposes at the bureau of land.
- The office of the Surveyor-General will investigate the land’s condition through charting.
- Officials from the Lands Bureau assess a property to establish appropriate fees.
- The Lands Bureau’s Accounts Office issues demand Notices.
- Applicant pays charges and forwards treasury receipts to the Accounts Department.
- Documents must be approved and endorsed by the Commissioner or Governor.
- Get files stamps at the Lands Bureau.
- Register the files at the Lands Registry.
- The Applicant must collect all registered documents at the Lands Bureau.
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