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ApartmentsReal EstateLegal Guide to Buying a Property in Lagos

January 10, 2018by Bluesquare0
1. Understand the Nature of the Property

Investors want to get the best value for their money. And this often translates to the best return on their investment. With this in mind, you want to evaluate the potential growth in investment in a particular area before you throw your hard earned money at it. Growth range is between 5%-30%. Why get less when you can get more? Choose your investment location wisely.

2) Research who is selling

Always keep the following questions in mind: “Who is the owner of the property?” “Who is selling the property? Is it the owner, the owner’s wife, son, daughter, or someone else?” “Who’s name appears in the documents? Is it the current owner or the previous owner?” “What liabilities currently exist on the property?

3. Make Payment and Collate the Right Documentation

Pay the property amount to the property owner, then collect the (a) purchase receipt (b) the contract of sales (c) the building plan (d) originals of other relevant documents in possession of the previous owner

4. File the Documentation for Your New Purchase With the State Government

It’s important to do this step because it legally makes you the new owner in the eyes of the law. If the property already has a C of O (Certificate of Occupancy), you’ve got the Governor’s consent for it which is great. If it does not, then you start processing your C of O as soon as possible.

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