TYPES OF TAXES AND LEVIES THAT COME UP IN REAL ESTATE BUSINESS TRANSACTION. episode 119.
- February 25, 2021
- Real Estate Business
In this video you will get to known the types of tax and levies that comes…Read More
There are several lies when buying a property in Lagos, if you are not careful enough, you can fall into these traps from Property Agents and Sellers.
1) The land/property does not have issues
This might be true, but word of mouth is not enough, it’s common to come across this lie when buying a property from a close associate, e.g. a relative, uncle, close friend, Religious leader etc.
Never believe a land does not have issues with word of mouth only, the agent or sellers must present a document to ascertain they are the rightful owners of the property and they have the legal rights to sell the property.
2) You can sell at double the price in few months
That’s a lie, a very big lie, it’s a known fact that properties in Lagos appreciate, but how fast will it appreciate?.
Never fall for the lie that you can make sharp sharp money from a property, a real estate investment is more of long-term and timing is very key, the cheaper the land you’re buying in Lagos, the slower the appreciation rate too.
3) It’s not important
When you’re buying a house in a place like Lagos, everything is important, every markings, signage, defects, document and information is important, nothing should be overlooked.
If there is any modification that would be done on the property after you paid, let it be written, signed and sealed, everything is important during purchasing a property.
4) C of O in view or document under process
Although, there are cases when this true, but there are also several cases when this is a big lie.
Any land document that is under processing in Ministry of Land, Alausa, Lagos always has an application document, always ask for it, this document will show the stage of the application and when or if likely the document will be obtained.
5) The Documents we give you are enough
For a layman, this might be true, but in real terms, it’s not. A lot of estate companies in Lagos gives a Survey (Provisional not Registered) and Deed of Assignment when you buy land in their estate, but these documents are not enough.
First of all, you need to visit the Surveyor General’s office in Alausa, Ikeja to register your Survey and obtain a Red Copy, then ensure the Deed of Assignment given is sealed (lawyer seal at the front and last page).
Depending on the value of the property you bought, if the estate has C of O, you can apply for a Governor’s Consent, taking possession of a property you purchased is important, but perfecting the documents are even more important, especially when buying a property in Lagos.