Own a Property in Lagos Nigeria

INTRODUCTION

To own property in Lagos, you'll need to follow a process that includes identifying your property type and location, engaging a real estate agent, conducting due diligence, making an offer and negotiating, finalizing payment, and registering the property. It's also crucial to understand the legal aspects and relevant documents involved, such as the Certificate of Occupancy (C of O) and Deed of Assignment etc.

STEPS

1. Define Your Needs and Budget:

Property Type:

Determine if you're looking for: an Apartment, a Detached bungalow, a semi-Detached house, or a Terraced house.

Location:

Decide on the area within Lagos that suits your needs, considering factors like: proximity to work, amenities, hospital, schools etc.

Budget:

Set a realistic budget to avoid overspending and ensure you can afford the property and related expenses.

2. Engage a Real Estate Agent:

Locate a trusted and reliable real estate agent/ firm who will assist you in finding the suitable property, negotiate the price, and help you navigating the local market.

NOTE: Hiladex Properties is a reliable and trusted Real Estate firm who offer Nigerians easy way to Buy, Sell or Rent a property

3. Conduct Due Diligence:

Inspect the Property:

Physically inspect the property to ensure it meets your requirements and desire, also to identify if there is any potential issues.

Verify Documents and Ownership:

Check the title document on the property and conduct a search at state land registry to confirm the document and ownership

Check for Encumbrances:

Ensure the property is free from any disputes or mortgages.

Environmental Checks:

Consider any environmental issues or planned developments that might affect the property's value or intended use.

4. Finalize the Purchase and Transfer Ownership:

Legal Checks: Engage a lawyer to review the documents and ensure the transaction is legal and secure.

Payment: Pay the agreed amount to the owner’s account and let him sign documents eg. (Deed of Assignment, Payment receipt etc.) for complete transfer of ownership.

Registration: Register the property with the Lagos State Land Registry to formally transfer the ownership.

5. Understand Legal Aspects and Documents:

Certificate of Occupancy (C of O): This is a crucial document that grants you the right to occupy and use the land for a specific period, typically 99 years.

Deed of Assignment: This document formally transfers ownership of the property from the seller to you.

Deed of Conveyance: This document is used for the transfer of property ownership.

Contract of Sale: This document outlines the terms of the sale agreement.

Survey Plan: This provides a visual representation of the property boundaries.

6. Additional Considerations:

Land Use Charge: Ensure that the land use charge is up-to-date and paid.

Building Permits: If buying a developed property, verify the building permit documents.

Stamp Duty: Be aware of stamp duty and other registration fees.

By following these steps and Hiladex Properties by your side, you can navigate the process of buying property in Lagos effectively and ensure a smooth transaction.